How Retail Customer Intelligence Can Help Retailers Adapt to the New Normal
Owing to the fast-spreading COVID-19 pandemic, every sector has been severely impacted and the retail industry is hardly an exception. The COVID-19 crisis has led to dramatic shifts in customer buying behaviors and spending patterns. Besides, the uncertain nature of the pandemic has compelled customers to tighten their wallets and eliminate discretionary spending. These shifts […]
Owing to the fast-spreading COVID-19 pandemic, every sector has been severely impacted and the retail industry is hardly an exception. The COVID-19 crisis has led to dramatic shifts in customer buying behaviors and spending patterns. Besides, the uncertain nature of the pandemic has compelled customers to tighten their wallets and eliminate discretionary spending. These shifts have left many retailers scrambling to effectively serve customers through other channels. To navigate through these challenging times and drive future growth, retail brands will need to adopt new ways to maintain and build relationships with customers.
This is where Infiniti steps in with its best-in-class retail customer intelligence solution. With Infiniti’s retail customer intelligence solution, businesses can navigate the COVID-19 crisis, plan for recovery, and shape the future. Here’s our guide for retail businesses to adapt to the ‘next normal in retail’ and meet the new customer expectations.
Retail brands must focus on creating exceptional customer experiences to set themselves apart from their competitors and build agile capabilities for fluid times. Our retail customer intelligence solution can help you achieve these strategic objectives. Request a FREE proposal here.
How Retailers Can Meet New Customer Expectations
#1: Extend digital channel presence and engagement
COVID-19 pandemic has suddenly shifted more customer traffic to digital channels. Owing to this sudden shift, online sales grew by nearly 25% in two weeks in March 2020. To ensure business continuity and maintain profitability, retail brands are compelled to expand their digital presence quickly. By extending digital presence and engagement, retail companies can partially offset diminished foot traffic in physical stores by boosting investments in online acquisition. Also, recent studies show that App downloads increased by nearly 20% compared to the previous year. As such, retail companies can prioritize a mobile app or point-of-sale experience this year. With more customers now engaging through mobile apps, retailers must also ensure that digital channels are integrated and offer consistent services and experiences to customers.
Our retail customer intelligence solutions can help you gain valuable customer insights to drive your business on the path to success. For retailers looking to extend digital channel presence and engagement, retail customer intelligence solution can help gather user acquisition and behavior data. Besides, retail customer intelligence solutions can help business leaders to deliver a seamless omnichannel strategy that boosts customer engagement and builds lasting customer relationships.
#2: Bring an in-store feel to the digital experience
To adapt to the needs and demands of customers, retail brands will need to revamp their current omnichannel strategy and bring an in-store feel to the digital experience. In response to COVID-19, a retail firm in China substituted in-store personalized interaction by offerings virtual appointments and live streaming experiences to customers. Also, some luxury retail brands have launched a new platform, Virtual Try-On, which allows buyers to enjoy the experience of a retail setting in the comfort of their home. During these challenging times, retail brands that adapt to the needs of customers and personalize customer interactions across every touchpoint are expected to gain a leading edge.
By leveraging Infiniti’s retail customer intelligence solution, businesses can understand how customers are interacting with their brand, analyze their journey across different channels, and identify gaps in offerings. Also, retail customer intelligence solutions can help businesses to track real-time changes and rethink the way they engage with customers.
Maintaining a strong customer experience during such a crisis requires an understanding of changing dynamics and pain points of customers. Our customer intelligence engagement can help you achieve this strategic objective. Get in touch with us.
#3: Embrace an agile operating model
As the coronavirus pandemic is expected to last longer, retail businesses must embrace an agile operating model to continually reassess their strategies. Besides, retailers can adopt agile practices to quickly recalibrate their business model and offerings to meet rising consumer expectations. In addition to this, retailers need to map the customer journey across different touchpoints and respond with agility.
Infiniti’s retail customer intelligence services can help businesses to categorize customers with similar attributes and devise customized audience segments. This will subsequently help retailers to provide customers with personalized options that best suit their needs and preferences.
Request more info to know how our COVID-19 business continuity support solutions can help your organization to emerge stronger in the post-COVID-19 era.