Understanding the power of ForeSee benchmarks
The basic definition of a “benchmark” is a standard or point of reference to which something can be compared. The way it relates to customer experience isn’t much different; ForeSee’s benchmarks provide organizations with a yardstick that they can use to determine whether the experience they are providing to customers is exceeding or falling short of industry averages and customer expectations.
ForeSee has over 600 benchmark categories across various industries and sectors, and more than 70 specific to retailers. Some of those categories include benchmarks for channel experience (desktop, mobile, apps, stores, contact centers etc.), benchmarks for types of retailers (apparel, sporting goods, speciality, etc.), and scores for various points of the customer journey (digital browse, BOPIS, fulfillment, online checkout, and more).
Here’s a quick breakdown of benchmark types:
- By channel
- By sub-category
- By type of retailer
- Along the customer journey
Like ForeSee’s customer experience (CX) scores, benchmarks are on a 100-point scale, regardless of industry, category, or touchpoint,thus allowing organizations to understand where they’re doing well versus where they are below average performance. A retailer can then zero in on the specific scores that underperform ForeSee’s benchmarks and dig into what is driving those lower scores. For example, a retailer may find that their mobile site, BOPIS measure, and post-visit fulfillment CX scores are all at or above industry standards, but that the experience of those who abandoned a shopping cart is well below the benchmark.
Benchmarks reveal some interesting trends. For instance, cosmetics retailers (with an average CX score of 82) and food and beverage retailers (80) tend to get higher CX scores than discount center (67), home and hardware (63), and mobile phone retailers (54). It’s important to look at these nuances, because a a home and hardware store with a score of 70 is doing great relative to competitors, while a cosmetic retailer with the same score would be way below par.
ForeSee’s Retail Practice Leader Dan Chester commented that “benchmarks help retailers identify problems that might not have otherwise jumped out. Once a retailer knows where it is underperforming, it can use survey results, verbatims, session replays, and usability analysis to identify improvements and move up in the benchmark.”
ForeSee provides its clients with monthly, annual, and seasonal benchmarks. And as a part of our presence at trade show Shop.org, we’ve released our August Retail Benchmark Report that you can download now.