Consumers are demanding more flexibility, an improved experience, better service and more channels to engage with more frequently, while demanding everything quicker and cheaper at the same time.
The table below from the Digital Trends 2015 report shows that making the experience as “personalised and relevant” as possible is where retailers are placing the most emphasis in order to improve the customer experience.
Digital technologies are becoming mainstream. Retailers need to look more closely at how technology can better support their business and focus on in store experience by making it more convenient for consumers, keep customers engaged and encourage purchasing loyalty.
However, many retailers are running the risk of being left behind by failing to react to the evolving market. Ben Pring, Co-director of Cognizant’s Center for the Future of Work said “The right digital experience can reveal what their customers are interested in, what products they like and even predict future preferences,”. “Companies should turn to the digital information that surrounds each customer, organisation and device – what we call Code Halos. Currently only 24% claim to be effective at collecting and using digital customer data, meaning many are missing out on a huge opportunity to refine their products and services in line with customer preferences. By tapping into this data and analysing it, companies can understand their customers better, react faster when needed and anticipate new requirements to drive future growth strategies, both in-store and online.”
Providing customers with a high quality digital experience will be central to unlocking new opportunities. Retailers must move quickly, or risk being left behind.