Improving the Retail Customer Experience with SAP
Improving the retail customer experience is the top priority for midsize retailers over the next three years – outpacing both profits and growth. This is no surprise, given customers continue to expect personalized, innovative experiences from personal and professional vendors. In this piece, we outline considerations for leveraging technology solutions, like SAP, to improve the retail customer experience.
According to SAP, 52% of midsize retailers say that keeping up with changing customer wants and needs is the top barrier to fulfilling this goal – possibly due to a lack of real-time data or the analytical skills to make sense of it. While customer service has a large role to play in improving customer experience, there is evidence to suggest that midsize businesses undervalue the role of other functions in supporting high-quality experiences. These include sales, marketing, operations, finance, and IT.
For example, if your supplier fails to deliver a batch of products on time, you could suffer from out-of-stock products and deliveries have to be postponed. Likewise, if your marketing department doesn’t effectively coordinate with buyers on product availability, you could lose customers to a competitor that’s quicker in following up the lead. Connecting the business to improve collaboration, particularly where data is concerned, will improve your ability to meet expectations in this area. However, this can be difficult without the right solution in place.
Successful retailers have redefined what it means to shop with them by combining the physical and digital worlds. Omnichannel interactions are the norm, while brick-and-mortar stores are connected spaces that provide customers with an endless aisle without overwhelming them with choices. Store associates and managers are empowered by technology and equipped with 360-degree views of the customer to provide a unique, personalized experience to every shopper.
LEVERAGING TECHNOLOGY SOLUTIONS
eCommerce solutions, customer relationship management (CRM) software, and chatbots were ranked by retailers as the three most important technologies for managing experiences. These tools improve communication, increase understanding of customer needs, and reduce organizational and data silos. These technologies, as well as machine learning and artificial intelligence (AI), are increasingly available to midsize businesses through cloud-based CX solutions, like SAP Customer Experience.
Midsize businesses are employing a number of digital tools to detect, predict, and anticipate unspoken customer needs with the aim of providing an exceptional experience all the way from awareness to conversion and post-purchase. For example, IoT sensors can capture information on use, consumption, wear, and freshness of products. These devices can then alert customers to replace, replenish, or repair their goods, creating demand that retailers can meet just in time with the right corresponding personalized offer.
SAP Customer Experience software includes marketing, sales, commerce, and service solutions to create a seamless line of intelligence and processes for the entire customer journey. Built-in data analytics and visualization make it even easier to spot inefficiencies and identify unmet customer needs. Crucially, the software is designed to integrate and exchange data with organizational solutions in supply chain and distribution, finance, and inventory management.
CRESCENCE CAN HELP
In today’s increasingly competitive retail landscape, finding ways to quickly and effectively meet customer demands and expectations is critical to remain profitable, successful, and relevant. To chat more about how your organization can improve the retail customer experience with SAP solutions, connect with our team at Crescense today.
This insight was provided by SAP for value-added resellers like Crescense. Contact our team for more information on SAP solutions for midsized wholesale distributors today.