Increase your turnover by focusing on ROX
While consumers increasingly value the 'experience' that retailers offer, retailers themselves continue to invest mainly in traditional, measurable matters such as logistics and IT.
Younger generation differs in opinion
The Global Consumer Insights Survey, PwC's annual consumer behaviour survey, shows that young people up to the age of 31 in the Netherlands find an inviting seating area and exclusive services, such as personal shoppers, important. They also mention the presence of technology to improve the shopping experience more often than the older consumers. Consumers over 50, on the other hand, attach a great deal of importance to a fun and pleasant shopping experience due to the store’s design and atmosphere.
Taking this information into account, you can imagine that children and their parents also value a great shopping experience. A good example of this is a play corner that increases the Customer Experience for the whole family. And a happy child results in happy parents, who then spend more time and money in your store. The parents are your customers of today and the children are your customers of the future. A positive experience for children at a young age can lead to a lifetime of positive brand awareness.
From ROI to ROX
The consumer is becoming increasingly demanding, creating a mismatch between what the consumer expects and what the retailer is investing in. Currently, retailers focus mainly on return-on-investment, while the focus should be on return-on-experience (ROX). This will help retailers gain insight into the return on investment of those aspects within the company that directly influence a positive shopping experience and an improved brand awareness.
Responding to this shift in customer needs, can give a positive boost to the number of customers, retention visitors and revenue. Would you like more information about ROX or how IKC could help you increase your turnover?