A Customer-Centric Approach to Retail
2 Min Read
The following blog post was written by Roy Erez, Co-Founder and CEO, Loop Commerce, a partner of Corra.
At Shop.org’s Annual Summit 2013, Chief Marketing Officer Miki Berardelli and Senior Vice President of Global Stores Matt Marcotte highlighted Tory Burch’s focus on digital technologies and how they have enhanced the customer experience.
One fashionably forward innovation that Tory Burch has recently implemented is Client Book, an iPad based application for sales associates which aggregates customer data across all channels.
To illustrate Client Book’s ability, Marcotte shared a story where a husband who walked into a store, gives the sales associate his wife’s name, and based on data from Client Book, was able to pick out the perfect gift for his wife.
The wife then returns to the store the next day to find out how her husband ‘got it right’ for the first time in twenty years.
This represents the power of what Marcotte describes as “having access to client data and using it in an intuitive way” – and is in fact, in line with McKinsey & Company’s observations that “big data and analytics have climbed to the top of the corporate agenda”.
Unsurprisingly, Client Book’s initial rollout to its traditional retail stores has resulted in “higher spend, units and loyalty with lower returns”, experiencing a 62 percent higher average order value for customers serviced using the application.
Through actionable data, recipients got what they want, gift-givers feel great because they are giving meaningful gifts, and most importantly, the retailer avoids potential losses whilst making profitable sales.
Tory Burch’s usage of emergent technology to enhance the traditional retail experience shows how a company’s ability to utilize cutting-edge technology can translate into a tangible competitive advantage.
So here’s an interesting thought to mull over – if technology has proven to improve retail performance through new experiences for gift purchasing, wouldn’t you want to embrace innovative gifting technology to make a real impact on your online business as well?
Based in Silicon Valley, CA, Loop Commerce is changing how retailers approach their top e-commerce pain-points by providing an innovative, patent pending shopping and gifting platform that removes the obstacles consumers face when trying to buy a real physical product as a gift. They were recently selected by Forbes as one of 12 companies “moving global commerce forward.