Do you know your customers?
October 26, 2018
RESEARCH REPORT
In brief
In brief
- Every customer is different; get to know them as individuals to gain their loyalty.
- Knowing and anticipating grocery customers wants and needs will enable them to be the hero of their meals.
- Know which customers are your most profitable, make them your focus.
Accenture surveyed 1,500 US shoppers to learn their plans for retail shopping, as well as their thoughts on stores and brands. Retailers need to have the right capabilities to spot shopping trends and be prepared to meet consumers on their own terms, this holiday and beyond. To win customer loyalty, retailers will need to compete on more than price and selection. Younger shoppers are choosing to spend their money where they see value—whether in selection, quality or retailer awareness.
Commitment to I&D is an important consideration for younger millennials when selecting a retailer.
54%
of younger millennials surveyed believe that retailers have a responsibility and duty toward addressing wider social and political issues with regards to diversity.
51%
of younger millennials are more likely to shop at a retailer that demonstrates awareness of such issues.
31%
of younger millennials see diversity in the workplace—with regard to staffing, as an important attribute when it comes to deciding where to shop.
Source: 2018 Accenture US Holiday Shopping Survey
Shopper behavior is changing as younger customers begin to have more spending power. Consumer confidence is growing, with shoppers appearing less concerned with price and their overall financial situation. While physical gift purchases are declining, service and “experience” gift-buying is on the rise. Social media is also rapidly growing as a shopping platform. Retailers that use data and analytics to understand shoppers, their behaviors and motivations can avoid ineffective and costly mass market promotions as well as get much closer to their customers by truly personalizing experiences. Download the full 2019 outlook below, on how retailers can understand customers as individuals and the strategies that will be critical to success in the upcoming year.
The imperative for retailers is to improve consumer confidence in their brands. To do that they need to be forensic in their approach to data.
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Shoppers want to feel they are heard by retailers, they want to spend their dollars at a store they can trust. Understanding customers is vital to keeping their loyalty.
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