How to adapt to your customers’ changing expectations

The basics of quality service and fair pricing will never go away, but today’s consumers want more. From personalized interactions and digital capabilities to connected experiences across all channels, your customers’ expectations have changed.

Shoppers are more informed and selective, and they simply expect experiences that go beyond what they were accustomed to just a few years ago. Blame the pandemic in large part, which accelerated the reshaping of the retail experience. As increasingly tech-savvy customers demand more from their shopping experiences, retailers are adapting to stay competitive.

To thrive in this changing market, consider looking at more than traditional profit margin considerations to grow your business. As part of your business strategy, focus on creating exceptional customer experiences to build trust, revenue, and brand loyalty.  Here are four areas to focus on now.

1. Offer a more personalized customer experience

Tailored, personalized experiences that cater to consumers’ individual preferences and needs can set your business apart from the competition. Your customers want to know you understand what they want and can offer relevant recommendations based on their past purchases and browsing history. They may also expect exclusive deals that align with their interests.

How to offer a more personalized customer experience:

• Leverage customer data to create detailed profiles and segment your audience based on behavior, preferences, and purchase history.
• Use personalized marketing, including email campaigns, targeted advertising, and product recommendations, to engage customers with relevant content and offers.
• Develop loyalty programs that reward customers for their business by offering personalized incentives based on their shopping habits and preferences.

2. Simplify your customer’s shopping experience

Your customers want a streamlined shopping process, online and in-store, to save time and make it easier to get what they need. Simplifying your customer experience can lead to increased customer satisfaction, repeat business, higher conversion rates, and improved perception of your store’s brand. 

How to simplify your customer experience:

• Optimize your website and app, ensuring your online platforms are user-friendly, easy to navigate, and perform well.
• Implement fast checkout processes, in-store and online, with one-click purchasing options and multiple payment and financing methods.
• Enhance your in-store layout to guide customers through your store and reduce wait times at checkout.

3. Provide a seamless experience across all channels

Whether they’re browsing online or purchasing in-store, your customers expect a seamless, uniform journey on every touchpoint. Integrating your online and offline operations can provide a more cohesive and consistent experience, which can help encourage repeat business, higher spend, and brand loyalty.

How to implement an effective omnichannel strategy:

• Integrate your CRM and POS systems to ensure data is consistent across channels.
• Implement click-and-collect services, where customers can order products online and pick them up curbside or in-store.
• Enable real-time inventory visibility across all channels to prevent disappointment from out-of-stock items.

4. Leverage technology to enhance your customer experience

Technological advancements can enhance your customers’ experience and streamline your operations. Emerging technologies, including augmented reality (AR) and virtual reality (VR), can provide immersive shopping experiences, allowing customers to visualize products in their environment before making a purchase. AI-powered chatbots and virtual assistants can offer instant customer support, answer questions, and provide personalized recommendations.

How to make the most of new technologies:

• Use AR to provide interactive in-store product demonstrations and immersive online shopping experiences.
• Use AI to forecast demand and manage stock levels to help ensure product availability. Smart shelves equipped with sensors help control inventory, while other capabilities can gather data on in-store customer behavior to optimize your store layouts.
• Develop an integrated tech strategy to improve efficiency, integrated systems, and enhance your customer experience. Understand how your customers interact with emerging technologies and how those capabilities may enhance your business model.

New capabilities, timeless principles

Emerging technologies and changing customer expectations have altered the retail experience forever. By focusing on personalization, simplifying the shopping process, providing a seamless omnichannel experience, and leveraging cutting-edge technology, you can continue to create exceptional experiences that delight your customers and drive business growth.

Despite the efficiency and convenience these shifts have brought, don’t forget the human touch. While the ways in which shoppers engage with brands have evolved, from online purchases and mobile shopping to data-driven recommendations, the fundamental desire for quality products and excellent service remains.

Your customers still rely on you to help them get what they need. Providing value, maintaining trust, and building relationships are timeless values that will continue to enhance your success. By keeping these fundamental outcomes top of mind, you can continue to meet your customer’s changing expectations and build lasting loyalty.

About Snap Finance

Snap Finance harnesses the power of data to empower consumers of all credit types to get what they need. Launched in 2012, Snap’s technology brings together more than a decade of data, machine learning, and nontraditional risk variables to create a proprietary decisioning platform that looks at each customer through a more holistic, human lens. Snap’s flexible lease-to-own and loan solutions are changing the face and pace of consumer retail finance.

For more information, visit snapfinance.com.

Snap-branded product offering includes retail installment contracts and lease-to-own financing. Talk with your local Snap sales representative for more details on which product qualifies at your store location. For more detailed information, please visit snapfinance.com/legal/financing-options.