I always feel the rush of excitement when it comes to shopping. Whether it’s that something special to enhance my home’s interior. Or my annual vacation package. Or a pair of custom designer shoes that will add a perfect dash of sophistication to my business suit. Yes it’s true. Nothing to beat bespoke products and services tailored to suit my lifestyle. I get to craft my vacation itinerary. I can design my own shoes online with personal designs, pictures, or logos. How cool is that?
The good thing is I don’t need to rush to the store to search or understand more about what I am looking for. This is the new reality. And I am fast adapting to it. I no longer see a distinction between searching online and hanging out in a mall. The incredible choice and power I have now helps me make the right decisions about my purchases. I find what I need at the best price, whether through a virtual storefront or in a physical shop. Instant gratification!
The Changing Face of Retail
I know I am not alone. Millions of people enjoy the convenience, breadth of choice, and enticing mix of deals through a variety of channels.
According to eMarketer, retail products and services purchased on the internet will rise to 8.8% of the total retail market globally by 2018, up from 5.9% in 2014. Read More »
Tags: Cisco, collaboration, omnichannel, retail
Last week, I had an opportunity to attend an event for small and medium-sized businesses. It was an amazing experience. The business leaders there shared a passion for their solutions and a desire to take their companies to the next level and “make it big”. In a technology-enabled world, the features and functionalities of a product or service typically do not provide a sustainable competitive advantage. It’s certainly possible to grow a company if planned well. So why do only a few small businesses succeed in “making it big”? What differentiates companies and how do certain small companies become large enterprises?
The answer lies in understanding the end-customer behavior of such businesses. Typically, small companies expand based on their initial customers, who become their “brand ambassadors”. This is especially true with social media. Typical buying behavior no longer depends only on a supplier’s marketing activity. It’s largely driven by word-of-mouth from happy or unhappy customers.
Total Customer Experience
Customers engage your business at multiple touchpoints – far more than ever before. And in the end, the total customer experiences across those touchpoints makes them happy or unhappy (Figure 1).
Figure 1 – Connecting the customer journey
The “Total Customer Experience” for a particular customer becomes Read More »
Tags: Cisco Unified Contact Center, collaboration, contact center, customer collaboration, midsize business, omnichannel, small business, smb
It seems like once a week I come across an article about how mobile devices will revolutionize customer care. To some degree, the articles all share a theme: “Make your life simpler with anytime anywhere access to… your bank, insurance provider, even a doctor.
These articles are chock-full of facts and figures. They tell us consumers prefer to access customer care via mobile devices. And they report that companies are in their infancy when it comes to implementing improvements to meet this demand.
(And can you believe it? I’m almost finished with the introduction and I haven’t dropped the most bodacious customer-care buzzword of all: omnichannel!)
So much has been written about omnichannel that I don’t think I can add much more. Other than: As a consumer, I want it! I want the consistent customer care experience that omnichannel promises as I move from one channel to another.
But if I’m being honest, what I really want is a complete end-to-end experience on whatever channel I happen to be on.
My options are limited if I’m logged into my banking app on my iPad and I need live help. I could use my phone and call into a queue, or request a call back, or maybe even start a chat session. But how is this making my life simpler? I still have to re-authenticate myself, maybe go through an IVR process, explain what I’m looking for… You get the picture. Read More »
Tags: Cisco, mobile, omnichannel, remote expert, uberchannel
Hello, everyone! My name is Anne McClelland, and I am the new director for Cisco’s retail and hospitality sales team in the U.S. I’m excited to have the chance to write for Cisco’s retail blog program, and you’ll be hearing from me regularly sharing some insights, musings, and speculations on trends as well as giving you information about Cisco’s resources for the industry.
One of the interesting discussions that I’m having with our customers right now is about the relationship between eCommerce and the physical store, and how this relationship is being significantly redefined. Retailers are wrestling with how to leverage the store to improve online sales (and vice versa) to create a truly omnichannel buying experience for their customers.
To better align these channels, I’m seeing just how much retailers want to do more with consumer analytics. Retail executives are talking to us about their interest in finding new ways to understand who exactly the shoppers are, who is actually coming in their stores (and who is not), why they are or are not responding to promotions, and when they do buy: what was on their list vs. what was incremental to their planned purchases. Retailers are also anxious to better understand and leverage the technology at the edge – at the store entrance, on the end-caps, in aisles, on the shelves, and on the goods themselves.
To make this all this magic happen, retailers find they need to upgrade network infrastructures; those who were not ready for all of these potential edge analytics are now finding themselves feeling a bit “behind the times.” We are hearing that many of our retail and hospitality friends are looking to find creative new ways to light up the aisles and the back office. We are hearing very strategic questions such as, “Do we have too many stores?” “Are we over-invested in inventory and store footprint?” “Is there a way to streamline our operations?” “Can we better integrate online and brick and mortar to gain efficiencies?” Many retailers are integrating online delivery and returns to stores, as well as testing new models such as third-party package-delivery firms. I’ll explore these topics in future blogs.
Meanwhile in the store itself, where the rubber meets the road, how are retailers differentiating today? Where are the crowds of the people congregating? Why are they there? I think of the Apple store in our local mall, I think of the Disney store in Times Square. These stores are literally jammed. Why is this? Why is Apple’s store so jammed? What has the Disney store done to evolve to drive crowds and new business concepts?
Innovation is key: Disney has made a business model around glamorizing the Disney princesses for their customers running “The Disney Princess Store,” including new services, videos, games, products. They have opened up a mega-category that is a logical extension of what their customers love to do… dress up. Why aren’t the department stores similarly jammed? It’s all about innovation; it’s all about thinking deeply about the consumer; it’s about driving brand association and attraction; and it’s about executing on the “theater of retail.”
We’ll be joining Cisco’s partner NCR at the Synergy User Conference, being held June 22-25. I’ll be speaking there on the “Internet of Things: Retail Without Boundaries” and discussing how seemingly futuristic technologies are changing the way retailers interact with their customers – I hope to see you there!
I look forward to getting to know you in person and through this blog in the coming months. In the meantime, I invite you to extend your knowledge by attending our free summer retail webcasts:
- June 16: “Delivering Successful Store-of-the-Future Experiences,” held at 10:00-11:00 am PT/1:00-2:00 pm ET, with Forrester Research’s Adam Silverman on improving store infrastructures and bandwidth. Register today.
- July 14: “Make Your Data Meaningful: New Strategies for In-Store Shopper Experiences,” held at 10:00-11:00 am PT/1:00-2:00 pm ET, on new analytics capabilities for retail environments. Register today.
Feel free to connect with me at firstname.lastname@example.org.
Tags: analytics, Anne McClelland, Cisco, ecommerce, NCR, omnichannel, retail, store, theater
I recently returned from a Financial Services Summit event in China, where I discussed trends in an omnichannel delivery strategy with an audience from 30 banks. A central part of my discussion was the notion that things are not changing, they’ve already changed. Consumers across the globe have a heavy appetite for digital services.
Digital consumers across all age groups are adopting new digital behaviors at a faster pace. For example, it took one European bank 10 years to have 20 million hits per month on their website, but when they introduced their new mobile banking app, it only took 1.5 years to reach 20 million hits per month.
In a recent Internet of Everything (IoE) in Financial Services consumer study conducted by Cisco across 12 countries, we saw that in China, there is a high interest for alternative banking solutions. However, this same group of respondents (72 percent) put the branch as their first preference for opening up an account. We saw similarly high scores across Brazil, India, Russia and Mexico. The U.S. consumers came in at 60 percent.
So, what does this tell us? For one, it tells us that we need to not only evolve our mobile strategy but also see the branch as a valuable asset that is complementary to mobile and still core to any omnichannel banking delivery model.
Yes, the branch still matters. From opening up an account, to applying for a car loan or even a mortgage, there is an educational and personal interaction component to that journey. Consumers often feel that they are not fully equipped to make decisions about financial products and services alone and often seek advice and guidance from a trusted banking specialist. Read More »
Tags: Cisco, customer experience, digital bank, Financial Services, Internet of Everything, IoE, omnichannel, Personalization, remote expert, retail banking, video