Decoding the customer journey
Digital technology has fundamentally changed the relationship between retailers and customers. With new technologies at their disposal, consumers have new expectations. This report, created in collaboration with leading consultancy Retail Economics, is the first in a two-part series which together will explore the motivations, preferences and attitudes of consumers moving forwards. The first report is focused on the ‘Awareness and Research’ stage of the customer journey.
Understanding changing expectations
The research compiles the views of more than 2,000 UK households and 170 corporate retailers/brands in order to fully understand how ‘digital natives’ will shape the dynamic retail landscape of tomorrow.
Watch our 'Decoding the customer journey' video where Philipp Gutzwiller, Managing Director of Retail Coverage at Lloyds Bank Commercial Banking, and Richard Lim, Chief Executive of Retail Economics, discuss some of the key findings.
Mapping the new customer journey
The report investigates how the linear customer journey of decades past has been replaced by a significantly more complex framework.
Brands’ future success will be determined by their ability to provide meaningful customer experiences that seamlessly combine the physical and digital.
For some shoppers, a purely online experience will deliver the ultimate in convenience, price transparency, range and service.
For others, stores may serve as communal meeting places where tech-savvy consumers can emotionally bond with a brand.
We explore how the next wave of technological advancement will use Artificial Intelligence to analyse huge quantities of consumer data to tailor personalised experiences to individual consumers.
Much of the technology underpinning this new model is already in the pipeline and the pace of innovation going forward will surely be rapid and remarkable.
For those retailers who fail to keep pace, the future will be far less certain.
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