Customers are the king and queen in retail and they are valuable to the business. On the flip-side, customers are also seeking value in what is being offered to them. Retail brands across the globe are fiercely pegged against each other in this value game, and the one who offers the best value as perceived the customer will be the clear winner.
Let’s try to understand this better. In this day and age of technology driving the industry towards innovation and disruption, there is no ambiguity anymore in the current and future roadmap for retail businesses to survive and thrive. One thing is clear, the retail brands who standout on their customer experience expectations will taste success. However it is important to understand the customer experience paradigm.
Traditionally, retail was transactional and product focused, but that is no more the case. As the focus of the business pivots on the customer, the customer experience paradigm has undergone a significant shift since the early retail days. This shift has largely been the result of technology enabling customers equipping themselves with more information and decision making power, thus putting them in the driver’s seat who are now calling the shots. Fundamentally, the customer experience is all about the value the customer perceives in two ways – i) their interactions with the retail brands, and ii) the offerings they receive from those brands in terms of products/services. Thus, it all boils down to the value the customer receives from their relationship with the retail business.
For retail brands, the best part is that now they have multiple opportunities to provide perceivable value to their customers. As retail has moved from transaction focused to being more customer centric and other factors have influenced the sector big-time, the shopping journey has evolved. Here is where retail brands can seize their opportunities to establish their value offerings. For example, while the customer is researching, a retail company can provide the necessary information that the customer seeks, even though the customer is not seeking information with the intention of purchase. Another example is where a customer can be offered an additional discount while their product is replaced due to issues in the products they had initially purchased. These are some of the many instances of how retailers can offer value – either qualitative or quantitative. These valued offerings will cement the brand-customer relationships in the long-run and thus prove to be a mutual benefit for both the retail company and the customer.
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