Customer Experience Management for Retail 2.0 - part 1 / 2
By Sanjeev Sharma on Mar 09, 2012
Retail 2.0 represents the transformation in the retail industry triggered by the accelerated shift towards online and mobile technologies and social shopping paradigms. Never before has the consumer been of more importance or should i say in greater control, especially so due to the shrinking information asymmetry between merchants and consumers that has tilted the balance of power in the latter’s favor.
The graphic below outlines the key consumer trends and their implications for retailers.
Traditional, multi-channel customer experience strategies segmented customers based on channel-specific purchase cycles. However, this approach is unable to cope with today’s complex purchase journey’s that involve touch-points across multiple channels. The graphic below depicts the purchase journey of a retail consumer today.
Clearly, customer experience management for Retail 2.0 merits more than just re-branding of existing multi-channel integration strategies as customer experience management! So what should retail merchants do, in order to attract, engage, convert and retain the new-age consumer who is equipped with mobile and internet technologies to make any-time, any-place purchase decisions?
In the next post, i will share a concept architecture of streamlining customer interaction processes with BPM to integrate offer management, order capture and order provisioning to drive improvements in Customer-Lifetime Value, Just-in-Time inventory and supply management, and sales- efficiency by enabling a connected, consistent and seamless multi-channel experience.