X

Oracle Retail Blog helps retailers stay current on customer successes, hot retail trends and industry best practices.

Achieve Profitable Customer Acquisition and Retention

Heather Narva
Senior Marketing Manager, Oracle Retail

There is no question that the past several months have changed our habits as consumers, at times, causing us to pause and re-evaluate what is a necessary purchase vs. what is nice to have. In this new scenario, shopping experiences with brands who we feel connected to is now top of mind. 

As a result, shoppers are demanding a highly relevant, personalized, and consistent experience across all channels. Customer acquisition costs are at an all-time high, and it only takes one bad experience to lose a hard-earned customer. However, retailers are challenged to differentiate the customer experiences at the very moment they need it without having a solid understanding of who their customers are and what they want. In the current situation, customers are also looking to the brands they know and trust to keep them safe and provide a sense of normality as we transition to the new next.

The Path to Genuine Experiences

In a recent webcast, Oracle Speakers, Senior Director Rachel Henwood, and Solution Lead Claudio Cavacini shared five ways to drive lasting relationships and how to inspire customer loyalty by completely understanding the customer all the while empowering the store associate:

  1. Complete customer understanding: Retailers must know everything they can about their customers. What they purchased, what they returned, and why, their next purchased order date, their lifetime value, you name it, their passions. 
  2. Empowered store experiences for customers & sales associates: Retailers need to put such information in the hands of everyone in the organization so that it creates a personalized shopping experience before consumers even interact with the brand.
  3. Customer loyalty that drives frequency & behaviors: Retail marketing managers can leverage this information to build advanced loyalty programs, gamification, and VIP communities. 
  4. Real-time personalized campaigns & offers: Leading retailers can tailor their campaigns and offers that are surprising, relevant, and helpful for the shopper to make him/her feel special. 
  5. Audience management: It's good practice to prioritize the individual, but omnichannel platforms need to scale so retailers can consolidate, cleanse, and organize customer data, from contact information to purchase history across all channels. This allows retailers to mine the data, build strategic insight, and identify and execute on areas of opportunity.

These strategies are not just abstract concepts but are strategies that winning retailers are already adopting. 

THE PRADA Group: Strengthens their customer relations at the point of purchase by providing real-time visibility into all customer-related details across every touchpoint, offering a personalized shopping experience.

Perry Ellis International: Achieves a holistic view of their customers to better build brand loyalty and deliver memorable customer shopping experiences necessary to compete and thrive in the retail community.

Estee Lauder: Operates each banner as a 'franchise' while still maintaining a single view of the customer from a corporate perspective. They empower each region with its tools and promotions to create memorable local experiences.

Miroglio: Drives innovation and creates connections between product, data, and people. Their physical and digital locations operate as part of a network to better serve their customer with unified stock management and unified shopping experiences across channels. Customers are empowered to engage with the brand as they choose.

Total Wine: Organizes wine tasting classes in store for VIP customers, making them feel part of a local community.

A genuine relationship is the best differentiator for retailers to win at the experience game. Over the next few weeks and months, it will be critical for retailers to find savings without sacrificing the experience. We have data points that tell us in time of crisis, those who provide superior customer experience, lead the way. Therefore, it will be essential to implement personalized campaigns and promotions while protecting the bottom line. 

In the webcast, we brought personalization to life. We shared a customer shopping journey as it relates the retail store associate experience to demonstrate how by understanding customer wants and needs, retailers, can market to their target audiences more effectively. More data makes marketing engines smarter and leads to more effective marketing programs that leverage a higher degree of personalization.

Stay the Course

Customers today have more options and information than ever before. They're not only in the driver's seat but have taken the wheel, and if a retailer doesn't meet their expectations, they'll set a course elsewhere. As they pivot to meet customer demands, retailers must understand their consumers on a new level if they want to keep up. Fortunately, there are steps retailers can take to not only grasp and meet their customers' demands but also to engage them to drive loyalty in the long run, and these all begin with understanding the target market through data. 

Retailers need the means to capture, organize, and analyze customer actions and information and the agility to target and reach them in real-time. Oracle Retail Customer Engagement presents a single, 360-degree view of customers in real-time for all touchpoints across the enterprise, empowers retailers to enable superior shopping experiences, and build customer loyalty.

ICYMI Watch the On-Demand Webcast: Achieve Profitable Customer Acquisition and learn how to:

  • Acquire customers and ensure your best customers are retained
  • Reward your loyal customers and keep them engaged post-purchase
  • Enable segmentation strategies to personalize content and offers
  • Gain insights into your customers' purchases and behavior

 

Be the first to comment

Comments ( 0 )
Please enter your name.Please provide a valid email address.Please enter a comment.CAPTCHA challenge response provided was incorrect. Please try again.