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FEBRUARY 2017 NEWSLETTER

Your Competitive Advantage is the Customer Experience only You can give.
Omnichannel Touchpoints: Online, Offline, Mobile, Social
We’re seeing more and more innovations, disruptive technologies, and ‘mashups’ from retail and restaurant brands. Industry groups are exploring the growing importance of things like alternative checkout methods, technology-empowered store/restaurant associates, AI-powered chatbots & other virtual retail assistants, supply chain integration with the internet of things (IoT), wearable technology, shoppable social media, ubiquitous mobile and social commerce, beacons and geolocation, and Web-service APIs, to name just a few. Here’s a brief but interesting perspective on these trends from CIO Magazine.

FEATURED: Must your Customer Experience always be exciting and new?

Some of the latest trends are certainly an exciting part of the customer experience, but after all the fuss is over, there’s really one thing that matters — for the lifetime of your business. So it’s critical that you get that one thing right.

The Relevant Customer Experience: It's what they'll pay more for, and why they're loyal.

Read almost any expert insight paper, and you’ll find similar lessons as Synchrony Financial did. A 2016 report from the credit solutions provider concludes that “the value of a great customer experience cannot be overstated. Customers tell us they would pay more and remain much more loyal in exchange for a great customer experience.” They discovered:

Study results of Customer Survey, spend more, shop more often

That critical thing? Relevance. To your customers, that is.

Synchrony Financial says, “Giving customers what they want doesn’t have to be expensive, it needs to be relevant.” Relevant means “implementing differentiated experiences to simplify the lives of your customers and make them feel valued.”

For example, when we hear about Artificial Intelligence in the retail or restaurant environment, it’s usually about the ‘wow’ factor of an interaction. But we’re now beginning to see how AI algorithms are being used to learn about the customer in a myriad of ways, to provide retailers & restaurateurs with the customer intel they can use to provide relevant (and innovative) products, services, and experiences.

So how do you do this? How do you provide the experiences that really matter to your customers–and make sense for you?

First, you do the research with your customers, and then you embed those processes (and data) into your technology so you can act on continually improving insights. Automation is key; Manual doesn’t cut it in today’s ‘business-at-the-speed-of-light’ world.

Start by producing a ‘customer journey map’ to illuminate and connect all the possible touchpoints you have with your customers. Include triggers, channels, and inventory. Uncover which experiences matter—and don’t matter—to them. Then find new ways to create and measure value, like creating a lifestyle around your products.

A Tip: Here’s a tried-and-true strategic sequence for successful retailers & restaurants.

1. Make sure you invest the time to understand your brand DNA, otherwise known as your competitive advantage, your differentiator, your business model, or your business and customer strategy.

2. Build customer-centric technology capabilities that support your brand DNA.

3. Adopt operational and human ways of working that result in a seamless relevant omnichannel experience for the customer.

4. Rely on your technology backbone with business intel as your central nervous system.

Ask us how we can help you build the solution that captures your brand DNA and helps you deliver on your brand promise.

BE RELEVANT. ATTRACT LOYALTY. 5 WAYS.

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Learn how we help our customers with everything to strengthen the customer experience you provide, beginning with business processes, change management, training, and support so you can compete better and prosper. Contact us, and while you’re on the website, check out our resources like this one:

Pick up our free PDF on 5 Ways to Drive Customer Loyalty »

Reserve the Dates!

LS Retail's event Connexion Madrid April 2017We look forward to seeing you in April at conneXion Madrid!

From April 26-27, LS Retail will host conneXion, the LS Retail and Hospitality yearly conference and expo. It’s the key networking event for partners, customers, and more. You’ll learn about:

-Brands who are really disrupting the industry
-Thriving in the future of retail
-How Artificial Intelligence will not just entertain us, but produce learning algorithms to provide better, deeper customer intel
-Mix work and play whether networking, participating in a roundtable, chatting with exhibitors or getting a demo.