The Covid-19 pandemic dramatically changed consumer behaviour. Many were forced to try e-commerce for the first time as non-essential retailers were all closed by the various lockdowns. As we return to relative normality there will be a stronger focus than ever on the retail industry giving customers what they want - online or in-store.
Making your brand easy to reach and products easy to find is critical because loyalty has decreased and the ability to switch brand is easier than ever. If your checkout process is clunky and difficult then you will lose customers that have already taken the time to browse and select products.
National Retail Federation research published at the end of 2020 suggests that 97% of consumers will abandon their purchases when they find that the process of buying becomes inconvenient. They also noted that 93% of shoppers will choose a retailer based on convenience. So, the customer experience (CX) is a double-edged sword - get it wrong and you lose customers, get it right and you will attract more.
But with changing consumer behaviour and business model adjustments, including direct-to-consumer (D2C) and e-commerce, the pace of change can be overwhelming. At TTEC we believe that retail brands need to focus on five key areas:
- Customer Acquisition: Elevate the outcomes of digital marketing, compete in the new retail era of 'phygital' retail marketing, and build hyper-personalised end-to-end customer experiences to drive richer engagement, lifetime value, and higher ROI.
- Omnichannel Technology: Meet your customers in their preferred channels to win their hearts (and their wallets). Deliver relevant, personalised, and unique experiences in moments that matter using TTEC's sophisticated, cloud-based omnichannel technology.
- Messaging: People live their lives in messaging apps, and they want instant, or more importantly, constant gratification. TTEC helps today's leading retail brands wow, woo, and win customers with our Humanify(r) messaging platform, strategic program designs, seasoned conversational designers, and universal associates.
- Customer Analytics: Quickly calculate customer lifetime value, predict future behaviour, identify customers likely to churn, monitor business performance, and enhance CX through a world-class combination of sales analytics tools and consulting expertise.
- Customer Support: Our service to sales, customer care, and technical support services use innovations in scalable staffing, omnichannel interaction, and customer analytics to keep costs down, customer satisfaction high, and revenue targets met.
These are broad areas, but they apply to almost every retail brand. The National Retail Federation research I mentioned earlier is perhaps the starkest reminder of how important this is at present. Consumer behaviour has been changed by the pandemic and technology is creating many new retail opportunities. Even major brands like Heinz have launched D2C initiatives during the pandemic that are likely to be continued after the crisis subsides.
The ability for consumers to switch brand in seconds means that convenience needs to be your primary objective. as soon as a shopper encounters any form of friction - online or in-store - they are likely to abandon their selected products. Infusing convenience into every possible retail experience needs to be the retail focus for 2021.
For more information on our retail experience with further research and case studies, please click here https://www.ttec.com/emea/retail-and-ecommerce.
