Fashion needs customers – customers want to be impressed

MUNICH, Germany, 2017-Mar-13 — /EPR Retail News/ — To survive in the fiercely competitive fashion market, retailers must be able to impress their customers. Customer loyalty has evolved along with technological advancements, products and their prices can be compared at any time, and only businesses who stand out will be able to secure sales and retain their customers.

However, modern technologies have not only shaped what’s now being demanded of fashion companies, but, when implemented properly, can strengthen customer relations. attune provides retailers with the technological foundation and real-time insights to facilitate a personalised and seamless shopping experience across all channels.

Nowadays, being able to differentiate between different types of shoppers is no longer enough. To engage with modern shoppers, data such as shopping history, location, behavioural patterns and style must be collected and leveraged at every possible touchpoint.

“The right offer or promotion at the right time will not only generate more sales, but will also help retain customers,” says Gerald Reiser, Regional Director, Europe of attune.

attune knows how to motivate customers to buy: “Upsell by offering a matching bag to go with the jacket that was recently purchased. Weeks before a sale, bargain hunters are sent a discount voucher for 20-30% off certain products, allowing for a higher margin before the markdowns begin. Customers who live further away receive offers to shop online. And vice versa, targeted promotions drive local customers to the store, increasing footfall and allowing shop assistants to make the sale.”

A prerequisite for a successful customer retention strategy is an efficient, integrated IT infrastructure that delivers real-time data, enabling fashion retailers to engage with each customer individually and increase their purchase frequency.

attune’s integrated solution offering to strengthen customer loyalty:

> SAP Fashion Management
> SAP Customer Activity Repository
> SAP Hybris Commerce

Get in touch at bahtiyar.can@attuneconsulting.com or visit www.attuneconsulting.com to schedule a demo of an integrated landscape consisting of the above solutions.

 

Accenture Strategy: Organizations must pay attention to new factors driving customer loyalty in the digital age

Accenture Strategy unveils the new ‘languages of loyalty’ driving customer relationships in the digital age

NEW YORK, 2017-Feb-16 — /EPR Retail News/ — Organizations are wasting billions of dollars each year on customer loyalty programs that don’t work like they used to, according to new research from Accenture Strategy. With millions of loyalty points sitting dormant and the majority of U.S. consumers (78 percent) retracting loyalty at profit-crushing rates, organizations must pay attention to the new factors driving customer loyalty in the digital age or risk losing customers for good.

The Accenture Strategy report, ‘Seeing beyond the loyalty illusion: it’s time you invest more wisely’, gauges the experiences and attitudes of 25,426 consumers around the world, including 2,532 U.S. consumers, about their loyalty relationship with brands and organizations today. The report found that 54 percent of U.S. consumers have switched provider in the past year, and almost one fifth (18 percent) confirm their expectations around brand loyalty have completely changed. The report also identified five new factors influencing loyalty today.

Orgs. are wasting billions on customer loyalty programs that don’t work. It’s time to pay attention to the new factors driving loyalty #GCPR

“New ‘languages of loyalty’ have emerged, driven by brands experimenting with creative digital experiences, which have changed the dynamics of customer loyalty today,” said Robert Wollan, senior managing director, global lead of Advanced Customer Strategy at Accenture Strategy. “Every consumer has a natural instinct around what makes them ‘stick’ to a brand. The traditional ‘low price’ and ‘reliable service’ mechanics are no longer as effective at driving loyalty. With 66 percent of U.S. consumers spending more with the brands they love, organizations that stick to traditional approaches and don’t explore the new drivers influencing loyalty risk draining profitability and pushing customers away – even when they have the best intentions or are following their historical playbook. It’s time for organizations to take a fresh look at loyalty.”

The new languages of loyalty
Accenture Strategy has identified five languages of loyalty which are driving customer relationships in the digital age, particularly among U.S. millennials:

  • ‘Tokens of affection’ – Fifty-nine percent of U.S. consumers feel loyal to brands that present them with small tokens of affection, such as personalized discounts, gift cards and special offers to reward their loyalty.
  • ‘Get to know me’ – Forty-one percent of U.S. consumers are loyal to brands that offer them the opportunity to personalize products to create something that is bespoke to them. Fifty-one percent are loyal to brands that interact with them through their preferred channels of communication. Eighty-one percent feel loyal to brands that are there when they need them, but otherwise respect their time and leave them alone. Furthermore, 85 percent are loyal to brands that safeguard and protect the privacy of their personal information.
  • ‘Thrill seeker’ – Forty-four percent of U.S. consumers are loyal to brands that actively engage them to help design or co-create products or services. Forty-one percent are loyal to organizations that present them with new experiences, products or services. Furthermore, 33 percent are loyal to brands that engage them in ‘multi-sensory’ experiences, using new technologies such as virtual reality or augmented reality.
  • ‘If you like it, I like it’ – Twenty-three percent of U.S. consumers are loyal to brands that partner with celebrities, and another 23 percent feel loyal to organizations that partner with social influencers, such as bloggers and vloggers. Forty-two percent are loyal to brands that their family and friends do business with. Furthermore, 37 percent show loyalty to brands that actively support shared causes, such as charities or public campaigns.
  • ‘Hook me up’ – Thirty-nine percent of U.S. consumers feel loyal to brands that connect them with other providers, giving them the ability to exchange loyalty points or rewards. Likewise, 51 percent are loyal to brands that keep them on the cutting edge by consistently offering the latest products and services.

“Organizations need to understand the loyalty languages of their most profitable customers and implement the optimal mix to ensure they’re delivering the experiences that drive advocacy, retention and growth,” said Kevin Quiring, managing director, Advanced Customer Strategy, Accenture Strategy. “An appetite for extra-ordinary, multi-sensory experiences, hyper-personalization and co-creation, are changing consumer dynamics around loyalty and forcing brands and organizations to shift their approaches and programs.”

Additional U.S. consumer findings from the report include:
 
Fight for loyalty:

  • Sixteen percent of U.S. consumers currently have a negative or non-existent reaction when brands try to earn their loyalty.
  • Over a quarter (26 percent) think brands should do everything possible to earn their loyalty.

How consumers express loyalty:

  • Fifty-five percent of U.S. consumers express loyalty by recommending the brands and companies they love to family and friends.
  • Forty-three percent increase the level of business they do with the brands and companies they love.

For further information on Accenture Strategy’s ‘Seeing beyond the loyalty illusion: it’s time you invest more wisely’ report, please visit: www.accenture.com/GCPRloyalty. Join the conversation at @AccentureStrat #GCPR #loyalty

About the research
Accenture Strategy’s ‘Seeing beyond the loyalty illusion: it’s time you invest more wisely’ report is based on the findings from its twelfth annual Global Consumer Pulse Research. The report gauges the experiences and attitudes of 25,426 consumers around the world about their loyalty relationship with brands and organizations today. The survey includes online responses from respondents in: Denmark, Finland, Sweden, UAE, Thailand, South Korea, Singapore, Norway, Mexico, Malaysia, Ireland, South Africa, Russia, Argentina, Turkey, Poland, Philippines, Netherlands, Belgium, Czech Republic, India, Indonesia, France, Germany, Japan, China, Brazil, Spain, Canada, Australia, Italy, United Kingdom and the United States. The survey was fielded in July and August 2016.

About Accenture
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With more than 394,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.

Accenture Strategy operates at the intersection of business and technology. We bring together our capabilities in business, technology, operations and function strategy to help our clients envision and execute industry-specific strategies that support enterprise wide transformation. Our focus on issues related to digital disruption, competitiveness, global operating models, talent and leadership help drive both efficiencies and growth. For more information, follow @AccentureStrat or visit www.accenture.com/strategy.

Contact:
Lucy Davies
Accenture
+ 44 777 3044 808
lucy.d.davies@accenture.com

Source: Accenture

Deutsche Telekom’s incubator invests in Israeli start up that supports retailers in modernizing their customer loyalty strategy

  • ciValue helps high-frequency retailers to personalize the shopping experience of their customers
  • Israeli startup offers cloud-based big-data platform

Bonn, Germany, 2015-11-25 — /EPR Retail News/ — hub:raum, Deutsche Telekom’s incubator, invests in its twelfths startup: the Israeli company ciValue.

ciValue, founded in April 2014, offers a cloud-based big-data platform to support retailers in modernizing their customer loyalty strategy.

With ciValue, retailers’ are able to provide customers with a unified personal experience on all sales channels, so that customers feel at home in THEIR store. Customers can have their own personalized shopping list, get special offers on the products they love, receive timely purchase reminders, and more.

The machine learning algorithms developed by cIValue understand customers needs and preferences from their historical shopping behavior and other contextual data, and allows retailers to automatically create custom views and offers for each customer. This helps retailers to avoid losing money on ineffective blanket promotions or marketing spends.

“We were immediately convinced by the idea and the team. The founders having worked in different companies or as professor are highly experienced and have deep know how which is linked with an entrepreneurial spirit. And we see huge potential in their business idea. Local retailers are under pressure by the online merchants. ciValue offers them a great service to extend their customer relations”, says Peter Borchers, founder and head of hub:raum.

Going from pitch-deck to a revenue generating company in two years, ciValue now works with the market leading pharmacy chain in Israel with a growing international presence, to send millions of personalized offers to customers every month.

Highly experienced team
ciValue’s principal founder Beni Basel has over 20 years of experience. He first encountered the need for such a service as Vice President of a major global software provider.”Working closely with clients, it became apparent that retailers were losing money on ineffective blanket promotions and marketing spend, and while there were some legacy firms offering personalization it was a slow and labor-intensive process”, explains Basel the reason for founding ciValue After leaving his position he rekindled his entrepreneurial spirit and came together his colleagues Gilad Cohen and Tzahi Rosen, seasoned tech veterans and domain experts in their own right to form ciValue.

About Deutsche Telekom
Deutsche Telekom is one of the world’s leading integrated telecommunications companies with around 151 million mobile customers, 30 million fixed-network lines and more than 17 million broadband lines (as of December 31, 2014). The Group provides fixed network, mobile communications, Internet and IPTV products and services for consumers and ICT solutions for business customers and corporate customers. Deutsche Telekom is present in more than 50 countries and has approximately 228,000 employees worldwide. The Group generated revenues of EUR 62.7 billion in the 2014 financial year – more than 60 percent of it outside Germany.

Contact

Deutsche Telekom

Tel. +49 228 181 4949
media@telekom.de

SOURCE: Deutsche Telekom AG