It is a period of unprecedented change for retailers. The explosive growth of devices and channels makes it that much more difficult for them to consistently engage with customers and maximize revenue.
Digital technologies are influencing the in-store shopping experience of the new age customer. As consumers expect retailers to have a uniform presence across channels, some retailers are rising to the challenge, doubling down on an engagement approach and investing in everything from interactive kiosks, RFID tags, mobile payment etc.
Over the last few years, customer experience has emerged as the single biggest differentiator for retailers. Of course it doesn’t mean that the product is no longer important. But knowing what your customer wants and catering to those needs has proved to be the key to customer delight (And consequently to greater profits!).
We took a look at these 5 cool retailers to see how they managed to use their customer data to wow their customers and increase sales.
Vera Bradley typically starts a season with 16 to 18 pattern design. After analyzing the data post-testing, that number is reduced to three to four. To verify the effectiveness of its pattern testing process, Vera Bradley back tested older products on which it had sales data to determine if it’s a good predictor of future success. End result: the company not only doubled its click through rate but also tripled conversion
Lindt launched a cloud based ecommerce site to build and execute personalized promotions. Through microsites, Lindt can launch promotions and campaigns that sell highly targeted offerings. The new ecommerce site has doubled the conversion rate and tripled the revenue on mobile devices. Last year, Black Friday saw a conversion rate of 200%, while cyber Monday sales was double than single day of online sales. End result: A doubled conversion and tripled revenue through personalization
Macy’s is analyzing customer data across all points of interactions and to recognize unique preferences and behaviors. They are also one of the first retailers to embrace ibeacon technology to provide in-store tailored notifications to their shoppers. End result: Macy’s grew same store sales by 11.3 % YOY.
Nordstrom is using Pinterest to analyze their customer’s preferences. Products that are most pinned by customers are displayed in the store. This has helped the retailer manage inventory and also helped sales associate to show top selling products to potential buyers through their store mobile application. End result: Nordstorm gets 4.5 million footfalls everyday (on Pinterest)
Burberry started a customer 360 program, through which they connect their customers on social media platforms. Burberry has integrated modern technology and interactive touch points like virtual mirror in their flagship store to give their customers a digitalized in-store experience. End result: Burberry has achieved 17 percent growth through an enhanced in store digital experience.