Life in the Retail Space - Page 3

Rather than treating customers as short term financial gains that enter and exit a store in a conveyor belt fashion, retailers are looking at ways of boosting customer loyalty to stay ahead of the competition. Customer power has become the latest disruptive innovation in the retail world, with a Gartner report in 2015 suggesting that 89% of marketing leaders expect customer experience to be the primary basis for differentiation by 2017. The Problem: The Solution: Shoppers are becoming more promiscuous than ever, switching between retailers like never before. Technology puts more information in the hands of consumers and also provides a way for frustrated customers to voice their opinions - often in a more negative light than they actually experience. Personalisation. And so far, the big brands are doing it best. Perhaps most common online originally, digital players like Amazon and Netflix have used personalised campaigns to attract and retain customers for a while. With that in mind it should come as no surprise that retail brands are jumping on the personalisation bandwagon and following the lead. The rise of a mass consumer society meant that the size and sheer complexity of the market made personalisation practically impossible in the past, however now with growth of data analytics and innovative technologies, personalisation is much more than an option - it is a necessity.