Insights from a just released study from SDL and Econsultancy could help retailers better grasp the changing dynamics of the modern marketplace.
The new study, “The Retailer’s Imperative: A Strategic Approach to Customer Experience,” contains revelations including the fact that “North American retailers are past the stage of debating the importance of customer experience management and are now trying to master it.”
“Mastery of the customer experience is a challenge with many facets. Retailers are overwhelmed by the complexity of data, technology and understanding of the customer journey,” said Paige O’Neill, Chief Marketing Officer at SDL. “Our latest research indicates that North American retailers are acutely aware of their technological shortfalls when it comes to creating a seamless, personalized customer experience across multiple channels.”
According to the study, retailers now grasp that the combination of “intense competition, more demanding customers, and an increasing range of channels” means they must work to improve service to consumers to stay in business.
“In fact, the vast majority (80 percent) of retailers surveyed are increasing their customer experience budgets, and one in three is planning a significant increase of more than 10 percent from their current level,” noted SDL.
None of the surveyed firms plan to reduce their customer service spending allocations in the coming year. In addition, about 50 percent strongly agree with the idea that “our customer experience is our brand.”
And despite the exigencies created by commoditization and competition, “most retailers point to product offerings (54 percent) and price (45 percent) as their primary methods for attracting new customers.”
Mobile matters, too.
“An increasing percentage of buyers are mobile-only, especially in younger demographics, and their numbers are growing quickly,” noted the study. “This presents a challenge in creating an experience that’s simple enough for the small screen, but involves the consumer with the brand and opens up opportunities for continued shopping and loyalty.”
There are more insights to read. To check them out, click here.