As time goes by, the retail industry changes and new challenges arise for companies. Over the last ten years, this sector has experienced a significant transformation fueled by new technologies and consumer behaviour and expectations changes. However, adapting to recent trends and changing demographics has never been so crucial for brands at the risk of falling behind.
That said, delivering on customer experience is probably one of the most pressing challenges, as it plays a pivotal role in the success of businesses. With an increasingly informed consumer market, their demands have shifted.
Earlier this year, we did a blog post explaining Trends and Predictions for 2022
Indeed, one of the most evident trends this year is conscious consumerism reshaping consumer behaviour, and technology and automation being crucial for customers' experience.
Why is customer retention necessary?
68% of sales come from existing customers. Customers loyal to your brand are more likely to share their experience with your company, support your company and increase your profits. You also get a greater return on your investment (ROI) from repeat customers, much more than trying to acquire a first-timer.
Delivering customer experience
According to author David Skok, losing one customer is equivalent to seven times the resources used to convert them. As a result, customer retention can be one of the hardest things for companies to do. To improve it, it is necessary to implement innovative strategies that allow brands to build a large and loyal customer base.
The most important thing is to deliver a high-quality customer experience. With customer demands incorporating aspects such as a desire for a more conscientious brand, retailers must adjust and adapt their customer experience to meet needs.
Improving brand consistency
Adjusting to customers' demands has several benefits, and perhaps one of the most notorious is that it improves your brand consistency. If your brand can reflect your shoppers' values across the board, then you are positioning your business as authentic and trustworthy.
In this regard, presenting your brand as authentic while focusing on customer demands will improve customer loyalty. In addition, customers greatly value product quality, excellent customer service, and the commitment to be more environmentally friendly. Incorporating all these aspects will improve customer retention.
Engaging with customers and finding new ways to deliver a better, personalized customer experience is as important as ever. Lucky for you, SmartSpotter's platform has been designed to help businesses of any size adapt and innovate.
Check out our crowdsourcing services to better understand how we can help you increase customer loyalty and retention!
