Customer loyalty has evolved. Shoppers now enjoy a fast-paced lifestyle filled with digital interactions and expect to be rewarded immediately. Retailers, on the other hand, can get caught up with their department objectives and lose sight of the customer’s overall experience. What’s more is that some brands have seen loyalty programmes as a data-driven quick-win to amass customer loyalty. But research has shown that genuine loyalty is rooted in a certain emotional connection. Companies have to thus offer more than benefits to foster customer engagement.
As the digital and physical worlds continue to converge, it will be essential to identify the customer journey and integrate all relevant data sources across every touchpoint. With data-based mapping of customer journeys, brands can better understand customers even before they decide to shop. They can define the available alternatives, and who they share their experiences with. This understanding will inevitably help customers select, purchase and enjoy products and services , all while enhancing the customer experience – every time across every channel.
The relationship between customers and retailers is now far more complex. But there are ways to make sense of it. In order to provide long-term value to shoppers, retailers need to understand their customers’ journeys to ultimately satisfy their needs. Collecting, analysing and drawing actionable insights to form customer strategies enables retailers to make customer-centric decisions. 5one, a Mastercard company, has put together “how-to” approaches based on lessons learnt to help retailers become more customer-centric through data-driven methodologies.
Click here to download exclusive thought leadership insights on Tracing the Phases of the Customer Journey.
Please join 5one on September 13th between 11:50am-12:10pm at Europe’s Customer Festival for a conversation on its “how-to” approach of navigating this changing face of customer loyalty.