New CX measurement tool allows retailers to more accurately understand when and why customers aren’t buying
NEW YORK, NY (January 13, 2016) — ForeSee, the leader in voice of customer solutions, today announced the release of a new customer experience measurement product for Store Non-Purchasers at Retail’s BIG Show. It is the retail industry’s first measurement squarely focused on identifying and solving retailers’ growing challenges with understanding non-purchasing behavior.
“The person who strolls into your store and buys nothing, and why they do that, is one of the biggest mysteries in retail,” Dan Chester, Retail Practice Leader at ForeSee said. “Typically, retailers have had to rely on indirect or episodic measures like traffic counters and receipt surveys to parse this problem. Other approaches like beacon technologies have not lived up to expectations because of cumbersome implementations. That’s why we’ve created a new offer that provides continuous, representative, actionable information about the elusive store non-purchaser. Our approach is surprisingly easy yet yields impressive insights and results for store operators.”
According to PWC, three out of four shoppers prefer to browse online before visiting a store. Using web and mobile intercepts, ForeSee’s new Store Non-Purchaser product helps retailers identify digital shoppers who recently visited a store or plan to visit soon, and surveys them to determine why they didn’t purchase in store. This focused information helps retailers identify and prioritize addressable issues that keep customers from buying, such as having inadequate options in stock, having confusing display layout, or the need to enhance associate training.
Retailers, and specialty retailers in particular, risk leaving millions of dollars on the table by not acting to address store non-purchasers. ForeSee interviewed numerous store leaders, many of whom shared generalized conversion rates of 15 to 50 percent. One store leader commented that, “If we could close the store non-purchaser gap by even 1-2 percent, it could result in tens of millions of additional revenue every year.”
“We took that 1-2 percent goal to heart when designing this measurement approach. It is fairly unachievable with what has been available previously,” Chester said. “By leveraging new shopper behaviors such as co-browsing with a mobile device, retailers can have an ‘in’ into their customers’ increasingly complex purchasing journeys, and that information allows them focus on the customer experience drivers that will increase their likelihood to purchase.”
The new Store Non-Purchaser product is based on ForeSee’s proven methodology for CX measurement that links customer expectations and experiences with business outcomes. To learn more, download ForeSee’s new e-book 5 Steps to Win On Customer Experience for Specialty Retailers, which discusses how retailers can capture and measure the elusive store non-purchaser.
Visit ForeSee at NRF Retail’s BIG Show, Booth #1543
ForeSee will have a significant presence at Retail’s BIG Show at booth 1543, and at a CX-focused session titled “Get It Right: How to Compete and Win on Customer Experience (CX)” from 10:15 – 11:00 a.m. on Tuesday, January 17 in EXPO Hall Room 3, Level 3. The session will be led by ForeSee VP Eric Feinberg.
ForeSee pioneered customer experience intelligence in 2001 and has become a recognized leader in Voice of Customer (VOC) solutions. The award-winning ForeSee CX Suite helps more than 2,000 companies worldwide — in retail, government, financial services, healthcare, consumer packaged goods, and other industries — transform their VOC programs into a strategic business discipline that delivers economic impact. Only ForeSee offers a rigorous approach to customer experience measurement, access to an unmatched 200 million benchmarked experiences, and actionable insights from a team of 200 expert analysts that give certainty to CX improvements. ForeSee is headquartered in Ann Arbor, MI and has offices in New York; Washington, DC; St. Louis; Cleveland; San Francisco; Vancouver; and London. For more information, visit www.foresee.com.