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Retail is a highly competitive industry, and the options are endless for customers today. So, what sets successful retailers apart from the rest? The answer lies in exceptional customer service. While a quality product is essential, the customer experience [CX] keeps shoppers returning. It is because CX speaks about your product quality and value to customers. 

Over the past few years, retail marketplaces have witnessed a rapid shift, with companies struggling to reach an expanded client base while generating a unique customer experience. Customer experience influences the buying behavior of purchasers, which determines how people feel when they interact with your business. Hence, it is not surprising that in a survey by PWC, 65% of respondents claimed they would become loyal customers if the company provided a positive experience through the complete customer journey. 

So, maintaining a customer-centric culture powered by CX technologies and tools is crucial. Additionally, exceptional vendor management, offering hyper-personalized and interactive shopping experiences, and developing an immersive digital community for retail consumers are equally significant. 

This blog post will explore the art of mastering CX and its crucial connection to the retail marketplace.

Unlocking the power of CX, the Retail game-changer

Customer service is the backbone of the retail industry. It’s the foundation that supports the entire business. It often leads to cart abandonment. Per India Marketers, India’s average cart abandonment rate is around 51%. Apart from impacting revenue and sales, Customer service can also impact a business’s reputation. Word of mouth is a powerful tool, and when customers have a positive experience, they are more likely to spread the word to their friends and family. Thus, it leads to customer loyalty and brand advocacy.

CX and the retail marketplace: the dynamic connection 

Regarding the retail marketplace, CX relates to retail experiences gained through customer interaction with the brands and vendors through a unified e-commerce platform. The operational efficiency and performance of retailers play a direct role in shaping customer satisfaction, loyalty, and retention strategies. Additionally, it aids brands in positioning themselves effectively within the marketplace.

The retail industry is experiencing heightened competition due to digital advancements, influencing customers’ brand choices and posing challenges in creating a positive customer journey. So let’s take a closer look at the factors that impact the enhancement of CX:

  • Vendor relationship – Reducing onboarding process complications, meeting quality requirements, and providing assistance.  
  • Accessibility – simplified ways of finding and availing products and services. 
  • Customer support – Prompt and efficient assistance to customer queries. 
  • Brand experience consistency – overcoming differences in vendor quality, style, and communication patterns, along with protecting sensitive customer data 

Based on these factors, strategies for enhancing the customer experience are developed and aligned with the current trends influencing customers’ purchasing behavior in the broader marketplace.  

Revolutionize retail by delivering unparallel CX 

Conneqt believes the following ideas can be a systematic approach to maintaining excellent CX in the retail marketplace.

Omni channel retail customer experience 

In today’s digital era, customers use several channels to interact with their chosen retailers and review products online. Hence, you must ensure customers of consistent interactive experience through shoppable social media platforms, your website, email, and other channels. 

Integration of multiple channels leads to distributed customer touchpoints which sync to allow customers to continue their purchasing journey easily with seamless customer access to products and services.  

Phygital retail 

Phygital is the combination of physical and digital retail, keeping the perks of both worlds for the customers. Through phygital, you can allow your customers to upgrade their shopping experience through:

  • Intelligent dressing rooms – virtual size finder
  • Influencer product review and live streaming 

Typically, it allows customers to browse their products through online channels, add the times to the cart and then purchase from the store generating a seamless journey. It often results in higher customer engagement and lesser abandoned carts. 

Hyper-personalization 

Hyper-personalization is a benchmark for personalized customer experience. It would allow you to incorporate personalized product recommendations, specific shopper tutorials, and intuitive CX experiences. 72% of shoppers agreed to respond to retail marketing messages that align with their interests. Investing in a smart personalization platform will allow you to view customer shopping journeys and personalize their experiences. It would thus lead to better CSAT scores, lifetime value, and customer loyalty rates.

Meeting customers at their point 

Maintaining a customer-centric approach in strategizing the customer experience leads to the generation of exceptional customer support. Answering customer queries and maintaining first-hand resolution through the immediate communication channel from the customer’s end will be rewarding. It corresponds to a digital-first approach that brands must value to sustain their retail CX on track.  

Measuring success: Essential CX metrics to monitor

Thus, adopting a comprehensive approach to personalize and deliver exceptional customer experiences entails monitoring the following five fundamental metrics. Also, you can enhance your chances of success by incorporating the above strategies mentioned into your customer experience development plan:

  • Customer satisfaction (CSAT) score 
  • Customer loyalty program 
  • Net Promoter Score (NPS)
  • Employee and customer engagement rate 
  • Customer Effort Score (CES)

We recognize the importance of customer experience, and hence our cutting-edge approach combines the best of technology and human empathy to help retail brands maximize their CX value. Our solutions specifically target the following areas:

  • Customer Servicing
  • Customer Interface

To Summarize

To conclude, exceptional customer service is the key to retail success. It’s not just about making a sale but about building long-lasting customer relationships. Stellar customer service can increase sales, customer loyalty, and a positive reputation. You can improve your customer service by hiring the right people, providing ongoing training, empowering employees, being responsive, and personalizing the experience.

Conneqt with us today to learn more about enhancing your brand’s CX performance.