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RETAIL INDUSTRY

SEAMLESS CUSTOMER EXPERIENCE

79% of customers switch to competing businesses due to poor customer experience.

Digital disruption demands organizations become more focused on customer experience. New growth tactics must be built around delivering cross-channel personalized experiences.

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Customers no longer go online, they live online

Being the best forger of horseshoes in town was a pretty good gig for quite some time. Until it wasn’t.

Regional malls

1970s

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General merchandise

1980s

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Specialized merchandise stores

1990s

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Value and niche stores

2000s

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Omni-channel stores

2010s

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We are living in a different era

A profound seismic shift is taking place. This shift is far more revolutionary than the change that has defined retail for the past several decades.

The power in retail has shifted to the consumer. Information and product availability is no longer scarce. We don’t go online, we live online.

Digital channels are becoming central to the consumer’s shopping journey.

Online and offline channels are blurring.

ONLINE AND OFFLINE CHANNELS ARE BLURRING

Digital technology and online shopping has changed just about everything that was once solid ground for retail.

These days customers shop differently. Before online revolution product selection was limited to local shops, availability was scarce and best price offers were hard to find.

Now every consumer can order any item on-demand, instantly compare prices and features. Extensive product selection and competitive pricing are no longer an effective strategy to retain customers.

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EXPERIENCE-CENTRIC GROWTH

The age of digital disruption demands organizations become more focused on customer experience. New growth tactics must be built around personalized experiences and customers’ trust.

According to latest Deloitte study (see the graph on the left), brands that focus on more personalized service and distinctive shopping experience are growing fastest both short term (one-year) and long term (five-year) period.

THOSE THAT RESIST THE CHANGE WILL CLOSE

Toys R Us, Borders, BHS disappeared.

Sears, JCPenney’s, Mark & Spencer, Burberry and other well-established retailers are closing their stores.

During 2019, a year when as many as 9,300 stores were expected to be closed in the USA alone. A total of 1.3 million retail employees have lost their jobs over the decade.

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Those that succeed with CX will continue to grow

Retail businesses that capitalized on exceptional customer experience.

Farfetch. Touch screen enhanced mirrors and sign-in stations that pull data collected online to use in-store.

Levi’s. On-demand product recommendations from items both in-store and online.

Nordstrom. Introduced Style Boards tool that allow salespeople and Personal Stylists to create digital boards filled with fersonalized fashion recommendations.

What is the common thread?

Seamless user experience

Siloed experiences image Connected experiences
Going online image Living online
Isolated customer journeys image Deeply connected journeys
Brand in control image Empowered consumers
One-size-fits-all marketing image Personalized offerings
Marketers' push image Consumers' pull

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