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 percent 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 percent 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 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 a 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 customers rely on such online portals for making purchase decisions.
The introduction of various customer relationship strategies helps firms in maintaining a long and positive relationship with their customers. Statistics show that more than 90 percent 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, it’s crucial for retailers to offer special discounts and rewards to their loyal customers to generate brand advocacy. More than 60 percent 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 help businesses to understand customer buying behaviors, spending patterns, and their 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 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.
The usage of analytics such as footfall, heat mapping, 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 percent of businesses use analytics to develop online, and in-store layouts and improve marketing strategies. Out of this more than 60 percent of the companies rely on information from 3rd parties regarding analytics. Businesses must opt for these advancements as if implemented correctly they will improve performance and profit earning by 44 percent.
Chief Business Enabler – Xpandretail