In the ongoing battle for market share, brands pour over metrics and tweak strategies to increase customer loyalty. The stakes are high, customer acquisition costs are expensive and most businesses can’t afford to lose sales to competitors. With prices commoditized in many industries, today’s battleground is centered squarely on customer experiences.
Nearly one-third (31.1% ) of retailers report that their companies have opened or will open new stores this year, according to a survey by retail real estate management firm Levin Management. It is the highest mid-year percentage in the four years for which comparative Levin survey data is available.
At the recent MIT CIO Symposium, Bryan Kirschner, director of the research/strategy organization Apigee Institute, and Jerry Wolfe, CEO and founder of food industry platform services provider Vivanda, participated in a panel discussion on consumer connectivity and engagement. Chain Store Age followed up with the two experts to ask a few more questions about engaging today’s connected customer.
In today’s digital age, where consumers are so closely connected and already sharing their thoughts and preferences on new products, why aren’t more companies actively leveraging consumer analytics to add science to the “art” of merchandising?