The retail transformation from transactions to services based retail
The shift from transaction to service based retail has led physical retailers to evolve their store experiences in order to encourage more customers to complete their purchase journey in-store. Retailers are using innovative technology to deliver outstanding in-store experiences; driving online sales, improving conversions and increasing spend by transforming their brick and mortar stores into hubs for exciting brand experiences and service interactions.
We’re seeing retailers rethink their stores in a variety of ways, for example:
- Offering additional services and events in-store (including ones that customers can pre-book), therefore creating more opportunities to build lasting relationships with customers
- Creating more immersive, memorable experiences in store that enable customers to see products in action
- Using a concierge or host to engage customers and help orchestrate their in-store experience from the moment they walk in
Retailers are reimagining their in-store customer experience to help them:
- Drive online sales and conversion and higher spend
Customers who engage through multiple channels generate three times the volume of sales and more than twice the margin of store-only customers
- Build long-term loyalty to support business growth
A 5 % increase in customer retention produces more than a 25% increase in profit.
- Differentiate from competitors
Consumer intelligence consultancy, Walker, has estimated that by 2020, customer experience will become the number one differentiator between brands, succeeding both price and product. The study found that changes such as the explosion of digital, the empowered customer, and the acceleration of innovation are having a profound impact on customer experiences.
- Increase word-of-mouth marketing and brand advocacy
77% of customers are more likely to buy products recommended to them by family or friends. Through excellent customer experience, word of mouth and social media can be utilised to benefit your business.
- Thinking about customer journeys as a series of service experiences
By thinking about customer journeys as a series of service experiences, rather than a series of financial transactions, and using technology to improve those experiences, forward-thinking retailers are starting to achieve some phenomenal results
At Qudini, we have helped retailers rethink their customer journeys and transform their business operations through using our solutions.
“Since we started using Qudini, we have noticed a reduction in customer complaints and have experienced an increase in staff productivity which has helped us to create a better customer experience overall”- Retail Store Manager using Qudini Queue Management and Appointment bookings services
For more information about you can transition your brand from being transaction focused to being service based, contact the marketing team – email@example.com
Download our whitepaper to learn more
Sign-up to our webinar to understand how Customer Experience is the frontier for retailer’s competitive differentiation