17 Key Insights And Stats - Building Brand Loyalty Across Channels:
The consumer experience has become intimately linked to winning the race for brand loyalty. Retailers are working hard to satisfy consumer expectations and provide the greatest digital experience possible, with so much relying on their ability to capture online consumer loyalty.
With the above context, explore the below 17 Key Extract Insights/Findings and Stats from Genesys and Retail Dive’s 16 pages ‘Building brand loyalty across channels Report' that may assist any e-commerce business owners, brands owners, entrepreneurs, any social business in general or any online marketers who are keen in knowing and learning in Building Brand Loyalty that would help to plan for the future of Business Marketing to connect, engage, build relationships with audiences, consumers and looking for technological opportunities to increase traffic by building brand loyalty across channels integrating AI and Chatbot and improve sales or conversion rates with positive digital experience, that would help businesses or brands for staying ahead of the competition in a post-pandemic era:
Best-in-class digital technologies powered by artificial intelligence (AI) and their role in creating “always-on” digital engagement for retail consumers.
Estimates predict that by 2025, retail eCommerce sales will make up nearly one-quarter (23.6%) of total retail sales.
According to recent research by Salesforce, 80% of consumers now consider the experience a company provides to be as important as its products and services.
Genesys research concludes that the vast majority of consumers (70%) worldwide believe that a company is only as good as its consumer service.
Fundamentally, it’s about the value of time, Rick Olson, Head of Industry Strategy, Retail, Hospitality and Tourism added. “Consumers want to solve their needs quickly through self-service and be provided with a first contact resolution to whatever those needs might be — 24/7.”
Recent research shows that roughly 80% of consumers today are likely to purchase additional items, make recommendations to friends and colleagues and devote a greater wallet share to companies that consistently personalize their experiences.
Companies that will win the race for brand loyalty in the evolving retail environment are those that can create personalized consumer experiences.
”Regardless of how personalization materializes, there is one common thread, she added. “When you look at the brands that are winning the personalization and loyalty game, they all have consumer-centric strategies where they build their tools and ecosystems of support, marketing and sales around them.”
Digital strategists need to ask themselves, ‘Are we able to listen to the consumer? Do we understand the consumer and how they behave? Can we predict what they’ll do? Are we learning and acting upon it?’”
One of the best ways companies can improve the consumer experience is to put knowledge in the hands of the consumer contact agents, empowering them to access the information they need to serve the consumer quickly, Kulesa said.
A call center agent might have to toggle among many screens to get a full picture of the consumer’s history, Kulesa said. “Having all that information in one place can make a big difference in service because you have the history, you have the context, and the time to handle the call is significantly shorter.” This has been a significant challenge for retailers that have yet to move their consumer experience technology to the cloud, she noted.
According to a recent Genesys survey, 45% of retail respondents said improving efficiency through greater self-service was their top priority.
The importance of integrating chatbot self-service technology into the consumer experience equation can’t be underestimated.
Consumer retail spend over chatbots worldwide is expected to reach $142 billion by 2024, a significant increase from $2.8 billion in 2019.8 The vast majority of spend is expected to come from chatbots embedded in retailers’ mobile apps.
By 2024, over 50% of retail chatbot interactions will be completed successfully without the need for human intervention. As a result, retailers should implement chatbots as part of a wider omnichannel retail strategy to maximize their presence in a number of key retail channels.
Anthony Romero, Senior Product Marketing Manager for the Genesys DXTM added “If a consumer has a question or is searching for something, the chatbot is essentially drawing from that knowledge base to give them that answer.”
For retailers now joining the race for online market share, the best way to get started is to leverage what you already have. FAQ can be a great starting point for self-service AI. Once you’ve implemented a solution, keep your knowledge base up to date. AI can help you identify repeat questions and gaps in your data. Keep track of your consumer satisfaction scores. Choose a solution provider with embedded data analytics capabilities.
I hope these insights give you the confidence you need, as well as the huge chances you have ahead of you, to streamline your business by integrating technologies in providing an awesome digital consumer experience and improving brand loyalty, and in the end drive results for your business!
All the best….
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By the way, if you are interested, you can find the complete ‘Building brand loyalty across channels’ Report here.
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