3 Key Ways to Foster Retail Loyalty in 2023
Explore the top customer retention strategies from Retail’s Big Show, NRF 2023.
Retail’s Big Show, NRF 2023, is a chance for retailers from across the globe to come together, share innovative ideas and technologies, and learn about retail solutions from industry experts. Our team at Northern was excited to be in attendance, and we can’t wait to share the insights we brought back with us.
Customer retention and loyalty were key themes this year. In the increasingly competitive retail landscape, brands are turning toward their existing customers, putting dollars behind understanding their needs and desires to create deeper emotional connections and repeat purchases.
This strategy allows retailers to maximize revenue from consumers who already have an interest in their brand, and it’s a powerful way to transform customers into brand champions.
Here are three actions retailers are taking to achieve their loyalty and retention goals in 2023:
- Investing in integrated order servicing solutions (OMS). Enhancing customer satisfaction at every stage of the buying journey is a critical part of fostering meaningful relationships with them. Certain OMS systems have AI capabilities built in which support case deflection, affording teams more time to focus on customers that prefer a human touch. The brands that are excelling in this space have integrated their OMS with their Customer Relationship Management (CRM) software to create seamless shopping and fulfillment experiences, while minimizing the costs associated with return logistics.
- Leveraging customer data to create hyper-personalized and timely messaging. It’s no secret that customers show greater loyalty to brands when they feel seen and understood by them. First-party (eg. order history, browser behaviour, and engagement) and zero-party information (eg. account profile and preference data) are opening doors for retailers to create detailed customer profiles that soar beyond the capabilities of segmented lists — allowing for more tailored messaging capabilities than ever before. When these profiles are combined with modern CDP architecture and predictive intelligence, they are delivering impressive results.
- Empowering store associates and Customer Support Representatives (CSRs) to build direct relationships with customers. When it comes to loyalty, consistency is key. From brick-and-mortar stores to digital shopping experiences, mobilizing CSRs with historical data and timely customer insights is a powerful way to ensure more personalized service and establish long-term relationships.
Ready to start building deeper connections with your customers? Contact us to continue the conversation and discover how we can expand your capabilities.