In today’s retail environment, the phrase “customer is king” has never been truer. When price alone is no longer an assured differentiator the experience must win out In response, retailers, large and small, are turning to transformative technology and business model innovation to build omnichannel environments which seamlessly serve the empowered consumer, in-store, online and on-the-go.
Our 2014 Retail Industry Outlook Survey surveyed 100 senior U.S. retail executives. The resultsindicate retail executives are wholly focused on getting omnichannel retailing right to meet customers’ expectations and evolve continually to keep pace with their competitors.
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Consumer preferences have evolved, and the omnichannel approach has become an imperative for organizations to provide their customers with the shopping experiences
Mark Larson, U.S. and Global Retail Sector Leader
Select highlights and survey results from the report.
Given the generational shift to online and mobile shopping and the volume of information available at the point of sale, customer loyalty in the retail industry is waning. Many of the retailers in our survey are therefore focused on customer retention initiatives—the biggest revenue driver in retail in the next one to three years.
Q: Which of the following do you believe will be the most significant drivers of your company’s revenue growth in the next one to three years?
A profound, real-time understanding of consumers’ needs and experiences across channels and throughout the shopping life cycle gives omnichannel retail organizations a competitive advantage, supporting strategic decisions about price, merchandizing, supply chain, products, operations, marketing, and more.
Q: In what areas does your organization use data and analytics to help support strategic decision making?
As retailers continue to turn to online and mobile channels to accelerate growth, social media to engage consumers, online customer payment systems to enhance their experience, big data to predict future trends, and cloud computing to drive operational efficiencies, it leaves them vulnerable to increasingly sophisticated and enormously damaging threats from cyber criminals.
Q: Which of the following are high priority compliance areas that your organization will address in the next 12 months?