Retail Report – November 2018

Credit Union Satisfaction Index (CUSI) 2018
December 12, 2018
woman holiday shopping on a tablet
Retail Report – October 2018
October 10, 2018

Retail Report – November 2018

Asian woman at home getting a package on the mail and looking very happy

The Retail Report for November shows that shoppers want to buy from an online retailer they believe has their back. A full 84% of respondents say their experience with a superior online retailer elevates their expectations for all other retailer’s performance. These same respondents say the central element of a superior retail experience is the feeling that the retailer is looking out for the customer’s best interests.

The report also identifies three ways retailers can meet increasing customer expectations and demonstrate a customer-first attitude.

MAKE LOYALTY PROGRAMS COMPETITIVE

A sizeable 40% of customers who refrain from signing up for loyalty programs do so because the value of being a loyalty member is not worth the time, money, or effort of signing up. And for those who sign up, 76% do so to qualify for special promotions. Retailers should closely evaluate special offers for loyalty members to ensure the promotions are competitive.

BALANCE FRAUD PROTECTION

Balancing rigorous detection mechanisms with smooth customer ordering can be complicated to optimize. For shoppers who experience a wrongly-identified fraud attempt, 26% say they will never shop at that retailer again. Retailers should seek sophisticated solutions, combining machine learning, robust analytics, and manual review to help strike this balance. Looking out for the customer involves protecting against fraud while also preventing unnecessary difficulty in the purchase process.

PROVIDE MULTIPLE RETURN OPTIONS

The returns process is a double-edged sword. Returns are costly and create uncertainty in a retailer’s financial projections. On the other hand, offering flexible and easy returns is precisely what enables more sales in the first place. It turns out that 48% of online customers say that they are much more likely to purchase from a retailer when that retailer offers multiple return options.

Download the complete report to find out how to meet increasing customer expectations and demonstrate a customer-first attitude.

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Retail Report today!

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