As retailers increasingly compete on customer experience perhaps the biggest challenge is working out how, why and where CX adds the most value.  Both for customers and as a business.  Keeping pace with the speed of change and meeting the demands and expectations of customers with ever-changing needs also needs to make financial and strategic business sense.  So, to help you gauge how the future of experience retail is shaping up, we thought it would be helpful to share some early bird statistics from our new Customer Experience Playbook for Retailers.  We’ll be launching the guide very soon.  It’s packed with insight, tips, best practice advice and brand examples of how best-in-class retailers approach CX.  It also looks at the future trends, key priorities, opportunities and challenges ahead.  So be sure to check back in.

Meanwhile, let’s get back to those statistics …

Customer experience leaders grow revenue faster than CX laggards

  1. In retail, CX leaders outperform the laggards by 26% (Forrester)

 Mastering the digital experience

  1. 48% of UK retail CEOs have not started the digital transformation of their business (JDA / PwC)
  2. Delivering a frictionless omnichannel experience is one of the major challenges that retailers face. Just 12% are able to provide a seamless experience across multiple channels (JDA / PwC)
  3. Six in 10 consumers are prepared to stop shopping with a brand if they fail to meet their digital expectations (Kibo)

Omnichannel consistency, hyper personalisation and advancing technologies are key priorities on the customer service roadmap

  1. 2.5% of UK retailers provide a consistent service on email, the web, Twitter and Facebook (Eptica)
  2. 93% of consumers are more likely to buy if they receive a positive experience (Eptica)
  3. 71% of consumers are frustrated by impersonal shopping experiences (Segment)
  4. 41% of consumers expect store associates to know what they have purchased online, but only 19% experience this (Segment)
  5. 81% of consumers want brands to better understand them and know when to approach them, and when not to (Accenture Strategy)
  6. Almost 70% of consumers expect retailers to launch an augmented reality (AR) app in the coming months (Digital Bridge)
  7. 40% of consumers are willing to pay more for a product if they have the chance to view it in AR (Interactions Daymon)

Improving advocacy and retention

  1. Advocates are 50% more likely to influence a purchasing decision than a regular customer (BzzAgent)
  2. Companies that successfully create both functional and emotional bonding have higher retention ratios – 84% vs 30% – compared with those that do not (IBM / Ogilvy)

Embedding a data-centric approach 

  1. Companies that use technology and data to personalise experiences see revenue increase by 6% to 10% (Boston Consulting Group)
  2. 68% of retailers cite a lack of governance and an absence of clearly defined roles as the main reason for data deficiencies (Salesforce / Deloitte)

 

If you would like to know more about how cp2experience, a customer experience consulting and training company, can help you shape your organisation’s CX strategy, please contact us today.