Still think customer loyalty is driven by points doled out as part of patchwork reward schemes? Good luck with that.
With consumers toting endless buying choices in their pockets 24/7, developing authentic relationships has never been harder. But for every brand that’s losing their consumer somewhere between browse and buy, another is hitting it out of the park, cultivating a rich experience worth returning to again and again.
While some retailers may be struggling, it’s certainly not for a lack of ideas. Whether it’s enhancing the shopping experience through virtual racks, subscription models or rental programs, sellers have plenty of tools in their box to play with; however, razor-thin margins mean they need to ensure their strategies are, indeed, solutions.
“The key thing to focus on when it comes to value-add services is asking if the intended service solves a problem,” Richie Siegel, CEO of retail analytics firm Loose Threads, said. “Oftentimes they do not, especially the expensive ones, while some of the more affordable and simple ideas—like reserve in store—can make a big difference. Different customers have different problems that require different solutions.”
In the Retail & The New Consumer report sponsored by Klarna, Sourcing Journal uses exclusive interviews with brands, retailers and industry experts—bolstered with market research—to detail the following:
- The evolution of social shopping and its effect on loyalty and sales
- How treasure hunting, mobile games and community hubs are exploding—and driving conversions
- The apps winning the hearts (and wallets) of Gen Z
- What to know about the two faces of Gen Z: Gen Me and Gen We
- What investors think of today’s retail landscape
- Creating a retail environment with maximum ROI
- The nitty gritty on how brands can demonstrate their value to Gen Z
- The tech really driving engagement and incremental sales
- How to remove friction to move seamlessly from the point of inspiration to payment