Many organizations fail to see how improving the customer experience can create value. McKinsey research reveals that improving the customer experience has increased sales revenues by 2-7% and profitability by 1-2%. In addition to this, the overall shareholder return has increased by 7-10%. In order to drive loyalty as well as repeat customers, retailers focus on the whole customer experience, from the moment they consider a purchase through to the after-sales service. Retailers have started to understand the importance of curating the whole experience. Digital convergence has the potential to transform the customer experience; a growing opportunity for retailers to set themselves apart.
DataReportal’s latest Global Overview Report shows global revenues of online purchases increased by more than half a trillion US dollars during 2021, reaching a total of US $3.85 trillion. Incidentally, up to 60% of sales were attributed to mobile devices. The divide between online and in-store shopping widened significantly. Mobile-first sites, dedicated apps, emerging payment methods and other tools are making purchases through mobile devices easier.
Personalisation can bring more value to a customer as they receive a more targeted experience. Personalising the shopping experience also drives repeat business. KPMG's recent survey found that customised promotions, exclusive member offers and customer recognition across channels were among the top ten drivers of customer loyalty. Retailers continue leveraging personalisation to bring together all digital and physical channels with the latest technologies, which will create a true omni-channel customer experience.