Customer Retention Trends Every Retailer Should Know About

Over the years, the way we shop has changed a lot. Although we can’t conclude the debate by saying that traditional buying behavior doesn’t exist anymore. It is still here but in a more convenient, and in quick manner. 

All the trends are here, it’s high time and retailers just can’t afford to ignore the demands of the buyers.

The new way of buying is very well fulfilling the demands of modern-day buyers. Thus, buyers are expecting more than before from their favorite retail stores and supermarkets. They want everything to be smart, and quick on their fingertips in their fast and restless lives.

In this blog, we will talk about the top customer retention trends that every retailer should know about. These trends will certainly be warning bells for most retailers.

1. Personalized Shopping Approach

A personalized approach in the retail business is about making your customer’s shopping experience more informed and personalized. Most of the surveys have proved that consumers are still interested in “in-store shopping”. 

Since it is not fair that in-store buyers are deprived of perks that online shoppers are enjoying over the years. Now not just they want the product, but more useful services accessible through their smartphones, services such as personalized information of products, helpful reviews, and special promotional offers, etc. 

“58% of consumers want to get product information in-store”- Retail Dive (Google survey)

In addition to this, AR (augmented reality) will play a major role in meeting modern-day in-store shoppers, and brands that take advantage of AR will be the ones that satisfy more customers.

2. Digital Payments:

For small retailers managing their day-to-day payment transactions using costly electronic payment, modes are not at all easy to maintain. As in our country, small retail business owners start up with limited capital and it is difficult for them to afford card-reading devices and the fee associated with them.

However, things have begun to change in the country, most noticeably after the demonetization. This transformation has taken rapid growth. Now retailers can have affordable cashless options such as mobile wallets, UPI, and other mobile banking services to join hands and contribute to digital India.

Payments have emerged a lot, and the increased adoption of digital payments is forcing retailers to go along with the emergence. We noticed that on a very large scale, businesses are trusting digital payments.

“Digital payments in India are witnessing thriving growth with a compound annual growth rate (CAGR) of 12.7 percent in the number of non-cash transactions, global advisory KPMG”.

3. Buy Online Pick Up In-Store(BOPIS):

BOPIS is a new acronym for the retail industry. In which a customer can buy a product online and pick it up from a nearby store. Finally, retailers might have found a way to compete with their online counterparts and provide a convenient shopping experience to their in-store shoppers with an online presence. 

Now, retailers can go beyond brick-and-mortar stores and make their online storefront the face of their convenient shopping experience for consumers.  BOPIS can help a lot, to provide the experience your customers want and bring the customer into the store itself. 

Other numerous benefits of BOPIS to customers and retailers.

• Encourages shoppers to buy more In-store
• Improves customer satisfaction
• Delivery Assurance
• Compete against the online counterparts

4. Loyalty Programs, Rewards, and Recognition:

Repeat purchase is a sign of significant growth of any business. Something that is the lifeblood of any retailer. Maintaining customer loyalty with the ever-changing needs and desires of shoppers is difficult. Which has forced retailers to change the traditional approach to customer retention strategy, loyalty, and engagement?

Here, a change simply means producing new ideas to connect to consumers and establish better emotional relations with them. Loyalty programs have been proven effective in strategic customer retention but engaging modern-day customers with traditional tactics would be difficult.

Customers' priority has changed, and financial rewards have no significance for loyalty to them. While running loyalty programs we have to make sure that we focus on experimental reward and recognition, instead of only rewarding them when a transaction takes place.