The Retail Revolution: Challenges and Actionable Insights for Success
The retail sector has become increasingly fast-paced and hyper-competitive, with consumers demanding a seamless experience across all channels, and expecting personalized interactions and high-quality support. For retailers this can be challenging to navigate, as it comprises managing multiple touchpoints and delivering exceptional human support, without sacrificing efficiency.
To stay ahead of the curve, retailers should finally dive into the four key areas that are already shaping the industry.
1. Omnichannel: It's time to start doing it
According to a recent study by Forrester, consumers expect a truly omnichannel experience at every stage of the purchase process. McKinsey also reveals that customers who are impacted by an omnichannel approach make purchases more frequently and spend 34% more than those who purchase through only one channel.
Adopting an extensively omnichannel approach can drive repeat purchases, higher purchase tickets, and an overall improved customer experience.
2. Personalization is more than a Buzzword
Personalization is no longer just a bonus but an expectation. Consumers now hope to find personalized product recommendations, relevant offers and discounts, and a seamless personalized experience across all channels.
As a result, it’s a must-handle topic for businesses willing to drive results. McKinsey's study shows that customers reward businesses that create personalized shopping experiences, as 49% of them are more likely to repeat purchases, whereas 76% become frustrated when it's lacking.
3. Trust and Privacy: Overcoming the Cookieless Challenges
Customers are more concerned with the privacy of their data than ever before. According to Segment, 63% of customers are fine with personalization as long as brands use their own data and not purchased data.
Overcoming the challenges of a cookieless world is crucial to maintain customer loyalty, as the new Digital Era is trust-based.
4. Leveraging AI and Machine Learning
AI and machine learning algorithms are playing a major role in every sector, especially in retail, as they enhance the customer experience by improving behavior analysis and marketing efforts, whilst providing quick customer support.
At BySide we believe that these two strategies are the key to achieve success:
Provide real-time Assisted Sales: employ channels, such as Smart Windows or Video Call, to provide a Live Shopping experience.
Embrace a Customer-Centric approach: develop personalized interactions at scale by personalizing content across channels, delivering the right offer at the right time, and using AI-powered conversational interfaces. Additionally, leverage upsell and cross-sell opportunities with Next-Best-Offer or Action (NBO/NBA) campaigns.
Acting on these insights and proactively implementing these strategies is essential for retailers to stay ahead in this competitive industry. By doing so, they can effectively overcome the main digital challenges and drive growth.
Looking to explore actionable solutions for your business? Let's connect and discuss how BySide can help.