Retail Overview

Take shopping to the next level; get rewarded by your customer’s loyalty with the right access to the right software. Customer experience management, social media analysis, loyalty programs, and support services all become possible on one dashboard.

Customer Experience Matters for the Retail Industry
Retailers invest heavily in marketing solutions and promotions to attract consumers and to drive more sales. To survive todays competitive market retail businesses require more than just low prices and new innovative products to build an edge. A good customer experience is need of the hour to build a long term customer relationship. With ever changing customer habits and choices, retail owners require a robust feedback loop mechanism to be at pace with the market.

Retail firms need a robust CEM solution in place to collect and analyse data from a full range of structured and unstructured sources, all in real time and with full integration capabilities for existing CRM, ERP and billing solutions.

Need for increased Customer Conversions

The most important part of customer journey in retail industry is his experience in shopping which could happen either online or offline. However, a new breed of intelligent customer who expect everything to be personalised has risen. Therefore, the discount coupon providers have had to up their game and ensure that the customer, coupon type, and timing are all exactly right. Most valuable help in this endeavor has been the CEM systems. With feedback analyzed by CEM systems, it is possible to reach out these consumers through multiple channels, including the internet and mobile.

Data analyzed provides insights to customer’s brand preference and sentiments. Incorporated with multiple communication options brands can either send them a coupon on their next purchase or entice them with offer for an up-sell to their existing purchase.

Big Data Analysis

Data measurement gives clue to retailers in what is going on with their customers. With big data, they can anticipate service issues and get involved in damage control, if they fail to spot the problem early on. Data also highlights what a particular customer prefers from the kind of post-experience feedback that they give at every step of retail journey. If you are using big data the right way, you can make your business more customer-centric. With structured analytics of CEM technology one can maintain intricately detailed customer profiles based on their personal details, social activity, preferences, and wish lists. Using the customer’s feedback from online touchpoints for example the web, mobile, email or social platform interactions as a guide, retail businesses can connect with their existing customers by offering them with products that hint from their deep, personalized insights. With such personalized approach it will make customers feel more important who in turn become brand loyal and increase referrals. There are lots of benefits in cultivating a lasting relationship with existing customers. The Forrester report ‘The Business Impact of Customer Experience’ estimates that having a strong customer experience can equate to “millions” in revenue gained as a result.

By 2015, predictive analytics was increasingly employed for services tailored to the profile, purchase history, current geographic location, the device they use, to the browser of the customer.
Multiple Touch Points
Omni-channel retail experience is the new trend customers are shifting to. Customers are switching through multiple contact points both online and offline to complete the purchase of their choice. Most of the customer shopping journey ends at social media. The role of social media becoming more and more important . Retailers who realise the power of this tool will come up with selling solutions that are based on the social media, such as selling via comments and letting users chime in with the contents they would like to see in their favourite stores.

With such usage of technology it will become crucial for the survival of a retail business to combine both online and offline.
CEM solution with NLP technology can help retail industries to harness the most of the data received via social and mobile platforms along with the data from different departments, such as sales and inventory to provide a comprehensive shopping experience to its customers.
According reports, there will be about 28 billion queries for mobile search as compared to desktop search.

Important factor

If as a retailer, you can realize how important and decisive factor customer experience is, then 2016 will be your year. If a business is not customer-centric, it does not belong in this age. The only way you will keep your competitive edge over other businesses is by emphasizing on customer experience. Geckolyst is the trailblazer that your company needs to tap into modern customer technologies. Your business can benefit from its many features, including:

Gartner claimed that close to 90 percent of companies will be competing on CX basis this year. Half a decade ago, the number was just 36 %
  • Complete customer service personalization in an integrated manner across multiple channels
  • Keep existing customers engaged
  • Improve customer service exceptionally
  • Helps in tapping existing customers for cross selling and upselling and new customer acquisition.