Retailers need to pivot in H2 2020 & beyond
COVID-19 has changed the way that many people shop for the things they need and the things they want. With no concrete timeline for when things may return to normal, retailers will need to think about how they pivot.
COVID-19 has created a few problems for retailers, such as:
Solutions that can support your touchless digital transformation
There are several digital channels that you can integrate into your strategy to satisfy customer demands in the uncertain months ahead. These solutions will ultimately benefit your business in the long term, as well, because customers indicate they’ll expect these convenient digital solutions even after COVID is over.
Digital solutions you can consider embracing as part of your business approach are:
Touchless digital solutions present new opportunities
The solutions mentioned above bring about many benefits that extend far beyond helping customers feel safe. Plus, they contribute to your greater business goals over the long term.
These opportunities include:
Opportunity #1: Attract new customers through better digital solutions
Digital laggards are in the process of learning how to use digital solutions to get the products and services that they need. On the flip side, regular users of digital technology will be excited about the ability to interact with your business in a new way. If you can create more meaningful and seamless digital experiences, you’ll be more likely to attract new customers that otherwise would never have shopped at your business.
Opportunity #2: Retain existing customers for longer
Customers who have always used mobile apps for their retail purchases have different needs than they did a year ago. In our proprietary Friction Report analysis, we uncover real customer ratings and reviews of the top mobile apps, before and after COVID-19, to help retailers make enhancements that will allow them to provide better customer experiences. Download the Friction Report now. If you leverage these insights to improve your mobile app or other digital touchpoints, you can retain your existing customers by delighting them with the features and solutions that matter most to them.
Opportunity #3: Personalize offers and rewards
Personalization is a tool that many companies use to create unique experiences for customers. Showing your customers that you understand their needs on a one-on-one basis, especially during this time of decreased interaction, can create a number of benefits for your business, including increased revenue, frequency of purchase, and recurring purchases and basket size.
Opportunity #4: Increase Customer Lifetime Value (CLTV)
By implementing new digital solutions, you are likely strengthening your relationship and improving the CLTV of your customers. Some of the benefits we’ve seen in the work we’ve done with our customers include increased number of loyalty members, increased monthly active users, and increased longevity of consumer spending.
How will you adapt to customer needs as a result of COVID-19?
There’s no question that retail experiences look a lot different these days. And companies that address the unmet needs of their customers will prevail, now and well into the future.
If you’d like to discuss how you can explore a touchless strategy for your business, let's talk.
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