– Partner at Bain & Co.
With increasing technological convenience, the real challenge is to identify interaction touch-points in a customer’s journey and meet their growing expectations. Brands have to provide personalized customer journeys and relevant content that interacts and connects with their audiences in exclusive ways. Brands like Farfetch and Matches Fashion have clearly demonstrated the power of this approach through their investment in content and rapid sales growth.
Luxury Products Retailer Improves Conversion with Highly Relevant Shopping Experiences
Here are 3 key factors to consider when creating optimized Fashion Retail customer shopping experiences :
1. Mobile Connects Online & In-Store Experiences
Mobile has become the dominant connector between online and the in-store shopping experience, making it the perfect device for creating 1-1 personalized interactions. According to eMarketer reports, nearly 86% of UK digital shoppers already shop via mobile, and retail mcommerce sales will total £31.42 billion ($48.02 billion) in 2017.
“Fashion consumer behaviours are quickly shifting to a mobile-first mentality”, says Lauretta Roberts, Editor-in-Chief at The Industry. “But in the increasingly fragmented retail market where customers swipe from one app to the next, one of the biggest hurdles is finding new ways to engage potential customers.”
Fashion is personal, and so is the smartphone. In short, Fashion Retailers should prioritise investments to leverage today’s mobile capabilities and avoid getting left behind as mobile evolves and becomes an even more integral part of the shopping experience.
2. Role Of Predictive To Optimize The Shopping Experience
Any fashion retailer hoping to keep pace with today’s consumer requires foresight and insight in real-time, to successfully obtain and retain customers. The products a customer views on their first site visit sometimes don’t quite hit the spot. A study by Salecycle found that on average it takes over 4 visits to a fashion website before a shopper decides to take the plunge and make a purchase.
– Daniel Schneider, Zalando
Image Source : einfochips.com
Predictive analytics allows marketers to leverage customer data and insights and apply practical usage across marketing and optimizing customer experience. This increases customer loyalty, retention and ROI on a per customer basis.
3. Importance of Millennial Generation
“Millennial Generation are the second most important growing consumer segment,” McKinsey & the Business of Fashion said in a report entitled ‘State of Fashion 2017’ earlier this year. According to Forbes the Millennial Generation spend $600 billion annually and that’s 28% of all daily per-person consumer spending. They also forecast a 35% increase in spending by 2030. As more millennial shoppers buy the majority of apparel and accessories online, fashion retailers must embrace an “always on” mentality, emphasizing omnichannel experiences in real time.
Knexus is a real time decision making engine using AI & proprietary algorithms to match social, marketing and product content with dynamic user profiles. The platform delivers personalized customer journeys in real time that improve engagement and increase sales.
Knexus specialises in retail commerce, working with leading brands to increase conversion and repeat purchase.