The Customer Centric Approach
Consumers are the kings of the market and any change in their buying behaviors or patterns become market trends. Therefore, it is vital for retailers to have a customer centric approach and also monitor and fulfill customer demands regularly. Customers currently are not brand conscious, and this proves to be a challenge for retailers offering premium products charging high-value in return. According to a recent market study, more than 60 per cent of these respondents consider switching to other brands if they receive fair prices and other benefits such as free shipping and good reviews.
In a survey conducted, researchers found that customers believe that more than 70 per cent of the content that is presented by retail companies needs to improve. This indicates the lack of information on behalf of the business owners who must rectify this immediately. Businesses can gain knowledge by constantly monitoring customer centric approach platforms online. They can also introduce Chat-Box’s online where customers can ask for queries and provide valuable feedback.
Presence of Online Channels
Nowadays there are many websites and mobile apps that serve as a platform where customers can share and view reviews, ratings and recommendations regarding various brands as well as the products they offer. It is imperative that businesses keep constant check of such online portals and respond to multiple complaints and comments on a frequent basis to maintain a strong online image and promote web traffic and sales. Studies have shown that more than 45 percent of the customers rely on such online portals for making purchase decisions.
Introduction of various customer relationship strategies helps firms in maintaining a long and positive relationship with their customers. Statistics show that more than 90 per cent of the companies present in the market, spend a lot of time, energy and monetary efforts to provide premium customer service experiences.
Benefits of Loyalty Programs
In the current condition of the market, customers are very price conscious. With the presence of many retailers who provide similar products and services, its crucial for retailers to offer special discounts and rewards to their loyal customers to generate brand advocacy. More than 60 per cent of the customers purchase more than they would if they were gaining rewards in return. As a result, many businesses have now launched personalized and successful loyalty programs.
Loyalty programs also helps businesses to understand the customer buying behaviors, spending patterns, and their most preferred mode of payment. In addition, it also informs retailers about the outlet where they find it convenient to shop.
Impact of Technological Advancements
Growth in the technology sector has also given rise to advancements such as virtual reality, 3D printing and AI-based software. These developments have made it simpler to forecast and prevent the market threats as well as prepare for upcoming demands.
Technology helps in offering a customer centric approach which is a major market trend. In addition, it also plays a vital role in gaining profit and sales maximization for the corporation.
Usage of analytics such as footfall, heatmapping and people counting has made it simpler for businesses to gain knowledge if the introduction of a marketing strategy has been successful or not. Moreover, it also helps in simplifying staffing as well as promotion decisions.
More than 80 per cent of the businesses use analytics to develop online, and in-store layouts and improve marketing strategies. Out of this more than 60 per cent of the companies rely on information by 3rd parties regarding analytics. Businesses must opt for these advancements as if implemented correctly it will improve performance and profit earning by 44 percent.
Written By: Ameet Gwalani
Chief Business Enabler