Meet Sandra, the Modern Shopper
September 16, 2019 by Buck Devashish
That’s the first line in Yantriks’ new product explainer video. Check it out here:
Why is that the opening line? Because many forward-thinking retailers — many of who are our customers — are thinking outside-in. That is, the goals of the company aren’t all about profits or margins, it’s about meeting the needs of the modern shopper. These retailers have an unyielding focus on creating the best shopping experience for their customers. When they do this, three things happen: 1) it unites both the retailer’s business and IT leaders with a common goal, 2) they find it surprisingly more easy to solve many of the underlying omni-channel hurdles plaguing the retail sector today, and 3) the retailer’s financial statistics including but not limited to profits, margins, etc. begin to take care of themselves.
And it’s not about choosing to enhance the customer experience (CX) in the stores OR online. It’s both. That’s why brick-and-mortars are constantly improving their online experience and e-commerce native companies are opening retail stores. In fact, over 850 digital native stores are expected to open in the next several years. Case in point, check out e-commerce native company Glossier’s new flagship store.
Even a slight improvement in CX can unlock millions of dollars of value for a retailer (Source: Temkin Group):
- The revenue impact of a typical $1 billion company is an average of $775 million over three years
- Customers are 7x likely to purchase more from the company
- Customers are 8x likely to try other products or services
- Customers are 15x more likely to spread positive word of mouth
Not only that, 80% of customers say the experience a company provides is as important as its products and services. Amazon beat every retailer to the punch there. In addition, 67% of consumers say they’ll even pay more for a great experience. Hello Prime.80% of customers say the experience a company provides is as important as its products and services. Click To Tweet
So, please, meet Sandra, the modern shopper. All you have to do, retailer, is focus on her.Amazon,customer experience,e-commerce,New Retail,Shopping Experience,Speed and Convenience of Delivery,Speed of Delivery