You have the power to transform the shopping experience. How? Through data analytics and new store technology, it’s now possible to data-optimize every touchpoint and build stronger relationships with your customers. But with consumers taking innumerable paths to purchase—across more channels and preferences than ever—how do you corral all that data for a more personalized and cost-effective experience?
In today’s highly competitive retail landscape, personalization has become a key revenue driver. Almost three quarters of consumers now expect personalized interactions, and more than that are frustrated when it doesn’t happen. We know that the retailers who master personalization are winning that battle. Faster-growing companies drive 40% more of their revenue from personalization than their slower-growing competitors.[1]
To compound that, there’s a wide gap between intention and impact. While 95% of retail CEOs say they are strategically prioritizing personalization, only 23% of consumers think retailers are doing a good job. But it’s critically important to get that right with 91% of shoppers saying they’re more likely to buy from retailers that correctly use their name and provide relevant personal recommendations. Let’s look at three critical success factors.[2]
First Factor: The intelligent store
This is a direct call to action for retailers to deliver more robust, viscerally satisfying experiences and personalized customer service. That means evolving personalization, seamless purchasing, and intelligent stores that can help you:
Second factor: United data for unified commerce
No matter how technologically impressive your shopping experience, it must be informed by a complete view of the customer—their history, preferences, previous touchpoints, and expectations. That calls for a single view that’s only possible through unified data. With that you can deliver a seamless shopping experience to increase engagement and drive conversions across channels, enabling you to:
Third factor: Data-comprehensive advertising
In the data-driven retail world, advertising is about delivering what the consumer wants next before they ask you for it. If you wait for them to come to you, you’ve already missed most of your sales chances. Microsoft Partners and their Digital Advertising Solutions can help you ensure your ad spends enable you to:
AI is the foundation to retail efficiencies and topline growth and Microsoft and our partners’ solutions are ready to deliver meaningful shopping experiences, in any channel, that delight at scale!
[1] McKinsey, The value of getting personalization right – or wrong – is multiplying, Nidhi Arora, Wei Wei Liu, Kelsey Robinson, Eli, Daniel Ensslen, Lars Fiedler, Gustavo Schüler, November 21, 2021
[2] “Personalizing the customer experience: Driving differentiation in retail,” Erik Lindecrantz, Madeleine Tjon Pian Gi, and Stefano Zerbi, McKinsey & Co., April 28, 2020
Your store associates play a key role across some of the most important aspects of your business: meeting consumer expectations, developing your workforce, ensuring customer loyalty, and fostering communication and culture. So it makes sense that you would want to equip them with the all knowledge and tools they need to succeed in the fast-changing world of retail sales. After all, when you help customer-facing employees succeed, you help your business thrive with improved efficiency, closer store communications, reduced churn, and improved associate productivity. To achieve these goals now, you cannot rely on outdated technology and processes.
That’s where Microsoft and our partners’ retail solutions can help empower frontline workers to unlock insights and achieve key business outcomes naturally and quickly. Explore how they offer the expertise and resources to:
Think of Microsoft and our partners as your path to empowering frontline workers with the right technology to help you drive business performance at every touchpoint.
Below you’ll find key solution partners within our global ecosystem. Each partner has been thoroughly vetted and brings proven expertise in modern work for retail organizations. Learn more about each of them to find the one that’s right for your challenges.
ai.RETAIL delivers profitable growth using AI, purpose built for retail, to gain a deep understanding of customers, scale personalization, tailor product offerings, optimize supply chain, and manage risk and sustainability across the business.
DXC Intelligent Boost is a next-generation IoT end-to-end platform that provides actionable analytics.
NICE CXone is an industry-leading, next-generation cloud contact center platform and the only enterprise-grade CCaaS solution running on Azure.
Experience intelligence.
Companies don’t purchase products or services anymore. They embark into constructive experiences that help them to better manage their operations and processes while enriching their sense of satisfaction and improving the value of related outcomes.