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Creating an exceptional customer experience can set you apart in today's world of retail.
This infographic breaks down the five keys to delivering an experience that keeps customers coming back to mid-market and independent retailers, including actions you can take to get your retail business where it needs to be.
Contact our Retail professionals to learn how we can help you with your business strategy.
The Harvard Business Review1 found a direct link between customer experience and revenue: customers who have a great experience spend 140% more than those who don’t.
For that reason alone, as a mid-market or independent retailer, setting up your business to deliver an easy, enjoyable, and memorable experience is crucial.
Three retailers account for 28% of Canadian non-auto retail sales: Weston, Walmart, and Costco.2 Their bricks and mortar stores all feel the same and the feeling carries over digitally. For shoppers, that familiarity is comforting.
Do an experiential audit. Look at everything from average transaction speed, to brand colours and tone of voice. Get as much customer feedback as you can. Sometimes they’ll see things you won’t.
Global retail sector technology spending will grow 3.6% this year to over US$203 billion.3 These investments include:
Take an inventory of your experiential pain points and inefficiencies, and look for technologies to help solve them.
The average retail job pays $24.12 per hour.7 At 30 hours per week, that comes to $37,627.20 annually; not a lot of incentive to go above and beyond.
Pay your people a little more and you’ll get more out of them. If you think you can’t afford it, remember:
Look for operational efficiencies that let you direct more money towards staff. This will allow you to be more discerning when hiring as well.
The fastest way to ruin a customer experience is by falling short on two basic promises: you can buy what you want and get it quickly. The numbers back this up:
Evaluate your in-store, online, and shipping efficiencies. Are there investments you can make to improve any of these areas? Examine the relationship you have with your fulfillment provider. If they don’t offer same-day delivery, it may be time to find a provider that can.
Consider these numbers:
With the right data-capturing mechanisms, you can find out everything you need to know about individual customers and deliver an experience they want. Considering that 64% of consumers complain retailers don’t truly know them,15 even a little bit of knowledge can go a long way.
Use every available opportunity to collect data. Personalized offers are a good place to start: 57% of consumers are willing to share their personal information if that gives them personalized offers.16
Anyone can sell what you sell, but your customer experience is unique to you. In today’s retail world, that’s what can set you apart.
A BDO strategic review can help you start on the five action items above, elevate the customer experience, and grow your retail business.
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