CX Solutions for the Retail Industry
Improve conversion rates and lower abandonment by executing on service and merchandising strategies to turn browsers into purchasers. Identify why locations differ in conversion rates and put actions in place to increase sales.
Increase Conversion Rates
In one location, 2 out of every 10 customers purchase. In another, 4 out of every 10 customers purchase. Why 20% conversion in one location and 40% in another? Understanding that difference will become the key to ensuring that every location converts browsers into customers and delivers value back to the brand.
How can you find those differences? Three ways.
- Use customer experience surveys to ask whether customers purchased—and why not. Simple branching techniques can quickly trace low conversion rates to merchandise, service, or traffic issues.
- Use customer intercepts to ask customers who exit your stores why they did or did not purchase. Market Force uses sophisticated sampling techniques to obtain market and store level data so you know the why’s behind conversion rates.
- Use data from traffic counters in conversion rate modeling. Customers in, customers out, POS data, and customer experience data combine to identify the critical drivers of conversion rates.
20% of customers purchase
40% of customers purchase
Understanding the differences between locations is key.
Other ways Market Force can help Retailers
Empower your sales team
Is your investment in sales associate training paying off? If your retail stores encourage or require interactions with sales associates, it’s important to determine whether they assess needs, make recommendations, and close sales. That series of questions forms the backbone of any high touch retail model, and both our mystery shopping and customer experience surveys focus on understanding that equation. Our sales efficacy model pinpoints whether associates represent your brand to customers—and sell more when they do.
Evaluate omni-channel execution
Many retailers have a customer contact center where agents take orders, handle complaints, and direct problems to the right owners. Market Force mystery shoppers evaluate your retail contact center. Using real life scenarios they will evaluate agent responses to their needs and questions, providing you with an unbiased opinion of whether agents effectively represent your brand. The same is true for the e-commerce sites. Mystery shoppers complete tasks on your site and provide feedback on ease-of-navigation and clarity of information. Your customers use multiple channels to engage with your brand. So measure all the channels and improve on your opportunities.
Featured Retail News
The future of CX: Identifying and driving financial ROI
The Retail Bulletin, March 5, 2018 — The days of simply putting in measurement systems and reporting on results just don’t deliver enough value. Best-in-class organizations are leveraging multiple customer experience measures, including mystery shopping, customer surveys, contact centre services, and social media review tracking, among others. In addition, those same industry-leading companies are integrating these measures and linking them to financial performance at the location level.
Don't underestimate the importance of the sales associate to drive brand loyalty and in-store sales
While no one disputes that mobile optimization, social media, omni-channel, and loyalty programs are important aspects of today’s retail businesses, a study from Market Force reminds us that increased sales are also driven by engagement of another kind—associate engagement. Sales associates are the front-line representatives for retailers, and how they engage with consumers can make or break the shopping experience and impact sales.
To discuss your needs for improving performance for your multi-location brand, give us a call.
We’d be happy to discuss best practices for measuring the customer experience and compliance to brand standards, using analytics to understand what matters most and the ROI for change, and technology solutions that integrate large quantities of data on one single platform. We look forward to a great discussion!