As consumers become increasingly focused on the quality of their retail experience, the impact of price as a differentiator is waning. Retailers today know that to be competitive in this fast-paced market, a superior customer experience is not an option, but a necessity. The value of growing and nurturing a one-to-one customer relationship cannot be overstated, especially when the Amazons of the world are so dominant in other aspects of the consumer’s journey (like speed of delivery and product selection).
Reinventing Commerce: How Retailers, CPGs and Manufacturers Can Compete with Content and Experience, a new report from Econsultancy and Sitecore, explores this notion of delivering a memorable experience for the customer. “In a world where products are becoming increasingly commoditized, how can you differentiate your organization from the competition? The answer: provide a superior digital experience for your customers to build lifelong relationships,” stated Wanda Cadigan, Vice President, Commerce Sales at Sitecore, in the study’s foreword.
In fact, the report revealed that 75% of e-commerce companies see customer experience as a factor they can more easily control, as opposed to pricing, product choice, and market factors. By being able to manage and maximize the effects of customer experience via elements like personalized content, the playing field becomes more level.
To ensure growth, retailers, branded manufacturers, and consumer packaged goods/fast-moving consumer goods providers (CPG/FMCG) all recognize the importance of embracing a customer experience-based model. The figure below from the report reflects this recognition across the board when it comes to attributes like personalized experiences and content.
To learn more about how approaches to commerce are shifting and adapting to a more personalized customer experience, you can download the entire report from Econsultancy and Sitecore here.