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)

Retailers must adapt to earn real loyalty

The study found that a new breed of hyper-demanding shopper is emerging with redefined notions of value and loyalty - and tough expectations - for "anytime and anywhere" retail experiences. As a result, TCC warned that retailers must take notice, adapt to, and engage this target group, or risk losing ground in the battle for shopper loyalty.

In addition, technology has opened up new purchasing "sweet spots" at certain times and periods of the day (such as commuting or late at night) which were traditionally retail "dark spots".

Ageing communities, urbanisation and increasing single-person households has led to a rise in smaller store formats, fuelled by demand for simpler, convenient shopping for carrying out time-pressured, frequent shopping trips, with smaller basket sizes. This has resulted in redefined notions of value and complete digital transparency on retail price and experience so, now, shoppers are cherry picking between stores and holding back their loyalty.

However, TCC also noted that many retailers are still failing to see the bigger picture and target the wider trend holistically. According to TCC's CEO, Michael Ioakimides, "The shopper is constantly evolving, both in terms of demographics and lifestyles, and it has never been more important for the retail industry to take notice and adapt. While retailers are honing in on certain demographic shifts - with small formats and online increasingly a point of focus - the sector must recognise the wider trend at play. The successful retailers of the future will be those who adapt to this new marketplace and adopt an integrated multi-channel strategy."

For retailers with a heavy physical store presence, it is vital that stores provide a point of differentiation which goes beyond price. While it is important to be flexible with store formats, it is vital to also be flexible in terms of how retailers attract shoppers to physical stores and offer them a complete end-to-end experience. Retailers must therefore strive to understand what shoppers are truly motivated by, beyond the price tag.

"In such a competitive retail environment, retailers that adapt will find themselves at an advantage if they can satisfy the key elements with a range of initiatives from building brand equity, creating an emotional connection to providing customer service and quality and offering a sense of exclusivity," concluded Ioakimides.

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)