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Retail Business Review | Friday, March 11, 2022
Retailers should test using digital experimentation and discover new methods that can win the hearts of today's customers.
FREMONT, CA: The measure of retail business success relies on the quality of its customers' digital experience. And it's no secret that only a digital approach can influence the customers' emotions. By engaging with the customers digitally across hundreds of channels, devices, and interactions, businesses can win over the hearts and minds of the customers.
Of course, getting to the customers' hearts requires a thorough understanding of what the customers want. Data comprising the audience's behavior and preferences is crucial in strengthening this understanding.
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Companies need to examine each piece of data to make them actionable for the business while determining which specific data has the potential to establish a great experience and not a good experience for the customers. Notably, brands like Nike and Amazon are constantly experimenting with the digital experience they provide to their customers.
Retail CIOs observe that retail owners cannot determine if their use or interpretation of data will drive the intended action, response, or business result without experimentation. Digital experimentation is the driver of the retail landscape. Businesses can replace the guesswork with complex data leading to a higher revenue lift. Here are some experimental ideas that retail CIOs can adopt to drive more revenue.
Simplifying Customer Experience
It is challenging to achieve tremendous responsive customer behavior by attracting them through gifts and rewards. Generally, shoppers find it easier to select products when they have a limited list to navigate through and purchase.
Retailers can try presenting a list in distinct formats, occasions, staff-created lists, leverage frequently purchased items, user reviews, or price points. This way, customers will find a smaller list to browse and confidently buy products. Retailers can also make a twisted state of gifts for visitors to add products to their cart without searching multiple websites. Additionally, retailers can try experimenting with product carousel that provides a delightful experience for the customers. This method concerns the creation of a beautiful layout and gives the perfect background for last-minute buyers who don't have time to search.
Urging the Customers
On special occasions, shoppers are thrilled to buy and send gifts to family and friends in time. Retailers can take benefit of such events and trigger the customers to purchase gifts by various means, like displaying the number of days for an upcoming festival.
Counting down the days left to order for items to arrive on time will urge the shoppers to buy before it's too late for fear of missing out. In this regard, using different displaying procedures so that the sight of it will attract consumers pushes them to buy. Using diverse positions for the banners, inserting the hero image, and integrating banners in the email campaigns are typical methods to gain the customers' attention.
Moreover, retailers can employ the A/B test. In this experiment, two or more page variants are shown to users at random to help them compare two or more versions of a web page or other marketing assets to conduct a comparative analysis.
Providing Accelerated Shipping
Retailers can give customers better delivery services, for instance, if there is a requirement for express shipping, but not inevitably for every order. It can then be executed by deploying classification for specific items. For example, retailers can offer next-day shipping for more lucrative goods: those that demand continual purchases or those with higher price tags.
If the retailers' operations do not have resources for next-day shipping, they can consider other ways to A/B test the option. For example, they can restrict it to specific payment options, making it comfortable for those who complete the transaction with a brand-specific credit card. Also, the A/B testing option at an additional charge makes it feasible for specific customers who demand express shipping.
Employing "Benefits" Bar
When the competition between retailers is reaching its peak, retailers must look for choices that can put them ahead of others. While many online businesses flourish in explaining their brand's unique advantages, they fail to address the value propositions like why consumers should buy from them. Showing a "benefits bar" on a retailer's site, significantly above the fold and below the navigation menu, unique for each business, can make this value proposition apparent.
Making ahead, customer expectations continue to rise, and retailers have to experiment with new ideas and deliver the most relevant and seamless experience for their customers.
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