Experts weigh in on creating successful retail experiences
Disruptions to global supply chains and labor markets are bringing digital transformation to the retail space at breathtaking speed. Retailers with solid digital foundations are turning these challenges into opportunities to delight customers and make shopping fun.
In seizing these new possibilities, retailers are focusing on three areas—customer experiences, frontline workers, and the supply chain—and finding new ways to grow and prepare for whatever the future brings. The three areas are tightly interconnected because well-equipped frontline workers are key to an outstanding customer experience, while a robust supply chain and inventory build customer trust.
Microsoft is committed to helping retailers grow through digital transformation, so we invited three retail thought leaders to discuss key trends across the industry.
Finding a holistic approach to an exceptional customer experience
In an ever-changing landscape, retailers are innovating to deliver experiences that their customers enjoy.
Top retail influencer Cathy Hotka, of Cathy Hotka and Associates, says that digital transformation is key. “Customers expect an exceptional customer experience,” says Hotka. “Companies need to think about how they can deliver that for every customer at every touch point.”
Retailers must think holistically, from a store’s physical layout to the digital services offered to customers. According to Hotka, companies like Tractor Supply and Build-A-Bear Workshop are finding that investing in improved customer experiences and knowledgeable, well-equipped staff is paying off.
It’s easier than ever to buy products remotely, from a laptop or phone to a TV. Retailers that focus on brand building and secure omnichannel transactions can gain increased consumer loyalty and deliver exceptional service, however people choose to shop.
Cathy Hotka offers more insights into retail trends and the importance of the customer experience in the full interview.
Audio description version: Retail trends with Cathy Hotka – YouTube
Building customer trust through supply chain agility
Recent disruptions to supply chains and labor markets have brought new opportunities to streamline business processes and improve a company’s digital journey. Unforeseen impacts to supply chains are always possible, but retailers that optimize their digital presence and take a forward-looking approach are better positioned to deal with surprises.
Greg Buzek, Founder and President of IHL Group, emphasizes that ample inventory inspires trust, but supply chain shortages over the past two years have impacted that trust. “Only 7.4 percent of customers surveyed said that their trust improved in their local retailer to have items in stock,” says Buzek. Companies that can quickly pivot and adapt to supply chain disruptions can ensure that they keep the inventory their customers expect.
Additionally, retailers that invest in optimizing the online shopping journey can increase customer satisfaction while also improving profitability. Gibson Brands, the iconic guitar maker, rejuvenated its business by shifting to an omnichannel environment. Gibson’s innovative approach helped it to connect with its customers and provide customized experiences. Read more about Gibson’s digital transformation here.
Learn more about how your company can optimize supply chain agility and its digital operations in the full interview with Greg Buzek.
Audio description version: Retail trends with Greg Buzek – YouTube
Personalizing the shopping experience through online innovation and frontline workers
Innovations in e-commerce, such as live streaming and personalized marketing, can help recreate the magic of in-store shopping and boost customer confidence in online purchases. Taking advantage of these opportunities requires security and customer data protection.
Jeff Roster, Producer and Cohost of This Week in Innovation and Third Eye Podcast Network, looks at the benefits of innovation and secure technology. “In retail today, there are tons of devices,” says Roster. “Now is the time to get a handle on what all these devices are and have the security in place to protect data.”
Frontline workers are also key to providing an excellent in-store shopping experience. “If we are not taking care of our frontline workers and getting them the tools that they need, there won’t be a positive customer experience,” says Roster.
To learn more about Jeff Roster’s perspectives on the top retail trends for 2023, tune in to the full interview.
Audio description version: Retail trends with Jeff Roster – YouTube
Retail transformation helps businesses thrive
I appreciate the time that these three experts took to speak with Microsoft about retail trends in 2023. My team thrives on helping retailers identify and solve problems to give their customers positive shopping events in a secure environment. With the right investments in people and technology, we can build experiences that keep consumers coming back and stores thriving.
Find out how Microsoft Cloud for Retail can help your organization empower employees, delight customers, and build security and agility, today and in the future.
