SURE, EVERYONE WITH with something to sell says that they want to hear “the voice of the customer.” But how many are really listening?
It’s not merchandisers’ fault. They really do want to understand consumers and consumers’ needs and desires. In fact, many gather all kinds of data from all sorts of sources to help them connect with their customers.
The problem? The tools they use are disjointed and the data those tools produce is disconnected. But we have entered a new era – the era of voice-of-the-customer merchandising.
Traditional merchandising tools focus too heavily on who bought what. And by relying solely on purchase data, they concentrate on the 2% of site visitors who convert, ignoring the 98% who don’t.
Think about that. Say on your daily drive to work, you paid attention to 2% of the cars on the road and 2% of the traffic signals guiding you on your way. Where would you be?
We can do so much better than that. The digital world provides access to the voice of the customer loud and clear. Digital is a two-way conversation, producing nearly boundless behavioural data showing how shoppers navigate your website, find products and express preferences through browsing and clicking.
Consumers today demand that you know them and understand their needs. Relying on the complete voice of the customer builds loyalty. Customers who feel understood come back.
Customers who don’t feel heard? They’re just gone. Brigham Young University researchers found that 61% of customers searching on mobile devices would leave a site if they didn’t find what they wanted “right away”.
Our BloomReach Compass merchandising product provides merchandisers the power to fully hear their customers’ voices. Compass is powered by a machine learning system that understands how shoppers engage with a retailer’s catalogue – what they find, what they don’t find, where they get stuck and what they expect to see on the screen when they visit certain pages and categories.
Compass gives you a single tool that provides built-in tracking to let you see what makes an impact. It’s a tool that takes what your customers are telling you and instantly translates that into your biggest revenue opportunities – all while providing suggestions on how to capitalise on those opportunities.
Think of how that clarity and vision into a shopper’s intent transforms both a business and the people working to make it successful.
First, consider the business. When BloomReach customers act on Compass suggestions, real revenue results. For example, customers have reported a 63% increase in revenue per visit on the specific Compass-inspired action they took.
And what about the merchandisers whose mission is to marry their expertise with data to create a fulfilling customer experience? With Compass, data is their ally, providing actionable insights – not a thicket of analytics offering pieces of a puzzle but a whole, complete picture. With Compass, merchandisers become a central source of customer insights for the enterprise.
Hearing the voice of all your customers is no doubt the future of merchandising and commerce. Because, after all, who doesn’t want to be heard?
BloomReach head of products Sharad Verma also contributed to this story
BloomReach is a Silicon Valley firm that uses machine learning and big data technology to bring businesses the first open and intelligent Digital Experience Platform (DXP). BloomReach drives customer experience to accelerate the path to conversion, increase revenue and drive customer loyalty.