The Commonwealth Bank’s current “Retail Insights” survey highlights the rise of the multi-channel shopper.
These are consumers who are comfortable researching and purchasing products and services across multiple channels and platforms, while at the same time balancing the convenience vs experience. One suggestion from senior Commonwealth Bank analysists to avoid shoppers from moving between retailers is to keep a tightly linked physical stores and online presence – one that naturally requires integration of backend, online and in-store POS environments.
Mobile apps vs e-commerce websites
While approx three quarters (64%) of Australian retailers plan on investing in their online stores, less than 40% see the need for further spending on mobile apps. Why in this? Many of the reasons are likely due to continued development in the ease of convenience of mobile e-commerce systems.
Mobile E-commerce now offers current stock pricing and availability, notifications of new promotions and importantly, the ability to share information via social media.
“Only 50% of retailers have a loyalty program in place”
Collecting customer names and address is the easy part. Working out how to best leverage that information for repeat business is critical. It goes beyond simply a plastic loyalty card to further clutter up wallets and purses. A properly run loyalty program needs ongoing, careful analysis of the customer data collected and a clearly defined plan to connect with your customers. What have they purchased? How can I use technology to introduce them to new products and services that’s sure to interest them? How do I reach out to my customers on my social media platform?
Pronto Xi has the advanced reporting and CRM tools identify your best customers and regularly stay in touch with them.
Commonwealth Bank research indicates that 79% of retailers who have implemented loyalty schemes have an increase in sales that they directly attribute recurring customers business brought in by such efforts.