Online retail is booming. How can other retailers react?
New research from RBC indicates that one of the key trends for 2017 is going to be an explosion in growth of online retail. Analysts say that this...
A recent blog on the Luxury Daily marketing side explored how omnichannel retail is getting personal. This is a theme that I have often explored, but it is something that is commonly overlooked in the focus on managing the multichannel experience.
In fact, I believe that the influence of the omnichannel goes far beyond just allowing companies to personalise their products. Think about the changing nature of the relationship between customers and brands because of the modern mobile communication environment.
To my mind there are three key areas that any executive planning a better customer experience needs to think about:
1) Customer journey; the way that customers find your product has dramatically changed because most customers have access to information anywhere at anytime. Customers can check reviews, talk to friends, publish their own thoughts, and compare prices. In addition, they can talk to brands long before becoming a customer and can maintain that discussion long after a purchase is made. The journey from thinking about a purchase to making it is very different today and continues long after a purchase now.
2) Customer loyalty; improved communication has led to greater brand engagement and therefore the experience throughout the customer journey has a direct impact on loyalty. Customer loyalty is no longer measured in points when the real driver of loyalty is a relationship between the customer and brand – this requires engagement that the customer enjoys.
3) Customer personalisation; insight into customer behaviour and preferences can lead to recommendations and deals that are created just for an individual. This feeds into the improved engagement and relationship and therefore when planned well can drive greater loyalty.
Technology and smart data analysis can help companies to build these improved relationships, but the overall driver for creating a smart omnichannel is to improve the customer journey and build loyalty. Improving your CRM strategy is a great start, but it pays to think about the bigger picture and how a good approach to the omnichannel can help your business grow in several different ways.