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Innovative technology is redefining what you need to do to appeal to today’s highly demanding consumers – from meeting their ever-higher expectations of convenience to developing deep emotional attachments. IBM Watson Commerce has developed a thought-provoking POV that outlines the recent, dramatic market changes and how they impact your ability to deliver a fulfilling customer experience.
We asked several industry luminaries to offer their insights on the topic as well and will be sharing them in a series of posts. In this one, Nicole Leinbach Reyhle, founder of Retail Minded, discusses how you can make every customer touchpoint feel more personal.
In 2019, it’s more important than ever for retailers to embrace the realities of how consumers shop. This is particularly vital as you consider how the buying power of consumers is shifting across generations, with Generation Z alone estimated to control nearly 40 percent of consumer buying power by 2020.1 Keeping this in mind, meeting the demands of today’s modern customers can translate to store success, yet understanding how to do this cannot be accomplished by the human touch alone.
By leveraging technology and, more specifically, AI innovation, retailers can gain stronger clarity on who their customers are, what their customers want and how they can accomplish these goals. The intelligent data then offered through AI can position retailers to support both existing and potential customers alike with personalized product suggestions, more tailored customer service and the opportunity to increase conversions among all touchpoints of the commerce experience.
To help merchants embrace AI, they should first recognize how it can benefit them. Being able to evaluate customer search history, analyze real-time data and leverage an omnichannel understanding of a customer’s path to purchase all ultimately help enhance a retailer’s chance to engage customers, increase sales and strengthen brand loyalty.
Through AI, retailers can better understand and engage their customers, resonating more and capturing stronger response rates to their marketing efforts across all channels — social media, email marketing and brand websites. This strategic approach powered by AI intelligence can not only save busy merchants time, but also unveil more opportunities to strengthen store performance, increase customer retention and help merchants stay top of mind among their target customers.
AI can help detect problems and identify solutions to improve the customer experience.
From merchandising to identifying product trends to understanding customer behavior to managing employee tasks, retailers are busy. But they can reduce their to-do list by capturing data through innovative technology that also allows them to react to this data. Through AI, retailers can trust that problems are being detected, solutions are being identified, opportunities are being unveiled, and customer care is always top of mind. These collective efforts will be what separates successful retailers from less profitable ones.
Finally, with the average attention span of most consumers being about eight seconds long and Generation Z at only four seconds2, the reality is you don’t have time to not leverage AI into your retail strategies today.
Learn how AI can help you create engaging customer experiences in IBM’s inspirational POV, Deliver happiness: Engage, convert and fulfill your way to a differentiated customer experience – again and again.
1, 2 Jaime Netzer, Spredfast, 26 Nov 2018 “Five stats on Generation Z buying habits marketers need,” https://www.spredfast.com/social-marketing-blog/5-stats-generation-z-buying-habits-marketers-need