The Retailer Summer Edition 2022

THE RE TA I L ER

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DATA-FIRST RETAILERSWILL REAP REWARDS OF ECOAND CLIENTELING INVESTMENT

Sarah Friswell CEO Red Ant

C ustomer data-driven insight is vital to build brand loyalty and impact the bottom line Since March 2020, retailers have experienced two major lightbulb moments: They must readily provide customers with information on product sustainability, and that their data is their biggest asset for optimising customer experience and ensuring that store associates have that information at their fingertips. A Red Ant survey revealed while over a third (38%) of UK retailers have invested in sustainability strategies, 37% marked data as a priority, and voiced concerns about data quality, strategy, compliance and integration. 40% said harnessing data as part of an omnichannel strategy is their main priority and 82% see the value of clienteling, which relies totally on data quality, management, and integration. Without it, those all-important sustainability initiatives won’t reach customers in an easily accessibleway. The value of clienteling relies totally on data quality, management, and inte gration. Without it, those all-important sustainability initiatives won’t reach customers in an easily accessible way.” ‘‘ 2022 customer expectations 2022’s more tech-native, considered, socially aware shoppers - concerned with sustainability, diversity, and responsible business practices - are defining a new era for retail. Knowing your customers’ values, habits and preferences has never been more important. Highly personalised engagement is key and favourite brand choices are increasingly based on sustainability credentials. If either of these is missing – retailers are losing out on revenue. A rapid, seamless, and stress free shopping experience is a fundamental expectation, not an option. 90% of consumers polled in a Red Ant beauty and skincare survey said they would choose an ethical/sustainable beauty brand over one that isn’t, with 37% stating it’s key to their decision-making process and they’re happy to pay more for proven credentials in this area.

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Retailers that give their customers access to a trusted store associate with the product and customer data to help the customer make the right choice, both personally and ethically, will be the winners.”

Personalised services The key to building loyalty is personalisation. A staggering 91% of con sumers are more likely to shop with brands that recognise, remember, and provide relevant offers and recommendations. Retailers must join the dots for the optimal customer experience and realise that they need both – the product and customer information, as well as the right in-store tech to make engagement seamless across all customer contact points - social media, the website and in-store. Shoppers might see a product on social media, check it out online, save their baskets when they switch devices, then visit the store to complete the purchase if they wish. A data-first approach Personalisation is only made possible with the right data quality and integration, so retailers must take a data-first approach. This means having a clear data strategy which aligns to business goals shared with stakeholders business-wide. Data must be compliant, high quality and integrated with all systems to maximise the potential from any retail tech investment. A fully omnichannel solution needs an all-in-one retail solution platform with fully integrated data that can maximise sales, deliver exceptional customer service and drive operational performance. It’s vital to check all infrastructure is connected and sharing data sources to provide a single source of truth - otherwise the transformation will not be successful. Data integration is clearly a sticking point for retailers, with 25% of retailers surveyed by RedAnt claiming it’s their biggest challenge. This is a project that needs to be tackled first by heads of IT - not last. There’s a long-standing myth among retailers that integration with their other systems isn’t possible, which means it’s often seen as a huge problem. It is possible and for a successful retail transformation, retailers must harness data from multiple sources - legacy, third party and new – into one platform and ensure it’s embedded into the whole business.