Black Friday has become the highlight of the Christmas season and a microcosm of the wider trends impacting retailers today.
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Shoppers are losing interest in generic loyalty programs. The average U.S household participates in 21.9 programs, but uses less than half of those memberships actively (Colloquy, October 2015).
Despite the 7000 marketing messages consumers face every day, retail leaders are constantly searching for and finding new ways to cut through the noise, and their latest choice allows them to access consumers on their terms (Econsultancy, March 2016). The solution? Messaging apps like WeChat, Whatsapp, Viber and Facebook Messenger. Between them the big four have over two billion users and last year passed social media in terms of usage (Business Insider, April 2015).
Today’s customer oscillates between channels seamlessly. Their unpredictable behavior has put many retailers on the backfoot, leaving them to play catch-up to changing customer whims and desires. Tablets had their moment, now smartphones are center stage and wearables look set to take the spotlight of tomorrow (IMRG, February 2016).
Listening to your customers has always been important, but in 2016 understanding their issues is vital for retailers seeking to stay ahead when it comes to customer experience. This is because we live in the expectation economy, a crowded marketplace where customers buying online will not think twice about going elsewhere if you're not up to scratch.
Welcome to the next installment in our three part blog series with Vishal Katelia Senior Manager, Global CRM at MR PORTER. For those of you who missed part one, make sure you catch up here. We’ll continue our discussion of loyalty, kicking off with the industry Vish thinks retailers can learn from.