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Retail Business Review | Thursday, April 14, 2022
While some brands and retailers are still adapting to some of the new realities established by the COVID-19 pandemic, others have established learnings and best practices to guide their paths forward.
FREMONT, CA: Customer loyalty has gone, and we are now midst "The Great Brand Exploration." Consumers are ready and prepared to explore other brands to see if the one they're currently shopping with doesn't fulfill their expectations or needs, whether it's due to delivery options, product availability, or any other variables that lead to purchase abandonment. In this new environment, brands can no longer afford to overlook non-purchasers; in fact, shoppers who engage with the brand but don't complete a purchase can contribute valuable information that can help you enhance customer commerce experiences and products. Moving away from more manual customer engagements, such as a follow-up survey sent to customers who have had a bad experience, and toward more automated actions that gather insights from non-purchasers in real-time can not only help brands make future improvements but also potentially save the sale.
In recent years, online shopping has become increasingly fragmented, resulting in a more fragmented client journey. It's no surprise that marketers and merchants struggle to catch and convert customers' attention. The idea is to focus on real customer intent rather than thinking about each channel separately. Although the customer journey is no longer a straight line, buyer intent is, and all consumers go through the same five stages: awareness, consideration, motivation, conversion, and eventually loyalty.
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Even though COVID has paved the way for an increase in digital sales, it has also exposed the retail industry to greater risk in the form of fraud. The threat has become so widespread that 54 percent of respondents polled in 2021 said it had had fraudulent or dubious internet contacts. The construction of a feedback mechanism between fraud prevention and other teams can be achieved by using a comprehensive, enterprise-wide strategy. This guarantees that everyone in the firm is up to date on any new fraud or scams targeting one part of the system. As a result, it is easier to ensure that the appropriate types of preventive are constantly in place.
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