1. Enhanced Customer Experience
New retail offers a seamless and personalized shopping experience for customers. It leverages technology and data to understand customers’ shopping behavior, preferences, and purchase history.
With this information, retailers can provide personalized recommendations, targeted marketing, and a consistent shopping experience across all channels.
This personalized shopping experience helps to create a stronger emotional connection between customers and the brand. It makes customers feel valued and appreciated, which can lead to increased customer satisfaction and loyalty.
The more satisfied a customer is, the more likely they are to return to the brand for future purchases and recommend it to others.
According to a study by Salesforce, 75% of customers expect companies to use their personal data to improve their experiences.
By leveraging data and technology, new retail can provide a more personalized shopping experience, making customers feel valued and appreciated. This can lead to increased customer satisfaction and loyalty.
2. Increased Customer Loyalty
One of the key benefits of New Retail is that it allows retailers to provide personalized experiences for customers. By leveraging customer data, retailers can create personalized recommendations, offers, and promotions that resonate with individual customers.
This not only enhances the shopping experience but also helps build customer loyalty.
According to a study by Harvard Business Review, increasing customer retention rates by just 5% can increase profits by 25% to 95%. By providing a seamless and personalized shopping experience, new retail can help to increase customer loyalty, ultimately leading to increased profits for the business.
To put this into perspective, a study by Epsilon found that customers who received personalized emails had a 29% higher open rate and a 41% higher click-through rate compared to non-personalized emails.
Similarly, a study by Segment found that personalized recommendations drove a 26% higher conversion rate compared to non-personalized recommendations.
3. Increased Sales
New retail can help to increase sales by providing a more convenient and personalized shopping experience. By leveraging online channels, retailers can reach a wider audience and provide a more convenient shopping experience.
Additionally, personalized recommendations and targeted marketing can help to increase the likelihood of a customer making a purchase.
Providing a seamless and personalized shopping experience can also help to reduce cart abandonment rates. A study by Baymard Institute, the average cart abandonment rate is 69.57%. By providing a more personalized and convenient shopping experience, retailers can help to reduce cart abandonment rates.
Another study mentioned by Retail Systems Research mentioned that retailers who provide a seamless shopping experience across all channels can see a 23% increase in sales. By providing a more convenient and personalized shopping experience, new retail can help to increase sales, ultimately leading to increased profits for the business.
Case Studies
To further illustrate the impact of New Retail on customer experiences and customer loyalty, let’s take a look at some case studies.
Hema: Alibaba’s New Retail Supermarket Chain
Hema is a supermarket chain owned by Alibaba that combines online and offline shopping.
The chain offers a seamless shopping experience for customers, allowing them to shop in-store or online, and receive their purchases via home delivery or in-store pickup. Hema also uses
Nike: Creating Personalized In-Store Experiences with Nike Fit
Nike, the world’s largest sportswear brand, has been experimenting with New Retail to provide personalized in-store experiences for customers. One such example is Nike Fit, a feature on the Nike app that uses augmented reality (AR) to scan customers’ feet and recommend the perfect shoe size.
Nike Fit allows customers to receive a personalized shoe fitting experience that eliminates the need to try on multiple pairs of shoes. This not only saves time but also creates a sense of personalization and convenience that resonates with customers.
According to a case study by Gartner, Nike Fit has increased customer satisfaction and reduced return rates. The feature has also helped Nike collect valuable customer data that can be used to provide more personalized recommendations and offers in the future.
Starbucks: Using Mobile Ordering to Drive Convenience and Loyalty
Starbucks, the world’s largest coffee chain, has been leveraging New Retail to drive convenience and loyalty among customers. One such example is its mobile ordering and payment system, which allows customers to order and pay for their drinks via the Starbucks app.
The mobile ordering system not only saves time but also creates a sense of convenience that resonates with customers. According to a case study by Mobile Marketer, the mobile ordering system has helped Starbucks increase its sales and customer loyalty. The app now accounts for 17% of Starbucks transactions in the US, with mobile users spending 3x more than non-mobile users.
Starbucks has also been using its mobile app to provide personalized recommendations and offers to customers. For instance, the app allows customers to earn rewards for their purchases and provides personalized offers based on their purchase history.
In conclusion, new retail provides a range of benefits for retailers, including enhanced customer experience, increased customer loyalty, and increased sales.
By leveraging technology and data to provide a seamless and personalized shopping experience, new retail can help to create loyal customers who are more likely to return to the brand and recommend it to others.
Exabytes New Retail Solution provides a range of benefits for retailers, including enhanced customer experience, increased customer loyalty, and increased sales.
By leveraging technology and data to provide a seamless and personalized shopping experience, Exabytes new retail can help to retailers to create loyal customers who are more likely to return to your brand and recommend it to others.
This can lead to increased sales and profits for the business.
If you’re interested in discovering how to deliver a personalized and seamless shopping experience to consumers through new retail solutions, don’t hesitate to get in touch with Exabytes’ New Retail team today!
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