The modern-day customers demand not only efficient but also empathetic performance from the retail industry, indicating their inclination towards superior services. To succeed in this highly competitive market, retailers must have a well-thought-out strategy, efficient operations, attractive merchandising, targeted marketing, a robust organizational structure, and reliable technology to retain loyal customers. Despite having ample data, many retail companies fail to utilize it effectively to drive their business forward. Our consultants collaborate with client executives to impart their knowledge and build skills and capabilities for clients. Our services include establishing the foundation for top-line growth, creating a compelling commercial offer, improving the bottom line through lean retailing, delivering tangible value to shoppers through advanced analytics, and preparing for sustainable success.
Approximately 70% of leading company’s express high levels of assurance in their ability to provide a consistent customer experience across multiple channels, whereas only 20% of lagging companies share this confidence. In order to achieve this goal, retailers should consider investing in automated micro-fulfilment centres (MFCs) to create more profitable last-mile delivery solutions. MFCs have the potential to increase storage capacity, optimize throughput rates, and free up employees who would otherwise be picking orders, thereby increasing efficiency. MFCs are particularly advantageous because they can expand the range of same-day and next-day services that retailers can potentially offer.
Retailers can capitalize on each return as a chance to salvage a sale and should consider utilizing their reverse logistics capabilities in physical stores. This approach not only meets Customers need for instant credit but also lowers expenses associated with sending returns by mail. Moreover, the emergence of return bars, which pack and send back returned products for partnering retailers, provides an opportunity to attract more customers to their stores and broaden their client base, particularly in times of rising prices. According to recent data, retailers who utilize return bars can reduce their processing costs by more than 20%.
Acquiring new customers can be much more expensive than retaining existing ones, and social commerce is a useful tool for strengthening customer loyalty. Retailers should consider investing in technology to make purchasing on social media platforms easier and encourage users to make purchases, which can build brand loyalty. This can be done by incorporating stoppable tags with product details, integrating the brand’s website into social media applications, and enabling in-app transactions to simplify the shopping process.