To be successful in today’s digital world, you must meet the increasing expectations of customers and have a strong digital strategy.
To be successful in today’s retail world, you must meet the increasing expectations of customers and have a strong digital strategy. Businesses are challenged to maximize value by delivering customer experiences that meet customer expectations—without under- or over-delivering. Through data and insights, journey mapping and experience design, businesses can find this point of maximized value, and create a customer-centric transformation. In an article for CIO, I spoke about the four fundamental initiatives of this digital transformation for customer-focused retail strategy.
Today’s customers expect to be able to buy an item whenever and wherever they choose. According to Forrester research commissioned by KPMG, companies that offer customers the ability to purchase through both physical and online locations have 30% higher lifetime value than those that only use one channel.
2. On-demand fulfillment
Customers also expect goods to be delivered to—or picked up from—wherever they want. They expect orders to be consolidated, shipping to be bundled with service, things to arrive quickly, and returns to be easy. In order to meet these needs, your business requires a strong supply chain and data and analytics.
Creating a personalized experience rests on customer data, generating the right insights from it and acting on these insights. This one is tricky, as you have to obtain permission from customers to use their data and meet their presumptions about how the data will be used. To better serve your customers, ask them what they want—how they’d like to be contacted, what they’re interested in. Our 2018 U.S. CEO Outlook revealed that, for 93% of U.S. CEOs, the investments made in trying to personalize the customer experience have delivered the growth benefits that they were hoping for.
4. Core capabilities
In order to improve your customer-experience, you have to start from within the organization. The idea goes back to the connected enterprise—you must connect your front, middle and back office, working on internal inefficiencies and breaking down organizational silos—before you can create a stellar customer experience. Your organization can live or die by the way it delivers services, responds to issues and manages expectations. Your brand, your products and services, your interactions with customers and your employees all contribute to the end customer experience.
Learn more about creating a winning customer experience strategy suited for the digital age here.