70% of CX retail leadership struggles to design projects that increase customer loyalty and reach business KPIs
But those who do are the industry leaders with success to envy. These brands effectively use data to help direct their strategies and dominate their verticals through competitive intelligence and lucid understanding of their own performance.
Data is the undisputed king in times of constantly changing dynamics. With no shortage of information to amass, the brands who know how to harness it, understand it, and act on it are the ones whose strategies will precede far more success in reaching new customers, retaining current ones, and improving the experience for every touch point than those brands who do not.
The brands that utilize benchmarking data to apply best practices will be the ones who will enjoy greater market share and future success. However, the vast majority of brands are using data to focus disproportionately on patching up errors rather than creating new and innovative experiences for their customers.
Key CX Findings for Retail in 2022
- Excellent CX contributes to more than two-thirds of customer loyalty, outperforming both brand and price combined.
- While 95% of business leaders believe CX teams must deliver a superior or world-class customer experience, few CX leaders believe their current project selection strategy can commit to this objective.
- An overwhelming majority of organizations understand the value of benchmarking data yet do not have the capacity to launch such an engagement internally or do not know where to start.
- The organizations that adeptly use data research benchmarking and competitive intelligence to inform their CX strategies are far and above their industry’s leaders.