Retailers worldwide are facing threats to their very survival, from eroding margins and declining market share to the demands of digitally adept consumers whose best customer experiences have become what they expect from every customer experience.
Many retailers have responded with a largely outdated omnichannel approach, focusing on integrating the physical and digital channels they use to interact with customers, when the problem is actually inside the business. Today's customers will remain loyal only if a brand offers them transparency and superior quality products while actively engaging with them to build a relationship they value. Meeting those needs has nothing to do with offering yet another physical, digital or mobile channel-and everything to do with running the business in a way that is customer-first and customer-centric.
To succeed in winning the loyalty of 21st-century customers, retailers need a holistic, enterprise-wide, "outside-in" approach connecting the capabilities of the front, middle, and back offices so that customer centricity can become the focus of the entire business. Moving away from the limitations of omnichannel, executives have begun to adopt a KPMG Connected Customer Enterprise or "omni" approach.
KPMG challenges the predominant view of omnichannel and elevates customer centricity above and beyond channel interactions. The KPMG Connected Customer Enterprise approach provides personalized customer experiences, relevant products based on customer needs and preferences, and seamless, connected experiences across all digital and traditional customer interactions.
KPMG commissioned Forrester Consulting to conduct a study to take a deeper look. Our research shows that while a little over three-quarters of retailers cite omni as a top or high priority, at minimum two-thirds of retailers say their omni efforts haven't generated the returns they need. Customer focused retailers need specific business capabilities to meet customer expectations and drive growth. The KPMG Connected Customer Enterprise solution focuses on the capabilities retailers require to understand and deliver against changing customer expectations. And it identifies steps leaders can take to build these capabilities and thereby create sustainable value from customer centricity.