Customer relationship management (CRM) is the strategy a retailer uses to develop an ongoing, individual relationship with a customer to ensure satisfaction and loyalty. But the specifics of CRM can mean different things for different retailers.
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.
Last week, my retail technology-related travels took me closer to home than usual – to Boston, the city where I was born and still live within a reasonable drive. I visited the old homestead to attend the official opening of CVS Health’s new Digital Innovation Lab.
My latest retail IT-related travels took me to the Retail Experience Center at Microsoft headquarters (in Redmond, Washington), where I toured a simulated shopping mall environment that demonstrated a variety of innovative ways the company is using technology to enhance customer engagement for retailers. Here are the three most interesting solutions from that visit:
It’s happened to everyone. You take that trip to the drug store to get a new bottle of shampoo – and before you make your purchase, you scan your loyalty card at the coupon kiosk to see what spits out. You look down that long ream of paper to check out the offers: deodorant, candy, contact lens solution – but no shampoo. Okay, fine.
I’ve been attending the annual CIO Symposium hosted by the MIT Sloan School of Management for several years now, and always walk away with a fresh batch of thoughts from top business, IT and academic minds. Here are three of the most valuable insights I learned at the recent 2015 edition of the conference.
The shift towards an omnichannel retail environment is no longer a theory; it’s a reality that customers are expecting higher levels of customer experience and savvy retailers are responding to as fast as they can. As the lines between brick-and-mortar, online and mobile shopping continue to blur, retailers must deliver an exceptional customer experience across all channels.
With engaging the customer and managing the customer experience as top priorities for retailers, Boston Retail Partners’ 2015 CRM/Unified Commerce Survey indicates that 87% of retailers plan to use gamification to engage the customer within five years.
Sean Claessen, executive VP strategy and executive creative director, Bond Brand Loyalty, spoke with Chain Store Age about how retailers can build customer relationships and loyalty in the era of omnichannel engagement.
Stockbrokers in need of a quick caffeine fix between bouts of buying and selling have a new resource. Starbucks Corp. is debuting its new express store format on Wall Street in New York, across from the New York Stock Exchange.