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This is why online retailers need to improve the post-purchase experience

Chain Store Age – Retailers say customer loyalty is critical to their business, yet few actually measure retention.

This was according to “Best Practices for Enhancing the Post-Purchase Experience,” a study from Boston Retail Partners, retail consulting firm. While it is no secret that a returning customer is less expensive to convert and has a higher average order value than a new shopper, the e-commerce industry continues to be mainly focused on the acquisition of new customers — a strategy that requires adopting the latest technologies and marketing strategies.

“By crafting a post-purchase experience to minimize stress and maximize convenience, retailers make an investment in a sustained relationship with their customer,” the study revealed. “Enhancing your post-purchase customer experience doesn’t necessarily mean investing heavily in the latest technologies. We believe [our best practices] can create a welcome and trusting experience for your customers to return time after time.”

Read Full Article: This is why online retailers need to improve the post-purchase experience

How to retain digital shoppers: BRP

Luxury Daily – Retailers are too focused on overall sales and figures rather than harnessing the potential of returning customers, who are proven to have lower costs for conversion and have a higher average order value.

A new study from Boston Retail Partners shows that only 40 percent of retailers measure customer retention to their detriment, especially for luxury brands who rely on loyal consumers. There are a variety of steps that retailers can take after a customer makes a purchase to build a strong connection of trust.

“Improving the post-purchase experience can have as much, if not more, impact on a retailer’s bottom line than just focusing on driving visits and customer conversion. Many improvements to the post-purchase experience, like professional packaging and enhanced communications do not require technical support or investment,” said Jeffrey Neville, SVP and practice lead at BRP, retail consulting firm. “These improvements can be made in small, iterative sprints and have a dramatic effect on the overall customer experience.”

Read Full Article: How to retain digital shoppers: BRP

Less than Half of Retailers Measure Customer Retention

Convenience Store Decisions – Studies have shown that a returning customer is less expensive to convert and has a higher average order value than a new shopper. However, many retailers are focused on measuring total sales and comparative sales, while customer loyalty strategies and customer retention are not getting the attention they deserve.

“Retailers are focusing more attention on customer acquisition than loyalty. While acquiring new customers and driving top-line sales are important, building long-term relationships with customers is imperative for healthy long-term performance,” said Jeffrey Neville, senior vice president and practice lead at BRP. “Paying more attention to the post-purchase experience and measuring its impact on sales, will increase the lifetime value of customers and maximize total revenues and profits.”

Read Full Article: Less than Half of Retailers Measure Customer Retention

Customer Loyalty is Critical to Retailers, Yet only 40% Currently Measure Customer Retention, According to Recent BRP Report

While Most Retailers Measure Average Order Value and Comparative Sales, Less than Half Rate their Customer Retention Strategies

Boston, MA – October 11, 2018– It’s not a secret that returning customers are better for your business than new customers. Studies have shown that a returning customer is less expensive to convert and has a higher average order value than a new shopper. However, many retailers are focused on measuring total sales and comparative sales, while customer loyalty strategies and retention are not getting the attention they deserve.

“Retailers are focusing more attention on customer acquisition than loyalty. While acquiring new customers and driving top-line sales are important, building long-term relationships with customers is imperative for healthy long-term performance,” said Jeffrey Neville, senior vice president and practice lead at BRP. “Paying more attention to the post-purchase experience and measuring its impact on sales, will increase the lifetime value of customers and maximize total revenues and profits.”

According to early results from BRP’s 2018 Digital Commerce Survey (publishing soon), most retailers have key performance indicators (KPIs) for sales, average order value, comparative sales and conversion rates; however, less than half of retailers measure customer loyalty through customer satisfaction (net promoter score), customer retention and post-purchase customer survey results.

“What retailers should really be focused on is RFM (recency of a purchase, frequency of the purchase and the monetary value of the purchase),” said Ken Morris, principal at BRP. “For many years this has been the mantra for successful omnichannel retailers, but it appears that the new economy has different metrics. Maybe we need to go back to the future.”

According to the recent Best Practices for Enhancing the Post-Purchase Experience report, your customers’ most recent experience with your company impacts the feelings they share with friends and family and the relationship they have with your brand. The satisfaction level during the post-purchase experience has a direct correlation on a customer’s decision to buy again, or not.

Retailers that meet or exceed post-purchase customer experience expectations create a unique brand experience that customers will “share” with others personally and on social media. Exceptional post-purchase customer experiences also inspire customers to build long-term relationship with brands.

To download Best Practices for Enhancing the Post-Purchase Experience, visit: https://brpconsulting.com/download/2018-post-purchase-experience-white-paper/

About BRP

BRP is an innovative retail consulting firm dedicated to providing superior service and enduring value to our clients. BRP combines its consultants’ deep retail business knowledge and cross-functional capabilities to deliver superior design and implementation of strategy, technology, and process solutions. The firm’s unique combination of industry focus, knowledge-based approach, and rapid, end-to-end solution deployment helps clients to achieve their business potential. BRP’s consulting services include:

Strategy | Business Intelligence | Business Process Optimization | Point of Sale (POS)
Mobile POS | Payment Security | E-Commerce | Store Systems and Operations | CRM
Unified Commerce | Customer Experience | Order Management | Networks
Merchandise Management | Supply Chain | Private Equity

For more information on BRP, visit http://www.brpconsulting.com.

53% of Millennials use Digital to Augment Dining Experience: Study

Hospitality Technology – According to a report from BRP (restaurant consulting firm) and Windstream Enterprise, restaurant guests, especially millennials, use mobile devices to enhance their dining experiences.

Digital is becoming deeply embedded into the entire dining journey. Pre-meal research is a habit across all generations and demographics, especially for discovering new restaurant choices and selecting fine dining options. Digital ordering (whether from home, by app or at restaurant) is a growing expectation while sharing results of dining experiences with friends via social media has become a form of entertainment in itself.

Millennials use digital devices to enhance their dining experience over half the time (53%). Their digital activities range from researching where and what to eat (60%) to checking ratings/reviews while in a restaurant (51%) to sharing pictures and content (23%) during and after the visit.

Read Full Article: 53% of Millennials use Digital to Augment Dining Experience: Study

2019 E-Commerce Outlook Guide

Retail Touch Points – 16 experts share their insights into top digital retail trends for 2019.

The saying goes that “What happens in Vegas, stays in Vegas.” By contrast, what happens in e-Commerce doesn’t stay within the digital sphere; increasingly, it affects virtually all segments of the retail industry.

The new world of retail is an intersection of digital and physical. An increasing number of e-Commerce pure play companies are seeing the real benefits of moving into the brick-and-mortar realm. But physical retail is getting a much needed update from the next frontiers of technology, featuring AI, voice commerce and visual recognition solutions.

Retailers and solution providers are working to adapt the store shopping experience to the reality that consumers are entering store aisles led by their smartphones. But when it’s time to expand operations beyond U.S. boundaries, companies are embracing e-Commerce, which has broken down borders, making global retailing a practical reality for retailers of all segments and sizes. And even though stores are still where the vast majority of transactions take place, it’s the rare shopper journey that doesn’t include at least one digital touch point.

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BACK TO BASICS: HOW TO GET CUSTOMERS TO PURCHASE AGAIN
Jeffrey Neville, Senior Vice President and Practice Lead, BRP

It’s no secret that returning customers are better for your business than new customers. Studies have shown that a returning customer is less expensive to convert and has a higher average order value than a new customer.

However, the e-Commerce industry continues to focus mainly on the acquisition of new customers by adopting the latest technologies and marketing strategies. While this is necessary to remain competitive, there is simply no substitute for having loyal patrons.

Enhancing The Post-Purchase Experience

By crafting a post-purchase experience to minimize stress and maximize convenience, retailers make an investment in a sustained relationship with their customer. After a customer clicks “buy,” they enter a phase of uncertainty, where they are unsure whether their product will arrive on time or whether it will appear in one piece. Retailers who provide the right clues and reassurances can turn this period into a powerful moment of trust for the brand. Customers who shop without a sense of risk will feel more comfortable making repeat purchases in the future.

Read to full article to see Jeffrey’s suggested 8 best practices for optimizing the post-purchase experience.

Read Full Article: 2019 E-Commerce Outlook Guide

Harvey Nichols transforms into Holly Nichols for women’s wear push

Luxury Daily – British department store chain Harvey Nichols is getting in touch with its feminine side in a multichannel makeover in honor of its newly renovated women’s floor.

For the month of September, the retailer has changed its name to Holly Nichols, with both its bricks-and-mortar and online presence reflecting the updated persona. While a promotion for its updated store look, the campaign also hits as the United Kingdom celebrates the 100th anniversary of women’s suffrage, allowing Harvey Nichols to align its marketing with broader themes of female empowerment.

“Brands today shouldn’t think twice about celebrating historical ‘wins’ and emphasizing their core principles,” said Beatrice Egan, senior consultant at Boston Retail Partners, Boston. “Staging this female takeover not only creates buzz but reinforces the brand’s steadfast values.”

“Changing the name to ‘Holly Nichols’ above its doors and on social media shows the brand’s firm commitment to female empowerment,” Boston Retail Partners’ Ms. Egan said. “Referencing a historical London moment reminds consumers of Harvey Nichols’ strong British legacy.”

“Consumers will remember this display of character for years to come,” Ms. Egan said. “Harvey Nichols is hoping to imprint on customers two brand equities: one, they continue to support women’s rights and two, they are a British brand with a strong history. Consumers want to shop at brands they feel connected with,” she said. “This extends beyond social media and the right merchandising mix to shared values and experiences.”

Read Full Article: Harvey Nichols transforms into Holly Nichols for women’s wear push

The Evolution Of Retail Tech: What We Have Learned, Where We Are And Where We’re Headed

Retail TouchPoints – Since the dawn of retail in the late 1800s, the retail industry has continued to influence present-day consumer expectations through the use of cutting-edge technologies. From the first cash register and bank-issued credit cards, which were introduced in the 1950s to provide “pay later” options and encourage more consumer spending — to the advent of online shopping enabling digital transactions between consumers and businesses, no other industry has experienced such extreme shifts in consumer behavior as a result.

Whether a startup or a seasoned household brand, longevity is more than a promise or a boardroom mantra or a rock bottom price; it’s a deliberate commitment to focus on the customer at every level, every stage and on every platform — in real time. That, according to key finding from the 2017 POS/Customer Engagement Survey conducted by Boston Retail Partners (BRP), is the future of retail, and one that will require new technology to provide the kind of unified customer experience that is personal, mobile, seamless and secure, rather than disparate technology and stand-alone systems that for decades have duplicated cost structures at almost every customer touch point. Convenience is also key to the experience.

Personal: Taking cues from those who proactively send consumers personalized offers, flash sale notifications and product recommendations, many brand manufacturers in retail are discovering that “knowing” or identifying the customer right from the start is the key to personalizing the shopping experience. That’s why 70% of retailers indicate customer identification is their top customer engagement priority, with the most prevalent technologies including WiFi (43%) and mobile web sites (40%), both of which over 70% of retailers plan to use in the next three years.

Mobile: Mobile devices including smartphones, tablets and wearables have not only changed the way shoppers research and purchase but also elevated customer expectations toward service. That’s why 49% of retailers (up from 31% in 2016) are using mobile solutions for store associates, with 89% planning to offer a mobile solution within the next three years, while 84% plan to implement mobile POS.

Seamless: By the end of 2019, 71% of retailers plan to have a unified commerce platform in place, with cloud technologies the basis for offering a centralized POS, cross-channel and fulfillment services, real-time visibility and access to product and customer information and analytics.

Secure: With data theft and fraud a growing threat to retailers and consumers alike, most survey respondents indicated a move toward a multi-layer security plan to protect sensitive customer and organization data. In addition to 96% planning to implement end-to-end encryption by the close of 2019, 73% will offer a single-token solution within three years.

Convenience: Thriving brand manufacturers and retailers have learned that providing today’s savvy customers with what they want means offering more efficient pathways to purchase. Evidence of this can be seen in the growing use of online location finders, live chat widgets and in-stock features. Moreover, with options for curbside pick-up (such as Target’s rapidly growing Drive Up feature), 24-hour delivery and multiple shipping possibilities from potentially thousands of sites around the globe, choice is allowing customers to experience the kind of shopping they crave from beginning to end.

Read Full Article: The Evolution Of Retail Tech: What We Have Learned, Where We Are And Where We’re Headed

Retail Expert Says Kaepernick Ad Won’t ‘Negatively Affect’ Nike

WBZ4 – CBS Boston – The selection of former NFL player Colin Kaepernick as Nike’s new spokesperson has some praising the athletic-wear company and others threatening to boycott it.

On Labor Day, Colin Kaepernick tweeted a picture of a new ad for the 30th anniversary of Nike’s “Just Do It” campaign. It shows a tight shot of the athlete’s face and reads “Believe in something. Even if it means sacrificing everything.”

Retail Expert Says Kaepernick Ad Won't 'Negatively Affect' Nike

Comments from Ken Morris, Principal, BRP:

“It is always true that negative press is good press.”

“They’re picking a side and I don’t think that’s going to negatively affect them over the long run.”

Boston retail consultant, Ken Morris, said that “despite the backlash, the ad will only do good things for Nike, given the company’s younger demographics.”

“It’s a calculated risk. For every 25 people wo aren’t going to buy Nike products, 50 are going to buy Nike products.”

Watch Video Clip: Retail Expert Says Kaepernick Ad Won’t ‘Negatively Affect’ Nike

Online retailers are competing to win over hot new designers

Glossy – Emerging designers, particularly those who have built up social media followings, are now seen as keys that can unlock a new customer for the retailers that carry them. Online retailers like Net-a-Porter, MatchesFashion, Moda Operandi and the e-commerce sites of luxury department stores are competing on newness, exclusivity and an ability to discover the next big names in fashion to give customers a reason to shop there and to keep coming back.

On Thursday, Net-a-Porter launched a new program called “The Vanguard,” offering a rotating pool of designers access to a guided mentorship program led by Net-a-Porter executives and team members. It entails business strategy and marketing support, social media production, PR and technology resources. In exchange, the designers will sell their collections exclusively through Net-a-Porter. The first four designers to participate in The Vanguard are Les Reveries, Ruh, Gu_de and Martinez. All the brands are international, which speaks to Net-a-Porter’s ongoing mission to attract a global customer, and some speak to emerging customer trends: Ruh, for instance, is a sustainable clothing brand for modest apparel targeting Muslim consumers, while Gu_de is a locally made, Korean-based handbag brand.

“The Net-a-Porter buying team selects brands based on design and directional brand perspective. We pursue brands that we believe have the potential to grow into meaningful businesses,” said Lisa Aiken, Net-a-Porter’s retail fashion director. “With social media, we’re seeing new brands make a larger impact in fashion within a shorter period of time.”

“You have to take care of luxury customers, especially online,” said Ken Morris, principal analyst at Boston Retail Partners. “They want to feel like they’re being catered to, like they’re unique, like they’re in on something other people aren’t. Exclusive collections from up-and-coming designers is a differentiator.”

Read Full Article: Online retailers are competing to win over hot new designers