The Customer Centric Approach
Consumers are the kings of the market and any change in their buying behaviors or patterns become market trends. Which is why it is vital for retailers to have a customer centric approach. Also monitor and fulfill customer demands regularly. Customers currently are not brand conscious, and this proves to be a challenge for retailers offering premium products charging high-value in return. In a study conducted it was found that more than 60 per cent of these respondents consider switching to other brands if they offer fair prices and other benefits such as free shipping and good reviews.
In a survey conducted, researchers found that customers believe that more than 70 per cent of the content that is presented by retail companies need to improve. This indicates the lack of information on behalf of the business owners who must rectify this immediately. Businesses can gain knowledge by continually monitoring customer centric approach platforms online. They can also introduce Chat-Box’s online where customers can ask for queries and provide valuable feedback.
Nowadays there are many websites and mobile applications that serve as a platform where customers can share and view reviews, ratings and recommendations regarding various brands as well as the products they offer. It is imperative that businesses keep constant check of such online portals and respond to multiple complaints and comments on a frequent basis to maintain a strong online image and promote web traffic and sales. Studies have shown that more than 45 per cent of the customers rely on such online portals for making purchase decisions.
Introduction of various customer relationship strategies have enabled firms in maintaining a long and positive relationship with their customers. Statistics show that more than 90 per cent of the companies present in the market, spend a lot of time, energy and monetary efforts to provide premium customer service experiences.
In the current condition of the market, it is seen that customers are very price conscious. With the presence of many retailers who provide similar products and services, it becomes imperative that businesses ensure that they offer special discounts and rewards to their loyal customers to generate brand advocacy. Many businesses have introduced the concept of loyalty programs as research has shown that more than 60 per cent of the customers purchase more than they would if they were gaining rewards in return for it. Loyalty programs also help businesses to understand the customer buying behaviors and spending patterns, and it also assists in gaining insights on customers preferred mode of payment as well as the outlet where they find it convenient to shop.
The rise of technology has also given rise to advancements such as virtual reality, 3D printing and Artificial Intelligence software that has made it simpler for companies to anticipate and prevent the threats present in the market as well as prepare for upcoming market demands.
Technology can also be used to offer customer centric approach which is a major market trend and wield profit and sales maximization for the corporation.
Usage of data analytics such as footfall, heatmapping and people counting has made it simpler for businesses to gain knowledge if the introduction of a marketing strategy has been successful or not, it also helps in simplifying staffing as well as promotion decisions. More than 80 per cent of the businesses use data analytics to develop online, and in-store layouts as well as improve marketing strategies, out of which more than 60 per cent of the companies rely on information by 3rd parties regarding data analytics. Businesses must opt for these advancements as research has proven that if implemented correctly it is said to improve company performance as well as profit earning by at least 44 per cent.
Written By: Ameet Gwalani
Chief Business Enabler