Retailers' tech integrations need to reach an audience of one
The integration of your tech systems plays a huge role in how functional your business will be and sets the stage for the kind of experience your customers will have when interacting with your brand, impacting the perception and trust of your company in the market.
For example, if you have a grocery store offering several variations of a certain product but a customer can’t see when something is out of stock –or worse, the customer is allowed to place an order that is out of stock – it creates a negative customer experience.
This also indicates that your systems are in fact working against you. Many companies were not prepared for the influx of digital orders and are struggling with this as a result of COVID-19. The good news is there are resources available for companies looking to digitally transform their business.
Adding to this is the increased competition with direct to consumer (DTC) companies that are already able to meet customer’s digital expectations. Organizations that shift to compete with these business models maintain well-connected technology that fosters a granular personalization strategy, making it easier to have 1:1 relationships.
This “audience of one” approach gives customers offers that are personalized to them, enhancing the relationship with your brand and building trust. Starbucks is a good example of this. They know the preferences of each customer and use this to provide offers that drive them back to their business repeatedly.
Companies that take advantage of these opportunities will build customer loyalty and optimize their business, reaping many benefits, including:
Increased & repeat purchases. Drive more purchases by offering rewards for behaviors that benefit you and your customer. Even if a consumer doesn’t purchase more, they may come back more frequently if something’s in it for them.
Influenced revenue cycles. By offering incentives during certain times of the year, day, or quarter, you can influence customers’ behaviors based on your revenue cycles in order to become more profitable. In addition, launching promotions during off-hours can stabilize your business by flattening the curve between peak and off-peak periods.
Scalability. Systems in the cloud can be easily scaled up or down to save on costs and resources, so you're only utilizing cloud computing power when you need it.
Cost savings: Reduce total cost of ownership (TCO) and implementation costs up to 60%.
With an increasingly digital approach to transactions, businesses that want to flourish need to integrate their systems so that they can create personalized experiences that accelerate their goals.