Personalized Customer Experience really counts !

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 executives think 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.  It does take some effort and management focus, but it DOESN’T require any additional staff.

Next time –  3 Ways to Instantly Improve Retail Customer Experience.