There’s an emotional customer in all of us. In fact, emotional experience connotes the whole range of our feelings, including anxiety, fear, apathy, euphoria, depression, sadness, anger, and grief 1. I’m sure we’ve all experienced some of these feelings as a result of our emotional state.
Our emotional state is important because it affects our decisions before and while we’re shopping 2. And all retailers need to know it…
Continue reading Hi, I’m your Emotional Customer. Can you please help me?
Customer centricity means that retailers should align products and services with the needs of their most valuable customers 1. Said Peter Drucker more than 50 years ago: “it is the customer who determines what a business is, what it produces, and whether it will prosper.”
Continue reading Customer Centricity – Now is the Opportunity to know your Customers Better
I’m not aware of one retailer that does his/her business without customers. Indeed, retailers that have plenty of loyal customers enjoy a competitive advantage and are doing well. So, how do they do it? Retailers with a clear and effective value proposition at least know who their customers are, what they want and need and why are they coming back. Above all, retail customers can also be found online…
Continue reading The Value Proposition for Bricks and Clicks Retailers
One of the most important goals for retailers is to maintain long-term and profitable relationships with their customers. The construct Customer Relationship Management (CRM) started when retailers moved the orientation of their business from their companies to their customers. However, the advent of the internet, Web 2.0, and online social networks have disrupted the traditional way that retailers communicated with their customers. Hence, Social Customer Relationship Management (SCRM) came to the fore because of the emergence of a “social customer”.
Continue reading Implementing Social Customer Relationship Management in Retail
Loyal retail customers have for long now given Bricks and Mortar (BM) retailers an advantage over their competitors. However, the advent of the internet and the subsequent development of the online shopping channel have changed the shopping behaviour of retail customers.
Continue reading Demise of Loyal Retail Customers in the Digital Age
Generation Y or Millenniums, comprises of individuals that were born between 1980 and 1994, and make up about 25% of the world’s population. Gen Y is therefore an important cohort for retailers to target because of its size and purchasing power. Retailers, as with the other generational cohorts (Baby Boomers, Generation X and Generation Z), need to know what the shopping behaviors of the Gen Yers are. But first we need to know who Generation Y is?
Continue reading Generation Y, Showing the Way for Retailers in the Digital Age
Generation X, which refers to those born from the mid-sixties to late seventies is one of the most highly educated generations in history and is characterized by technological and media savvy, skepticism and pragmatism 1. Above all, these shrewd customers usually make informed purchasing decisions and often search the internet for the best deals. So what makes Generation X different from other generational cohorts?
Continue reading Know Your Clever, Less Distinctive Customers – Generation X
The teens and tweens of today are a cohort of kids that doesn’t have a definitive name yet, however some have dubbed it Generation Z. Generation Z, the largest demographic cohort comprises 25% of the US population (Wikipedia, 2015). They will start working by 2020 and earning lots of money that need spending. Therefore Generation Z should be taken seriously by retailers who need to know who they are and what their needs, wants and preferences are.
Continue reading Selling to the Young Ones, Generation Z
If you were born 50 to 70 years ago, you’re a ‘Baby Boomer’. Yes, most of you are still alive and do most of things you did as a youngster, but doing it differently. Retailers should realize that you are different from other generations and therefore behave differently when shopping. If they make your shopping trip a pleasant one, they may find that you (Baby Boomers) can be a profitable customer niche. Similarly can retailers with an online presence achieve more sales and positive word of mouth once they recognize Baby Boomers is a valuable consumer segment.
Continue reading Shopping Behavior of The Baby Boomers
Customers of different ages (or generations) behave differently when they go shopping in a store or online. This aspect of human behavior and demographic segmentation are sometimes forgotten by retailers. The market for retailers is in turmoil because of changes in consumer behavior, intense competition and digital disruptions. Subsequently most retailers have to reduce the price of their products to maintain their sale volumes.
Continue reading Demographic Segmentation – Dividing the Market by Generations