Retailers are committed to providing a personalized and seamless omnichannel retail consumer experience. However, the voyage is characterized by a number of obstacles, including determining where to begin, prioritizing investments, and determining priorities.
One of the most effective initial stages is to investigate the strategies and improvements in customer experience (CX) that successful retailers are employing to create personalized and gratifying experiences for both new and returning customers.
This is the subject of a complimentary one-hour webinar, “A Retailer’s Guide to CX Optimization,” which is being sponsored by NICE and will be held at 2 p.m. on Thursday, Dec. 7.
Beth Schultz, the VP of research and principal analyst at Metrigy, a research and advisory firm that concentrates on the evolving fields of workplace collaboration, digital workplace, digital transformation, customer experience, and employee experience, will provide expert insight.
In order to offer readers a preview of the content she will be sharing, RetailCustomerExperience conducted an email interview with Schultz, who conducts primary research and analysis to provide metrics-based guidance for business decision makers.
Schultz, who has over thirty years of experience in the IT media and event industry, is also responsible for the firm’s multimedia thought leadership content and research agenda in her capacity at Metrigy.
Q. What are some of the challenges that retailers are currently confronting in the realm of retail CX?
A. The perennial challenge of staying abreast of consumer sentiment is exacerbated by the growing number of digital channels that are supported. Metrigy’s research with approximately 500 consumers in North America demonstrates that individuals will tolerate an average of three negative experiences with a company before discontinuing business with it. In the event that consumers are dissatisfied with their experiences, they are inclined to disseminate the information. Approximately 44% of consumers will inform their friends and family, over 25% will post negative reviews on rating sites, and only about 12% will post on social media. Consumer feedback and evaluations, which are published on rating sites and social media, have an impact on the products, brands, stores, and channels that individuals are willing or unwilling to utilize.
Defending against malicious actors who target retail outlets and brands is a challenge that is as significant as ever, despite the fact that it is not new. The retailer’s reputation is tarnished, and legal action and regulatory penalties may be imposed as a result of a data breach that discloses consumers’ personal information, including payment details. At the same time, it disintegrates consumer trust and loyalty.
Maintaining a consistent pace with the deployment of AI, particularly in the context of predicting customer requirements and personalizing service. Consumers frequently elevate their expectations regarding customer service relative to their most recent positive experience. For retailers, much of a wonderful experience comes from being able to comprehend what a shopper may want, perhaps even before the shopper themselves does, and deliver a personalized service. Retailers that offer impersonal, one-size-fits-all experiences may encounter difficulty in converting interest into sales and retaining consumers.
Q. In your webinar, you will offer a glimpse into the ways in which retailers are enhancing the customer experience. Could you provide one to two examples as a preview?
A. As part of their CX transformation/improvement initiatives, the majority of retailers have implemented a diverse array of AI applications. Two illustrations:
• Agent assist bots: These bots automate manual duties, including consumer identification, to provide assistance. They can also present contextually relevant customer data, such as order history, that is pertinent to an interaction; offer next-best actions, such as providing a coupon code, discount, or additional purchase recommendations; and assist in the resolution of issues with greater context and speed.
• Generative AI: Although it is still in its infancy, retailers are already employing this technology. Some potential applications include providing summaries of conversations regarding product exchanges or returns and facilitating visual search based on product images.
Q. Are there any questions or agenda items that a retailer should answer or cross off before making an investment in technology to improve customer experience?
A. The questions and checklist items will differ depending on the technology. Based on our research, the following are a few general recommendations for CX/contact center platforms:
• In the short term, it should be a transformational priority for a retailer to implement state-of-the-art methods of safeguarding consumer data. Retailers must exhaustively vet CX vendors on their security mechanisms, as well as compliance.
• The capacity to expand functionality and incorporate new capabilities is frequently achieved through integrations, regardless of whether a retailer is utilizing a full-service CX platform, a cloud contact center platform, or a legacy on-premises system. Retailers should meticulously assess the integration capabilities of CX/contact center platform providers and the simplicity of integrating their own systems.
• In the same vein, retailers should investigate the methodology employed by platform providers to automate workflows. Do they provide support for low-/no-code development? Provide visual workflow architects. Retailer CX specialists should be able to develop and implement automated processes for services such as order confirmation, transportation updates, and refund notices with ease and speed, rather than relying on specialized developers to do so.