Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business. You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy.

Get it on Amazon (Kindle/Print)

Grocery retailers lack expertise to monetise their data

And they lack the technology to drive better experiences

Despite the apparent barriers, the majority (85%) of global grocery retailers view growing revenues as their top priority in 2020, and plan to do so by improving their use of data insights to develop customer strategies (84%) and to make business decisions (82%).

"The global grocery market is in a fight for survival against pure play and other non-traditional competitors, who are further squeezing razor-thin margins," said David Clements, Global Retail Director at dunnhumby. "We commissioned this study to better understand why so many retailers aren't taking advantage of new revenue streams, while improving the shopping experience for their customers. We believe the study findings highlight the growing importance of the role of customer data in attaining sustainable growth."

Key findings from the study included:

• Just 15% of global grocery retailers are Leaders, differentiated by data-led customer strategies for growth and improved supplier relationships, while the majority are lagging behind. Forrester uncovered three levels of maturity in grocery retail: leaders (15%), intermediate (55%) and novice (30%). Leaders set themselves apart by showing improved CPG supplier collaboration with 1) sharing customer data insights, 2) providing insights and measurement solutions to support media planning, and 3) negotiating retail media placements as part of their annual trade agreements. Regionally, retailers in the United States, Brazil, Italy, United Kingdom, and Thailand standout as early leaders in developing customer strategies that drive revenue growth.
• 96% experience challenges trying to use data to develop customer strategies to drive growth. Retailers are facing several obstacles including an inability to harmonize data and derive insights across channels (36%), an inability to develop a holistic view of customers (31%) and a lack of necessary technology and skills (31%).
• Most grocers are not capitalizing on the revenue potential of customer data and instore/online media channels. While 53% of respondents use customer data, such as from loyalty programs, to make decisions about customers, less than half use other sources, such as social media (49%), point-of-sale (49%), mobile app (46%), promotions data (46%), customer location (43%) and web metric/clickstream data (43%).
• The majority of grocers leave money on the table by not monetizing media assets. Only 42% of grocers are currently selling branding opportunities on their website and only 37% offer media placements in-store and on their print media. Only 31% of grocers are selling branding opportunities on their mobile apps except for Brazil (49%), China (47%), and Spain (38%) where apps are used more frequently.
• 96% of grocers which offer media opportunities for CPG suppliers on their apps saw an increase in revenue over the last months, with 40% seeing an increase of more than 10%. In addition, 92% of firms offering ads and branding opportunities on their websites saw an increase in revenue from this channel.

"Time is of the essence for grocery retailers to activate the data they already have to improve the customer experience and create new revenue streams that can support their businesses into the future," said Clements. "There is a significant amount of untapped revenue in grocery. Those that unlock the potential of their data and media assets, and improved supplier collaboration, will thrive. Retailers that fail to adapt will fall behind in the increasingly competitive marketplace."

The full study has been made available for download at: https://www.dunnhumby.com

Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business.

You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy. Grab this goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, technologies, research, suppliers and partners, plus all the supporting arguments you need to build a solid CX strategy.

While most marketers could list maybe a dozen key points for improving their brand's Customer Experience (CX), the researchers and writers at The Marketing Factbook have identified FORTY main 'CX Keys' which will help you drive your customers to new levels of delight, loyalty, advocacy and profitability.

The areas in which customers have direct contact with your organization are perhaps the most obvious places in which CX improvements can be made, and this report addresses all 24 of these 'Direct CX Keys', applicable to offline and online businesses alike.

At the same time there are many other areas that indirectly affect CX (such as the supply chain, policies and processes) in which every business can make simple but far-reaching improvements. This report guides you through the problems and solutions for all 16 of these 'Indirect CX Keys', many of which are often forgotten or under-played even in the best CX strategies.

Get it on Amazon (Kindle/Print)