The bank I mainly use for my daily banking needs does not offer that many examples of great customer experiences. The two reasons why my family continues to use that bank are the high number of ATMs in the area where we live and a very customer-oriented branch advisor. Our most recent interaction with that bank (but not with that advisor) delivered yet another example of “great” customer service across channels, an experience that will likely cause us to look for a new bank. The chances that this yet-to-be-determined bank can offer better cross-channel capabilities at least at some point in the future are not bad at all: Many financial services firms are evolving beyond using just a single channel to get in touch with their customers (see the figure below).
Last week I was thrilled to attend and present at the annual Shop.org event in the great city of Chicago. I attended many great presentations, talked at length with the vendor community, and broke bread with some of my old eComm friends. One observation that was more apparent to me this year is the massive transformation happening in retail. It feels more dynamic than it did at the peak of the dot com boom of the late 90’s. For me there were clear trends emerging:
There is a palpable divide between forward looking retailers and those stuck in second gear. Going after incremental improvements such as checkout funnel analysis and improving page load speeds are still important functions, but these are now table stakes that most digital businesses employ. Forward looking retailers go beyond site optimization and look at advanced analytics, leverage social graph data to better understand their customers, and employ mobile strategies that add contextual relevance rather than simply emulate the website.
Omnichannel is the hottest topic, but it means different things to different people. The reality is most retailers fail to understand the complexity around creating a seamless experience for customers, and often fall back on defining their omnichannel initiatives as simply creating a singular presentation across all touch points. For organizations to truly support the needs of the customer, they need to focus on aligning supply chain, fulfillment, customer service, and operations around the specific needs of the customer. For instance, enabling the store associate to engage digitally-savvy customers requires new training, new technologies that facilitate assisted selling, and new compensation paradigms that reward the associate for driving sales in any touch point.