Defining the retail challenge
The rapid shift to e-commerce catapulted an entire industry more than four years into the future in just under four months. This is a boon for marketplaces, retailers and consumer-facing brands that want to be the “brand in the hand” for today’s digital-first consumers. However, the increase in online interactions has raised consumer expectations for personalized communications, raising the bar for the experience. Brands and marketers need to better anticipate and respond to new consumer needs and preferences. From web to mobile and in-person interactions, observes research firm McKinsey, consumers don’t just want personalization, they demand it. According to Forrester, 77% of consumers have chosen, recommended, or paid more for a brand that provides personalized service or
experience. And 76% of customers are frustrated when they don’t receive personalized notifications.
Brands using hyper-personalization have achieved up to 250% higher conversion rates than universal campaigns, which means 250% more revenue.
If brands aren’t moving towards personalization, they’re missing out on a tremendous opportunity to engage customers who demand a better experience. Consider that with a solid retention rate, revenue increases over time. The longer you keep your customers happy, the more valuable they are to your business. To fulfill this ambitious mandate, brands need to rethink how they leverage customer-centric insights to provide guidance, support and inspiration aligned with
individual context and current consumer needs.
To help marketers reframe how they drive customer loyalty, CleverTap developed the Fit for the Future of Retail Framework, a strategic blueprint for retailers, brands and markets to execute a holistic strategy. customer retention and growth.
Defining the retail challenge
Four business goals
1) Increase retention of new users
How: integrate them, connect them to your brand, map
their journey, show them the value of your service
2) Increase customer engagement
How: Get them to actively use your app, serve them when they can’t
resist, move them to their first purchase
3) Increase order transactions
How: Attract them with cross-sell and up-sell opportunities, get them
in a buying habit
4) Reduce customer churn
How to: win back disengaged customers, analyze why they drop out,
optimize the user journey to bypass problem areas
Ready for the future of retail
We focused our qualitative and quantitative research on the four main business objectives that each retail brand achieves. And we lift the lid on the tactics needed to achieve those goals, as well as the metrics you need to measure progress at specific stages of the journey. In addition to grouping goals, the framework gives merchants a more nuanced view of the customer journey and a roadmap to increase transactions and loyalty.
The model breaks down each goal into layers and outlines the actions and experiences retailers need to enable or improve to influence
behavior, eliminate friction and generate positive outcomes for all stakeholders.
It outlines what retailers need to do to motivate customers to complete the steps and ultimately increase customer lifetime value.
Above all, the Fit for the Future framework opens our eyes to the model and mindset that retailers need to adopt to increase the kind of meaningful engagement that leads to increased transactions and customer loyalty. clients.
It is important to understand that the framework is also a continuum, going from low value stocks to high value stocks. Clients can traverse this spectrum quickly within a few sessions/interactions or remain stubbornly stuck in a disengaged state for days or even months. Understanding the tactics needed to eliminate friction and drive customers forward will separate retail leaders from those who remain.
Increase new user retention
Increasing new user retention is essential for long-term success. You have done the work of
acquire them, the job now is to make sure they continue to use your app in the first month of
To download. The six tactics below show you how.
1) Make the onboarding flow efficient
2) Optimize the onboarding experience
3) Anonymous for Named Users New Users for Buyers
4) From new users to buyers
5) Analyze the user lifecycle
6) Identify valuable acquisition sources
Increase customer engagement
By increasing customer engagement, you move customers from occasional users to regular users,
ensure constant growth for your brand. But how do you make using the app a habit?
The nine tactics below.
– Experiment with in-app customization
– Convert inactive users to active
– Serve the right content
– Research user browsing habits
– Celebrate brand occasions
– Celebrate user milestone
– Build excitement around major sales
– Engage them via remarketing
– Nudge users based on psychographics
Any tips for increasing customer engagement? Deliver targeted and personalized communication at the right time in the customer journey. This will maximize coupon redemption and ultimately conversions. Unifynd, a SaaS retail technology company that enables brands to manage their entire customer journey across online and online channels, reports that its current coupon conversion rate is 83%. It has achieved this by launching coupon programs that are
customized based on user preferences and availability. Additionally, by sending targeted communications about coupons offered by specific brands, they saw a 44% increase in sales in just one month. Overall, Unifynd has helped malls generate $1.3 million in sales using targeted coupons.
Increase order transactions
grow customers from casual users to loyal superfans. And to get them there, you have to
to persuade them to increase their order transactions.
– Target users in geographical proximity
– Lock users through the loyalty program
– Reduce cart abandonment
– Send back in stock campaigns
– Analyze best and worst performing categories/brands
– Win back price-sensitive users
– Cross-selling of products
-Promote the ores of aliases
– Offer personalized recommendations
– Optimize the onboarding experience
– Anonymous for named users
– Identify valuable acquisition sources
– Analyze user life cycle
– From new users to buyers
– Make the onboarding flow efficient