Apple products were the key Apple’s success, how do you explain the fact that people flock to the stores to buy Apple products at full price ? Even when Wal-Mart, Best-Buy, and Target carry most of them, often discounted in various ways. Amazon carries them all–and doesn’t charge sales tax.
A raft of recent surveys gives us a lot of insight into what’s going on:
1. More than 50% of retail executives surveyed say that the way to combat showrooming is to provide a personalized customer experience. (Source: TimeTrade Retail Survey)
2. More than 80% of these executivessay they see sales increases of between 25 and 50 percent when associates provide personalized service. (Source: TimeTrade Retail Survey)
3. $9,600,000,000 per year is the amount sales would increase in the largest retailers with just a modest improvement in customer experience (Source: Forrester Research)
4. 54% of customers expect retailers to use their purchase history to actively improve their customer experience. (Source: Cisco Consumer Experience Report).
5. 60% of retail executivesthink the lack of personalized customer serviceis the #1 thing missing from their offering (Source: TimeTrade Retail Survey).
6. $150 per existing customer is how much more a retail bank will make by providing personalized service (Source: BMO Harris bank).
This is compelling don’t you think ? Seems like with a LITTLE effort most retailers could really improve the sales and loyalty picture.
Next time – 3 Ways to Instantly Improve Customer Experience.