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Amid significant shifts in shopper buying behaviours throughout last year and already this year, retailers are working hard to stay in front of existing customers and attract new ones. Economic uncertainty and customer purchasing habits are weighing heavily on marketing leaders’ minds. However, the acquisition is only half the story.
The statistics come from the newly released Shopify Australian Retail Report 2024 ( available for download free here ). Create personalisation: When it comes to what customers value, a personalised experience is a differentiating factor not linked to price that retailers can weave into their marketing and engagement activities.
Be sure to download the 2024 Australian Retail Outlook to discover more. An alternative approach is to focus on delivering an overall Customer Experience (CX) specifically designed to drive consistent and co-ordinated interactions across all touchpoints along the shopper journey.
Nailing each stage of the delivery journey The research identifies a close link between the delivery experience and customerretention. This direct-to-customer shipping solution responds to the pain points and concerns raised in the research, helping e-commerce brands realise progress in a competitive retail landscape.
To close this gap, 44 per cent of retail and consumer goods marketers say they are now leading customer experience initiatives across their organisations (versus just 24 per cent in 2017), and metrics are being shared. In this regard, retailers are re-evaluating and revolutionising their value propositions for higher customerretention.
Enterprise retailers reported a +4% increase, with 91% now deploying solutions to boost loyalty during the highly engaged post-purchase phase of the customer journey, as well as reducing ‘where is my order’ (WISMO) queries and protecting rates of customerretention.
According to the NRA’s Consumer Sentiment Report, over half of respondents said that the biggest barrier to customerretention was bad customer service, followed by out-of-stock items and long queues. Anything a brand can do to facilitate that will go a long way in building customerretention.
Bolduc says that orchestrating the customer experience in the retail industry is the key to customerretention and revenue growth today. Of course, that requires knowing the customer well enough, which requires data – something Acoustic describes as a retailer’s “golden ticket”. Data is key.
Whether aiming for new customers, product introductions, or customerretention, the show provides a cost-effective and impactful approach to connecting with desired hospitality buyers.
At trade shows, you can Get exposure to new markets Showcase innovations and products Directly interact with potential customers Analyze the competition’s offerings Exhibiting at automotive trade shows can significantly contribute to business success by facilitating brand exposure, customer engagement, and competitive analysis.
Target’s app, for instance, incorporates a store directory to help shoppers quickly locate items, allows the download of instant coupons, offers easy scanning of their wallet’s barcode at checkout, keeps a shopping list as well as a list of favorites, and even connects them with their local store for faster curbside pick-up!
Retail stores continue to play a big role in the customer experience, bringing in impulse purchases, acting as brand builders, and efficiently traversing “the last mile” to get purchases into the hands of consumers and improve their customerretention rate.
Retail stores continue to play a big role in the customer experience, bringing in impulse purchases, acting as brand builders, and efficiently traversing “the last mile” to get purchases into the hands of consumers and improve their customerretention rate.
Shipping insurance like XCover available in ShipStation provides additional security for lost, stolen, or damaged packages, which can enhance customer confidence and satisfaction. Offering such insurance can improve customerretention. For a comprehensive guide, download the 2024 Ecommerce Delivery Benchmark Report today.
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