Where Are Retailers Focusing Their Resources During the Pandemic?
The world of e-commerce is constantly changing, and we wanted to benchmark what areas retailers felt delivered the best customer experience (CX) and return on investment. We worked with Gatepoint Research to survey over 100 of the United States' biggest retailers and digitally native e-commerce brands to understand what was working and what wasn’t in CX for them in 2020 and beyond.
As the pandemic hit and caused a massive shift to online shopping, many of the retailers said their website had become their key priority, however, 57 percent said they struggled with lack of internal resources to meet the surge in demand. At the same time, 49 percent of retailers said they increased their digital CX budgets, and only 14 percent claimed to have had to decrease their budgets.
What Factors Create a Successful and Memorable Shopping Experience?
In a world where Amazon.com accounts for 44 percent of all online sales, 71 percent of retailers said authenticity is the No. 1 factor that elevated their CX. Personalization (64 percent), positive emotions (59 percent) and 24/7 real-time assistance (41 percent) are the other key areas they stated they were focusing on.
We also found that as the pandemic unfolded, personalization became the key focus, with retailers claiming they were increasing resources in this area from 55 percent to 83 percent.
When it comes to which touchpoint retailers feel offers the best experience, 71 percent said they felt their website offered the best shopping experience, with only 11 percent saying their app was the best experience. Social media is the second area of focus, with 51 percent claiming this is where their customers can receive the best CX.
Which of Your Customer Touchpoints Deliver the Most Successful and Memorable Shopping Experience?
When asked what was the key to elevating CX and driving revenue, 64 percent said identifying online shoppers with a high propensity to buy was the key priority. Delivering great content came in second with 52 percent of retailers citing it.
What Are You Doing Well to Deliver a Successful and Memorable Digital Shopping Experience for Your Customers?
Given that so many shoppers browse on websites with no intention to buy, thanks to the advances in artificial intelligence, being able to identify the key indicators that show someone is serious about buying has become one of the key areas of focus for retailers. Sixty-four percent of retailers said that they feel identifying these customers offers the best ROI, with delivering great content coming in second (52 percent)
What Additional Capabilities Would Rapidly Grow Your Brand's Digital Experiential Commerce Revenue?
2021 promises to be an interesting year for the retail industry. As the vaccine begins to roll out and hopefully things get back to "normal," it will be interesting to see if people will start returning to shop in stores or if the massive increase in online shopping will have caused new behaviors that will dramatically impact brick-and-mortar retail.
To see the full report, visit landing.iadvize.com/us/report/cx2020.
Terrence Fox is the head of innovation at iAdvize, a leading conversational platform being used by major retailers across the globe such as Samsung, Lowe's, L’Oreal, Disney, and Best Western.
Terrence Fox is Director of Strategy at iAdvize, the only conversational platform dedicated to building genuine relationships at scale.
As a semi-professional endurance athlete, I thrive in challenging environments and live to push boundaries. To say this attitude spills over into my work would be an understatement. My time as a trusted consultant for worldwide Hospitality Executives at TripAdvisor and marketing innovator for global Enterprises at HubSpot created a fascination with brand saliency and consumer perception.
2020 has tasked retail brands with differentiating through unique experiences, and I’m excited to run this race with you.