February 11, 2021 | The XM Blog

2020 Retail CX: Who Thrived, Who Survived, & How to Succeed in ‘21

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New Verint Experience Index: Retail data helps brands identify changing CX needs and boost engagement

Our new Verint Experience Index: Retail report ranks 25 top retailers in the U.S., provides illuminating data on rapidly changing customer needs, and offers best practices brands can implement today.

This year’s findings are especially timely for the industry, as brands are coming out of the holiday season strategizing to improve on customer experience in 2021. For instance, we found that:

  • Costco ranked first in CSAT and NPS, beating Amazon and setting a strong omnichannel CX example.
  • The rise of curbside pick-up is changing the fulfillment game and meeting a critical customer need.
  • Digital self-serve can save millions in contact center costs while improving satisfaction scores.
  • One overlooked CX tactic could improve customer satisfaction with fulfillment—and improve bottom lines.

The customer journey also yielded some surprises. Given social distancing requirements in place during the pandemic, it’s not surprising that digital is growing, but it turns out that the customer journey is still multi-channel and complex: 

  • 46% of customers who made a purchase started in a store.
  • 43% started the journey on a digital channel.

Changes in customer behavior are a constant, as every retailer knows. And 2020 introduced unique challenges, both for customers and for the retailers they engaged with.

  • Cost took the top spot among purchase-intent factors, but mask policies and in-store shopping were third and fourth, suggesting customers are seeking safe in-store shopping options.
  • 44% of customers who made a return in the last 30 days said returns were easier than last year—an important finding given that easy and free returns rank high among factors impacting future shopping decisions.

With Coordinated CX, Retail Opportunities are Boundless in 2021

How important is customer experience to loyalty, sales, and engagement?

Great CX leads to an 90% higher intent to purchase online, a 71% higher intent to purchase in-store, and a 88% higher recommendation intent.

Read the full Verint Experience Index: Retail report to gain critical insights into 2020 lessons learned and how brands can leverage those findings to propel CX results in the coming year.

About the Author

As a pioneer in customer experience analytics, Verint delivers superior technology and proven methodology to connect the customer experience to the bottom line. The result is better business for companies and a better experience for consumers.

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