Satisfying the customer’s desire has always been the key to retail success, but today, due to the constant connection to the Internet, social networks and a global offer, the customer is more impatient, more demanding and has more alternatives to choose from than ever before. It is the new digital customer around which the retail business of our days revolves.
Accenture’s exciting See Now – Buy Now report has delved into one of the most important business trends of today and the next generation, See Now – Buy Now. From its analysis, very relevant conclusions emerge, some of which I share with you below.
Grow mobile capacities.
The daily life of millennials, as well as that of many of the previous generation’s shoppers, revolves around their mobile devices. Through them, the “see now – buy now” customers get most of the information, follow the latest trends, follow their favorite celebrities and bloggers on social networks and place their orders for immediate delivery.
The customer expects a smooth transaction between the channels and they are increasingly expecting a 24–36 hour window from seeing the product online and wanting it, to having it.
Predictive data analysis.
Thanks to Big Data and predictive data analysis, it is possible to obtain clear insights into consumer behavior, shopping trends and social network interactions to improve individual engagement.
Today, involving consumers in the product development process, giving them an opportunity to weigh-in on designs prior to manufacturing through social networks, is an excellent exercise in interaction and reception of valuable information.
Understanding customers and engaging with them to give them the products they “see and want to buy now” encourages brand loyalty and drastically reduces makdowns, improving margins.
Re-Think the role and format of the stores.
For the majority of consumers, the store is still the most popular place to shop.
Stores have a social role, where consumers can not only buy fashion but also share time and browse with friends. They can also offer interesting experiences and entertainment and provide the “warehouse” from where the online customer can collect their orders.
Because of the behavior of millennials, new operating models are needed to drive both footfall and revenue for brick and mortar stores. In the long term, stores will need to provide more additional services that cannot be accessed online to encourage shoppers to enter.
Stores need to create new and improved experiences, premium services and an enjoyable ambience if they are to persuade millennials to cross their threshold.
The store is no longer just a place to make a purchase.
The stores will also be like small Distribution Centers, open 24/7 to check stock and fulfill an order. That’s how the extra opportunities materialize.
A test bed for new products and services.
Personal interaction with customers provides invaluable feedback that retailers are less likely to receive online.
Loyal customer sales, optimizing and upselling.
Personal interactions can increase conversion and basket size; an engaged customer is more than 15% likely to purchase.
Showcase the brand.
Stores allow customers to experience the brand they see online in 360°; the store is there to inspire, entertain and engage.
Fashion shows, grooming bars, styling demos, coffee shops and entertainment to encourage footfall and stickiness.
Buy online, ship from store.
From ‘click and collect’ to ‘ship from store’, stores are stock centers for all channels.
Creating loyalty and forging relationships.
The cost of keeping an existing customer is around 90% lower than the cost of acquiring a new one.
This article was originally published in Inexmoda.