The Three T's: Team, Technology, Trust
More than 400 leading retailers from around the world descended upon Chicago this week to hear about the 'retail reinvention' and what they need to do to survive and thrive in this time of ongoing disruption.
The sentiment among just about every presenter at R2 was that brand experience and customer experience will dictate future success. This isn't necessarily breaking news, but I think all of us have had less than perfect (to put it nicely) experiences with retailers at one time or another. And these experiences, singularly or over time, can equate to long-term or even permanent breaks.
So what goes into building great brand and customer experiences? A good TEAM and good TECHNOLOGY, not to mention good (or great) marketing. Other factors come into play too...but those are the basic ingredients…think of it as the sauce and the dough (more on that analogy in a moment). So with great brand and customer experiences come great TRUST! The Three T's!
As Amazon's head of external payments noted at the event, trust was the number one reason why consumers shop at a particular retailer, topping price and about 10 other factors. He went on to state that conversion rates increase 3x when there's projected trust and the promise of security.
Trust is an omni-channel issue...or rather, an opportunity. Today's consumers expect a trusted omni-channel experience/environment. As stated by Domino's VP of IT at the event, 50% of its orders are made through online channels. And 90% of its orders from college towns are online. Talk about explosive online growth, the result of brand and customer experience. To keep up with this demand and deliver (pun not intended) on a great customer experience, the global restaurant chain has grown its IT staff exponentially, bringing us back to team and technology, i.e. the aforementioned sauce and dough. Now sprinkle on the cheese (generously) and you’re left with a delicious slice of trust…make mine a large with extra pepperoni.
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