Even in an age where technology rules, people prefer shopping in store. Long live Brick-And-Mortar.
Earlier this year at NRF Retail’s Big Show we co-hosted a podcast for “Fashion is Your Business”. Brian Laney (VP of Sales at Alert Tech) and Stuart Silverman (founder and CEO of RaterBee) discuss how to provide improved customer service through innovative customer feedback. They also address some of the obstacles surrounding the collection and analysis of customer feedback, and how to get store associates more motivated and involved. Click here to listen.
Knowing how a consumer thinks and feels about a given brand and its products is important. Understanding how loyal they feel toward the company and how likely they are to recommend it to their friends is also critical intel every business can benefit from. This is why retailers across the globe reach out for tools such as the Net Promoter Score (NPS) survey and Applied Predictive Technologies (APT). These products are designed to address any gaps that are causing customer dissatisfaction so that a brand can better understand what consumers want from them, but should these benchmarks be the “be all, end all” solution for retailers?
What NPS and APT Are Designed to Address
Both products are specifically designed to uncover what a customer is and is not satisfied with. The products use different algorithms to measure the customer experience.
NPS is designed to discover how satisfied a customer was with a given product and/or service. It also gauges whether customers like the brand and if they would recommend the company to a friend or family member by filtering survey respondents into three sections:
APT uses cross-functional Big Data-driven algorithms to help brands measure the effectiveness of their merchandising, marketing, operations, capital initiative, and ultimately, their profits. This program can take several factors into account, including the weather and local economic conditions.
NPS, APT, and other similar technologies create standards which retail executives are lead to believe are the new benchmarks in the industry. Executives feel comforted by the fact that they have “black box” metrics on hand, as they feel that this enables them to make safer business decisions.
The Benchmark Scoring Pitfall Retailers Fail to See
Analytical data is important in retail, but these systems are often not specific enough to deliver information a brand can really sink its teeth into. For example, the NPS survey does not specifically identify why a customer may be scored as a “Detractor,” or what made another customer a “Promoter.”
Another problem is that a business may not have any idea how to proceed with the results of these tests and surveys. Without having a plan in place to act on the results, this information is not going to help the business get very far.
Making a Mark with a Strong Brand Identity
Creating a strong brand identity doesn’t come from staring down pages of click-through rates and web traffic analytics; however, as the leading retailers in this industry know, technology does play a key role in standing out and rising above.
Technology gives retailers the opportunity to orchestrate the ultimate customer experience. Customers can now call a store associate for a different size, color, or style of garment with a tap of a button, and that information can be saved and stored. Associates can quickly address customer calls with a simple, easy to use iOS device and retrieve a customer’s past purchase history, allowing them to make better and more insightful purchase recommendations. Best of all, everything can connect to one central point where real-time data can be pulled upon request.
There is no question that data and analytics are critical for retailers. But brands must go beyond relying on stagnant benchmarks and questionable survey results by investing in intuitive technologies in order to excel in this competitive marketplace.
News shows department stores closing often.
Learn why some are closing and how some adapt to keep their doors open.
You may not be aware how the cloud affects you as a retailer.
There is a vast quantity of data available to help retailers make informed business decisions. However, the majority of brands do not collect useful data, let alone understand how to make best use of that data.
The thought of a security breach of your store’s data is frightening. At Alert Tech, we go to great lengths to protect your data.
When it comes to retail success, the sales floor has always played a pivotal role. This hasn’t changed, but the sales floor itself has transformed dramatically since the rise of the digital age. Using new technologies, retailers can now use software to track data, and real-time analytics to maximize sales. Here are 5 brilliant ways cloud-based systems create a more efficient sales floor.
Quick question – what’s the difference between your high-volume and low-volume stores?
If you can’t come up with a quick answer, you’re not alone. Granted, there are a lot of differences between stores that make it hard to quickly compare performance. Some stores are newer and others due for upgrades. And some are in locations with higher traffic than others. But these factors don’t tell the whole story, and they aren’t straightforward differentiators that you can quickly adjust to increase store revenues.
Let’s take a look at some key metrics that you can use to not only analyze but also improve performance.