Retailers leverage footfall and conversion data to inform critical decisions like store location, inventory levels, and personalized marketing initiatives. But what if these metrics only tell half the story of why shoppers leave without purchasing?
This is where customer experience (CX) emerges as the critical differentiator in retail. Martin Newman, with four decades of experience guiding consumer-facing giants like Harrods, Burberry and Ted Baker, delivers a stark reality: prioritizing cost reduction over the emotional and human aspects of the customer journey is unsustainable.
Today’s empowered consumers crave experiences that go beyond the transactional. They yearn for a sense of belonging, community, and connection with their chosen brands. This evolving landscape demands a fundamental shift in how we measure success.
Newman proposes a paradigm shift, moving beyond traditional ROI models towards a framework of “10 new ROIs.” These measure CX’s impact on broader aspects like brand advocacy, customer lifetime value, and social impact. This holistic approach recognizes CX as an investment in the future, where positive experiences build lasting relationships and drive sustainable growth.
Brands like Timpson and Selfridges exemplify excellent customer experience. Timpson empowers employees to create memorable moments for each customer, while Selfridges pushes boundaries with innovative, immersive experiences. These brands exemplify the power of customer-centricity and omnichannel integration in the age of the empowered consumer.
The future belongs to multi-channel businesses embracing digital transformation, understanding evolving needs, and prioritizing exceptional experiences. This is the new game of retail, and customer experience (CX) is the winning strategy.
Watch the latest episode of The Modern Customer Podcast on my YouTube Channel.
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Blake Morgan is a customer experience futurist and the bestselling author of The Customer of the Future. For regular updates on customer experience, sign up for her weekly newsletter here.