Retail Industry Needs To Enhance Experience

The retail sector is particularly lagging behind in customer experience (CX) compared with the all industry benchmark, says a report from NTT Ltd., a global technology services provider. However, retailers have the ambition to improve their CX strategies and recognize that organizational change is essential to make improvements. The ‘Retail Guide to the Global Customer Experience Benchmarking Report’ says that only 17.9 per cent of retail organizations have enterprise wide CX analytics compared to 26.4 per cent of the all-industry benchmark. As well, one-third of retail organizations are aligning data capture needs with desired outcomes in contrast to 49.7 per cent of all industry businesses. In 2020, most businesses experienced a shift in customer behaviour as consumers were forced online, regardless of their previous shopping habits, due to global lockdowns. As a result, retailers have experienced accelerated digital transformation, but their CX strategies have fallen behind. Without a clear understanding of customers’ behaviour, retailers are missing out on a huge opportunity to deliver a seamless CX. The evidence is clear – organizations with access to enterprise-wide CX analytics systems have reduced the percentage of dissatisfied customers to 21.4 per cent. The immense amounts of customer data that most organizations access, capture, and manage from multiple sources is only set to grow in the year ahead too, highlighting the complexity of this challenge and need to tackle it urgently.