Retail marketers: Attract and retain more customers
In the second of our three-part retail solutions series, we dive into the benefits of building a seamless customer journey.
By Emily Wynne
If you’re a retail or e-commerce business, your goal is to retain customers and increase profits. In today's fast-paced and highly competitive retail environment, a cross-channel approach designed to build brand loyalty is critical. One of the most effective ways to improve customer retention and boost ROI is getting to know your customers and providing them with tailored, personalized interactions via their preferred channels.
This blog post is the second of a three-part retail solutions series based on insights from our latest ebook, Build Personalized Customer Experiences That Scale. The series explores the role of communication in creating successful retail experiences, and this particular post dives into why you should focus on designing a seamless omnichannel customer experience.
Why a seamless customer experience matters: The stats
It's no secret that keeping your customers happy and engaged is essential for success in the retail industry. In fact, increasing customer retention rates by just 5% can improve sales by up to 95%. But why is getting to know your customers crucial for reducing churn and increasing ROI?
The answer lies in omnichannel marketing and its role in creating positive customer experiences. Shopping journeys are less linear, and customers want a fully-connected experience. They expect a seamless, connected journey spread across time and space. This journey connects online and offline channels and moves customers through various touchpoints in a non-linear fashion.
According to Forbes, 90% of customers expect their interactions with a brand to be accessible and consistent across every communication channel. However, less than 10% of enterprises have an established omnichannel presence.
It’s important to note that multi-channel strategies aren’t comprehensive enough to deliver a seamless customer journey. Companies using omnichannel marketing strategies retain 89% of their customers, while companies using multi-channel strategies only retain 33%.
Creating a true omnichannel experience—using every channel to reach customers, including email, social media, mobile apps, and in-store experiences—results in a seamless and consistent journey across all touchpoints.
An omnichannel approach helps brands build brand awareness and enables them to provide personalized and relevant content that speaks directly to their customers' needs and preferences. Another bonus: Implementing omnichannel marketing can result in a 10% increase in revenue. By delivering a consistent and cohesive message, retailers can build customer trust and foster long-term relationships, ultimately driving sales and meeting their business goals.
Benefits of building a seamless customer experience in retail
Creating a seamless customer experience through omnichannel marketing offers numerous benefits for retail and e-commerce businesses of any size. Let’s explore some of the main benefits in more detail.
Align and connect your business’s organizational structure
Don’t fall into the trap of optimizing touchpoints individually. Step back, holistically assess your ideal customer journey, and ensure your internal structure supports that journey.
Customer-facing employees should be able to define your brand’s values, voice, and ideal customer journey. All other employees should understand how their objectives and daily tasks align with your company's overall goals. Think stacks, not silos: your teams should communicate with each other and work together toward common goals to maximize the efficacy of your resources.
Aligning and connecting your business's organizational structure can break down silos between teams and ensure everyone is working towards the same goals. As a result, aligned organizations have better collaboration and communication, as well as a more streamlined approach to customer engagement.
Build brand loyalty and a consistent replenishment cycle
The goal isn’t just to sell your product; it’s to gather a network of people who are passionate about your brand. A satisfied customer is your biggest advocate, and their “marketing” doesn’t cost you a dime. Word of mouth, unpaid social media posts, and five-star reviews will drive potential customers your way.
Offer products that get customers to come back for more. For example, a company that sells desk chairs could consider expanding to related products like lumbar support cushions or laptop stands. They could also find out how long the average desk chair lasts and send customers a discount code for a new chair a few months before that mark.
Building brand loyalty and a consistent replenishment cycle can create a more sustainable revenue stream and improve customer lifetime value.
Capture cross-channel analytics
Capturing cross-channel analytics helps you better understand your customer. This deeper understanding helps you better communicate with them how and when they want.
Text analytics, for example, point to overarching trends, customer sentiments, and product mentions that are helpful in identifying systemic issues.
With conversation mapping, you can capture and analyze every interaction, regardless of the channel where it occurred (i.e., social media, email, phone call, or chat). Conversation mapping data can analyze the overall tone of interactions, give customer-facing employees a quick view of previous interactions, and provide an overview of the typical customer journey.
Finally, digging into customer support or customer journey mapping analytics gives you a better understanding of customer behavior, so you can alter your support methods and design personalized marketing strategies.
Ultimately, capturing cross-channel analytics allows you to better understand your customers' behaviors and preferences and tailor your marketing efforts accordingly.
Meet your revenue goals
Data shows that designing personalized and easily-accessible customer experiences helps customers maximize their sales. Omnichannel strategies also ensure your customers have higher lifetime value. Simply put, omnichannel marketing allows your brand to better understand, engage with, and retain customers while increasing your ROI.
Overall, you can ensure your business's long-term success and growth by meeting your revenue goals.
Build personalized omnichannel retail communication experiences
The excerpt you just read is only a small portion of our guide, Build Personalized Customer Experiences That Scale. The complete guide will help you understand how to build your own omnichannel experiences. It covers topics such as selecting which communications channels to use, understanding the non-linear customer journey, and choosing the right technology.
This free guide teaches retail or e-commerce brands how to design seamless e-commerce experiences that delight customers and keep them coming back.
Get your free guide today, or talk to our team of experts to learn how you can leverage our solutions to design a delightful retail communication experience.