Fashion's digital future - the new model for retail?
In the last couple of weeks we've seen deals which could set a real precedent for the future of bricks and mortar stores. UK retail giant Arcadia collapsed in November, and online retailers ASOS and Boohoo, one of Conversocial's partners, bought up some of Britain's biggest high street fashion brands. With the purchases, it's possible 350 stores may not reopen and they will become purely online brands.
If this is an indication of the direction of modern retail, among the inevitable redundancies, retailers face the challenge of finding and retaining new customers without the human connection provided by in-store human interactions. We know loyal customers are more valuable than new ones, but how do you build that relationship online?
Digital innovation is key to providing that personalized experience. One-to-one virtual appointments conducted over private messaging channels provide a chance for a bespoke interaction. In channels like Apple Business Chat or Facebook Messenger the introduction of augmented reality (AR) is a way to enhance the customer's experience.
Personalized experiences throughout a lifecycle are still possible. Even if every interaction is digital, exceptional conversational CX powered by private messaging channels is how retailers can adapt to a new way of doing business and still thrive.
In 2021, we are collaborating with our partners to help messaging channels work for them across the customer lifecycle. They are points of contact that offer chances of conversational CX beyond customer service.
Customer acquisition via Click-to-messaging (CTM) adverts vs driving traffic to a website are night and day when it comes to conversion rates. We're talking 9% compared to 2% at most. You're getting better conversion, higher engagement and the retention benefits of keeping the entire conversation within one channel - so every interaction is trackable and seen by every department.
It goes beyond just attracting new customers. The period post-purchase is one of the best times to re-engage customers - in fact 80% of consumers want it. It's a chance for creating exceptional CX by automating order tracking - removing the human element and deploying a bespoke bot is a far smoother experience. Existing customers are up to 70% more likely to buy from you again, and with the right post-purchase engagement strategy, it can be the start of a long and happy relationship for both brands and consumers.
We've been working with our partner Freshly to tell the story of their success with Conversational over the past 12 months. The US-based meal subscription service was experiencing an early pandemic boom in new customers, but struggling to keep up with all the new queries coming in.
By deploying a bespoke bot to handle the upsurge, Freshly were able to handle 50% of customer conversations without any agent intervention. The benefits seen from automating one part of their customer experience strategy has inspired them to go even further in 2021. They are scaling automation across their customers' lifecycle, providing more opportunities for customer self-service and personalized experiences.
It's a great example of how automation and messaging can solve one issue and open up the opportunity for even more bot deployment to create exceptional CX for your customers. You can read more about Freshly's story here.
And that’s all from me for the next couple of weeks. As usual, I would love to carry on the conversation at @idohacohen.