The following article written by ForeSee VP of Marketing Eric Feinberg was first published on Forbes.
You need only look at Wall Street’s reaction to the nearly $14 billion acquisition of Whole Foods – or the multitude of headlines about brick-and-mortar locations doubling as distribution hubs – to see that a new normal is on the horizon for the retail industry. Retail consumers today are adapting to new shopping norms that include more choices, co-browsing (in-store while shopping on a mobile device) and higher expectations. So what are today’s retail leaders doing to ensure future success?
The short answer is that they’re keenly aware of the vital role customer feedback plays in success. It’s no wonder that 89% of companies say they’re competing mostly on the basis of customer experience, according to a Gartner survey. Additionally, customers are 50% more likely to make a purchase from a retailer, and 75% more likely to make a purchase in another channel, if they have a good store experience, according to our latest study.
However, since many CX programs fail to improve customer experience, future industry leaders will need to do more than understand the importance of good customer experiences; they’ll need to know how to effectively act on voice-of-customer intelligence. Retailers should be measuring and managing customer feedback with the same care and rigor they use with other key performance indicators (KPIs) like revenue and profitability.
I am privileged to work with a number of top retail brands as well as analysts, engineers and data scientists who produce benchmark data for many retail categories. As such, I’ve observed three essential trends being embraced by companies that are successfully leveraging voice-of-customer data to prioritize business decisions…
Read Eric’s entire article via Forbes: Retail’s New Normal: Three Trends Stores Must Embrace To WinCategories: Retail