Gone are the days when customers would flock to any mall with two department stores and a food court. That’s why retailers are focusing on creating brand loyalty and deeper customer relationships. But accomplishing that requires one critical component over all others – data. Knowing your customer is now the name of the game for surviving in retail.
“The name of the game is still information,” says Jawara Partee, National Retail Tenant Rep Director for Colliers International. “Everyone is looking to enhance the customer’s experience. You need to have the info to be able to dissect and give some sort of meaningful outcome.”
Though gaining access to information seems fairly simple, privacy laws create some challenges. Loyalty programs that utilize transparent opt-ins with strong, immediate incentives often have the best results and highest customer satisfaction. Data costs money, but not as much as the cost of losing business or not having the right customer relationship strategy.
The Top Five Trends in Retail
A KPMG report of the top five leading trends for 2017 placed “Technology changing the customer experience” as the #1 trend, “Creating a meaningful experience” as #3 and “Personalization” as #4. The report further states, “89% of marketing leaders expect customer experience to be the primary basis of competitive differentiation.”
“The retailers that are performing well have connected their physical and digital presence to deliver an enhanced customer experience,” according to KPMG. “A seemless hand off between and among technologies, and in store during single and return visits is becoming a must as customers come to expect ‘phygital’ experience.”
The Customer Loyalty Accelerator Solution
Encore Incentive’s Customer Loyalty Accelerator program offers the permission-based transparency, simplicity, and immediacy that today’s customers are seeking in rewards or loyalty incentives. Extensive research shows cash incentives have proven to be the highest motivator for positively influencing customer behavior and increasing brand loyalty. Visit our website’s “Features” page to learn more.
Sources: The Real Name of the Retail Game is Still Data Collection, Bisnow.com; KPMG Top Five Retail Trends for 2017