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4 challenges that retailers are facing today and actionable insights for success
May 8, 2023 |
The retail sector is in the midst of a significant transformation. Consumers demand a seamless experience across channels and expect personalized interactions while requesting high-quality support. For businesses, this can be challenging to navigate as it comprises managing multiple touchpoints and delivering exceptional human support, without sacrificing efficiency. In this article, we delve into 4 key challenges confronting retailers today and provide actionable insights to help them thrive in this increasingly fast-paced and hyper-competitive environment.

1. Omnichannel: the future of retail

Consumers expect a seamless shopping experience across all channels, including physical stores, e-commerce platforms, and mobile apps. However, meeting these expectations can be daunting for retailers. Nevertheless, McKinsey reveals that customers impacted by an omnichannel approach make purchases more frequently and spend 34% more than those who purchase through only one channel. Furthermore, adopting an extensive omnichannel approach can lead to repeat purchases, higher transaction values, and an overall improved customer experience. To address these opportunities, retailers should prioritize building a comprehensive omnichannel strategy that seamlessly integrates online and offline touchpoints. This approach can drive repeat purchases, increase transaction values, and ultimately enhance the overall customer experience.

2. Personalization: going beyond buzzwords

Personalization has evolved from being a luxury to an expectation. Shoppers now anticipate personalized product recommendations, relevant offers and discounts, and a tailored experience across all channels. Consequently, it has become a critical topic for businesses aiming to achieve results. Another McKinsey study underscores that customers reward businesses that provide personalized shopping experiences, with 49% of them being more likely to make repeat purchases. In contrast, 76% become frustrated when personalization is lacking. Therefore, retailers must invest in advanced personalization strategies. Tailoring content, offers, and recommendations based on customer behavior and preferences can significantly enhance customer satisfaction and retention rates.

3. Trust and Privacy: navigating a cookieless world

Customer concern for data privacy is higher than ever. According to Segment, 63% of customers are fine with personalization as long as brands use their own data rather than purchased data, emphasizing the importance of trust. Overcoming the challenges of a cookieless world is crucial to maintaining customer loyalty. Retailers must, therefore, give top priority to ethical data collection and management. Utilizing zero and first-party data strategies becomes crucial in both building and maintaining loyalty while delivering personalized experiences.

4. AI and Machine Learning: transforming the landscape

AI and machine learning algorithms are reshaping the world as we know it, and this transformation extends to the retail sector, as these technologies enable behavior analysis, enhance marketing efforts, and provide rapid customer support. Retailers can gain a significant competitive edge by integrating these algorithms into their strategies. Implementing real-time assisted sales can craft immersive, live shopping experiences. Furthermore, embracing a customer-centric approach, fueled by AI-driven personalization and Next-Best-Offer campaigns, can unlock upselling and cross-selling opportunities.

Conclusion

In today's retail revolution, overcoming challenges and embracing innovation are essential for success. Retailers should prioritize omnichannel experiences, invest in personalization, build trust through ethical data practices, and leverage AI and machine learning technologies to stay competitive. At BySide we believe that these two strategies are key to achieving success: 
  • Provide real-time Assisted Sales: employ channels, such as Smart Windows or Video Call, to provide a Live Shopping experience. 
  • Embrace a Customer-Centric approach: Build relevant interactions at scale. Personalize content across channels, deliver the right offer at the right time, and use AI-powered conversational interfaces.
Acting on these insights and proactively implementing these strategies is essential for retailers to stay ahead in this competitive industry. By doing so, they can effectively overcome the main digital challenges and drive growth. Looking to explore actionable solutions for your business? Let's connect and discuss how BySide can help.  
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Elevating the digital customer experience: The power of guided selling
May 8, 2023 |

Global brands have long leveraged exclusivity and intimacy to create a unique connection with customers. However, in today's digital age, they are taking these concepts to new heights by offering highly personalized and exclusive experiences that deeply resonate with customers. The key to achieving this level of engagement lies in the strategic use of data and analytics, resulting in a seamless and captivating shopping journey that transcends traditional boundaries.

Personalization through data and analytics

Modern consumers expect more than just a one-size-fits-all approach. They want experiences tailored to them, and brands are stepping up to the challenge. By harnessing the power of data and analytics, companies can gain valuable insights into the customers' likes, dislikes, and shopping habits. And this information forms the foundation of highly personalized customer experiences.

This omnichannel approach is at the core of the digital customer experience transformation, as it seamlessly integrates various touchpoints — from a brand's website to its social media channels and physical stores — to create a holistic journey that adapts to the customer's individual needs and preferences. As a result, customers feel understood, valued, and engaged throughout their interactions with the brand.

Virtual showrooms and interactive product demonstrations

One of the most exciting developments in the realm of digital customer experience is the creation of exclusive content and channels that offer virtual showrooms and interactive product demonstrations. Video-based channels, in particular, have proven to be incredibly effective in connecting customers with experts and brand representatives.

Imagine being able to virtually step into a curated showroom filled with the latest products from your favorite brand. Through live video demonstrations, you can see how these products work in real-time, and even interact with knowledgeable experts who provide personalized recommendations based on your preferences. This level of interactivity not only enhances the shopping experience but also fosters trust and empathy between the customer and the brand.

An example: Apple's “shop with a specialist over video" service

A good example of this customer-centric approach is Apple's "Shop with a Specialist over Video" service. Inspired by the Genius Bar concept in their physical stores, this service offers personalized video consultations to assist customers in finding the ideal iPhone. It is all about renewing trust and empathy with customers.

During these video consultations, an Apple team member shares their screen to guide customers through the available options and features. Although the Apple representative has visibility of their screen, the customer's privacy remains safeguarded, and the representative cannot view the customer themselves. This focus on safety and privacy enhances the overall experience, making customers more comfortable during the session and, in turn, strengthens customer relations and boosts sales on the website, proving that a humanized touch can go a long way in digital sales processes.

Conclusion

In today's business landscape, the battleground has shifted. No longer are products and prices the sole factors influencing customer decisions. Instead, it's the overall customer experience that plays a major role in shaping brand loyalty and success.

With markets becoming increasingly competitive, companies must differentiate themselves through innovative, personalized, and helpful interactions. Brands that invest in enhancing the digital customer experience gain a significant advantage because they not only attract new customers but also retain existing ones by building strong, lasting relationships.

How BySide can help you

With over 15 years of experience in complex guided sales in digital channels, we've developed innovative features that offer personalized interactions and bridge the gap between online and in-store shopping. 

Our Smart Windows feature combines a contact channel with e-commerce intelligence, product recommendations, and powerful insights, while our Personal Shopping Assistant via video call provides an immersive and engaging shopping experience with the added benefit of personalized attention from a sales associate.

Employing guided selling in digital channels allows companies to connect with customers, and technology such as Smart Windows or Personal Shopping Assistant can further streamline and improve the sales process while going the extra mile to meet customers’ needs.

Want to know more? Let’s discuss how BySide can elevate your digital customer experience.

 

 

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