Previously, retail had a special feature. It was related and regional. New technology, on the other hand, brought about the transition. Trains paved the way for the Sears catalogue, which offered a diverse range of items to far-flung consumers. The car, invented by Henry Ford, ushered in urban sprawl, malls, and department stores, forever altering the face of retail.
Clients can now take advantage of the ease and speed of e-commerce, thanks to digital technologies and the internet. Both of these advances enhanced the shopping experience and allowed clients to view more items while minimising uncertainty, but there was a price to pay: the customer-retailer relationship became more distant.
Although people’s buying habits have evolved, their desire for a connection with retailers has not. More than half of consumers favour buying from small businesses (51.5%) over large retailers (48.5%), and the pandemic has only intensified this trend, with almost 20% of adults saying they will help more small businesses as a consequence of the pandemic.
At the same time, e-commerce is experiencing unprecedented growth, implying that what consumers really want is the best of both worlds: the versatility and flexibility of e-commerce combined with the personal relations of local retail. This poses a new challenge for retailers: how do they scale up their consumer relationships while providing the exclusive and personalised experiences they desire?
Modern commerce systems, such as Microsoft Dynamics 365 Commerce, will help retailers achieve this by providing data they need to know their customers as well as the resources they need to provide personalised and unified client experiences. Using a single data set, you can gain a better understanding of your clients.
Understanding customers is the first step in developing client relationships. Customers have previously formed relationships with brands through social media, online transactions, in-store visits, and experiences with customer service people, but these relationships were one-sided. Due to siloed data and processes, clients remembered each contact, but retailers had little insight into the customer’s past with the brand.
They have no idea when or when a client had communicated with them the last time. From the customer’s viewpoint, this experience will make any encounter with a brand feel like the first.
Clients want brands to behave like individuals, like a friend who owns a local store, for better or worse. They want a relationship with the brand that lasts, not one that is renewed at any touchpoint. They expect a new sales associate or support agent to understand the sense of their current relationship with the brand when they communicate with them. They want a constant conversation, not a series of isolated conversations.
Unified data and Unified experiences:
Unified data is the foundation for delivering personalized experience across channels; however, nearly half of retail decision-makers lack the unified consumer data and real-time insights necessary to carry these types of experiences. Recognizing these obstacles, 47% are concentrating on developing analytics capabilities, like cross-channel analytics, in order to help convert consumer data into insights.
It is said Knowing your customer lifetime value and identifying your best customers—as well as locating other customers that are similar to them—opens up endless possibilities for approaching them with more effective messaging.Retailers can integrate consumer data from all customer touchpoints with Microsoft Dynamic 365 applications, allowing retailers and their staff to see a customer’s history with a brand.
They will provide consistency in the interaction between a client and a brand by providing employees with the necessary details to make each interaction a continuation of the previous one, just as a true peer relationship would. From unified data to unified interactions, we’ve got you covered.
The first step in developing customer relationships is to unify data. The next move is to use the information to enhance customer experiences. To do so, new retailers must think about their offerings in the digital age. When a customer associates with a retailer, they are engaging in the end-to-end process of finding, ordering, acquiring, and using the commodity, not just the “goods” and “services.”
The “product” is the number of a client’s interactions with a brand. As a result, retailers must treat any consumer touchpoint with the same attention to detail and consideration as their items, because to the customer, they’re just the same.
It is done by increasing warehouse performance, experimenting with new fulfilment models, and gaining deeper insights into consumer interactions faster than ever before.
Retailers must not only view each touchpoint in isolation; they also must consider the client’s overall experience. Many retailers recognise this need, with 83 percent of retail and consumer packaged goods decision-makers agreeing that providing consumers with a linked and cohesive experience is critical to their success. Clients must have a consistent and continuous experience in terms of platform—whether in-store or digitally.
Creating scaled personalization:
Retailers must construct customised experiences in addition to cohesive experiences. The advantages of customising experiences are obvious. Personalization boosts sales by 110 percent, raises median order value by 40%, and boosts net promoter ratings by 20%. Providing this degree of personalization to clients also poses several challenges. Inability to monitor targeted consumers during the journey hampered 42 percent of retailers’ ability to introduce and develop personalization strategies, while 35 percent said it was difficult to attribute marketing success to individual programmes, promotions, and platforms.
Over three-quarters of retailers (76%) claim that enhancing digital commerce capabilities is their top priority, with 52 percent anticipating improved personalization as a result. As we use cutting-edge Dynamics 365 technology, we are well ahead of where we expected to be. Our ability to communicate substantively with clients using real-time data has grown exponentially. Although many retailers use personalization online—for example, personalised email suggestions —few connect the dots across networks, with just 9% providing in-store clienteling options for store associates in their personalization strategy.
Companies must think beyond customised experiences and construct personal experiences in order to develop positive customer relationships. Whereas personalization is a form of targeting, creating personalised experiences necessitates more data unification and a higher degree of analysis and intelligence.