Our take: Customer experience will eventually be more important to consumers than price differentiation and product options... | --------
Customer experience is more important than ever in today's competitive world, especially in the retail marketplace.
A recent Walker study found that by 2020 customer experience will overtake price and product as the key brand differentiator.
This means companies must be prepared to meet a high-level of customer experience every time — no matter the channel.
As if this industry wasn't already competitive, now companies are tasked with focusing on not only creating the best product, they must pay equal (and arguably more) attention to the service they provide.
Taking a deeper look at how to communicate with customers on the right platform, and at the right time, is key.
Know your customer — this has been the retail industry's mantra for the past several decades.
The first step in accomplishing this is to understand when, where and how your customers communicate, whether it be traditional, digital, self-service or automated channels. Remember: not every demographic has the same preferences.
While you may not be surprised to hear that younger generations typically gravitate toward digital channels, don't pick a channel because you think you know what your customers want.
thumbnail courtesy of retailcustomerexperience.com
By Jeff Bubak, vice president of business development, Alorica