Retailers Must Provide ‘ME’aningful Customer Experiences: Wipro-Planet Retail Research
January 19 2016 - 8:00AM
Business Wire
New research from Wipro and Planet Retail finds
that retailers need to ride the hyper-personalization wave and
provide individualized customer experiences to increase
sales and brand loyalty
A new study by Planet Retail and Wipro Limited confirms that
retailers who do not provide individualized and digitally connected
customer experiences are falling behind competitors. According to
the study, 82% of the retailers interviewed agreed that investments
in digital technology and operational improvements would help them
target customers as individuals, with hyper-personalized offers and
promotions. Only 18% said they were “extremely happy” with
their current ability to target customers based on their habits and
preferences.
These are among the major findings of 'The Era of the
Individual: Unleashing the Power of ME’, a new study from
Planet Retail, world's leading provider of global retail
intelligence, commissioned by Wipro Limited, a leading global
information technology, consulting and business process services
company. The research report surveyed 300+ senior executives
at retailers with global operations, and with annual revenues of
USD 750 million or more. The executives based in Canada, France,
Germany, the UK and the US represented a mix of brick and mortar
and online retailers
Srini Pallia, Chief Executive, Consumer Business Unit, Wipro
Limited, said, “The research clearly highlights that,
while retailers have embarked on their digital journey, much
remains to be accomplished to support more meaningful engagement
with the consumer. Further, consumers entering the store today are
painfully aware of the obvious divide between the physical and
digital worlds. We, at Wipro, believe that harnessing the power of
the individual and creating meaningful experiences is imperative to
gain competitive advantage. Together with Wipro Digital and our
Strategic Design Business, Designit, we are certainly on the right
path to understanding the customer journey better.”
Miya Knights, Technology Research Director Planet
Retail, said,“The importance of the personalization is not to
be underestimated in this ‘Era of the Individual.’ The fact that an
overwhelming 82% of retailers surveyed agreed that investments in
technology and operational improvements help them to target
customers as individuals with hyper-personalized offers and
promotions speaks volumes."
The report predominantly focuses on three strategic cornerstones
for retailers to adopt, if they wish to harness the power of the
individual, to create hyper-personalized meaningful
experiences:
- Enrich merchandising attributes
- Drive digital supply chains
- Reimagine stores as digital
magnets
Key takeaways from the report include:
- The era of the individual is here
and retailers must respond. The majority of customers
expect retailers to be able to react to their demands and reward
their loyalty with contextual, relevant and tailored offerings in
real time.
- Obtaining a 360-degree view of the
customer is key. Research strongly suggests that consumers
expect retailers to deliver better customer experiences based on
the data being collected about every single facet of their shopping
journeys.
- Retailers must go “back to basics”
to optimize individual shopping journeys. Retailers must
embrace digitally transformed business processes, like enriching
merchandising attributes, driving supply chain agility and
extending the role of the store as a digital hub for online and
offline activities, at the same time as mastering the retail basics
around price, range, and availability.
- The store is evolving to become a
digital magnet. Retailers recognize the need to blend the
physical and online worlds by digitizing shopping experiences.
- Empower store associates to “save
the sale”. The research strongly infers that an informed
store associate, empowered to drive meaningful engagement with
customers, can also minimize the impact of lost sales, product
returns, and convoluted distribution and fulfilment demands.
The report titled 'The Era of the Individual: Unleashing
the Power of ME' can be downloaded here:
http://www.wipro.com/industries/retail/insights/research/
About Wipro Ltd.
Wipro Ltd. (NYSE:WIT) is a leading information technology,
consulting and business process services company that delivers
solutions to enable its clients do business better. Wipro delivers
winning business outcomes through its deep industry experience and
a 360 degree view of "Business through Technology.” By combining
digital strategy, customer centric design, advanced analytics and
product engineering approach, Wipro helps its clients create
successful and adaptive businesses. A company recognized globally
for its comprehensive portfolio of services, strong commitment to
sustainability and good corporate citizenship, Wipro has a
dedicated workforce of over 160,000, serving clients in 175+ cities
across 6 continents. For more information, please visit
www.wipro.com
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Wipro LimitedSubhashini Pattabhiraman, +91
9819773385subhashini.pattabhiraman@wipro.com
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