Customer experience is a journey, not necessarily a destination. There are a lot of ways in which retailers will attempt to strengthen the experience they offer to their customers throughout their operating years. When done correctly, an optimized customer experience can lead to higher rates of retention. Just what types of strategies are capable of fostering this sort of success to retailers, though? Personalization is a great start. This strategy involves using data and insights to tailor offerings to individual customers. Personalized product recommendations and targeted promotions make customers feel valued. In fact, according to McKinsey & Company, a whopping 76% of customers can become frustrated when their experienced isn’t personalized and they aren’t receiving these types of recommendations. Personalization and loyalty often go hand in hand, as customers who believe they’re receiving an individualized experience are often going to yearn for that same experience time and time again. Which is why loyalty programs are able to incentivize repeat purchases through points, tiers, and rewards. Special perks make customers feel appreciated while simultaneously driving sales. Though personalization and loyalty programs are a great start, fleshing out a customer experience strategy meant to retain customers can still be challenging. For more information on the ways in which retailers can improve retention, check out the resource coupled alongside this post.
How CX Can Combat Customer Churn a resource provided by BillingPlatform, the premier choice for a cpq billing system