The focus of retailers has always been to serve their customers well, but it has always been on their terms. This has given retailers scope to improve their bottom lines by using innovative technology to offer consumers more choice, while being able to cut the cost of operating their stores. Many retailers were continuously searching for and implementing cost cutting measures which left the store and the consumer experience secondary to the drive for greater profits. The drive for profits is of course still present in retail but the opportunities to achieve this goal through more than increased sales has changed dramatically.

The adjustment that retailers have had to make in their profitability strategy is to put the consumer at the centre of the decisions that they make. There are primarily three reasons for this shift:

• The personalised experienced offered online because of the detailed data and analytics that these retailers deploy;
• Many of the leading retailers have deployed the technologies that can provide impressive productivity gains and are now seeking more marginal gains; and
• The advent of the empowered consumer and their demands that businesses that deliver exceptional consumer experiences.

Consumers have a voice that is louder than ever before. Social media platforms and product reviews enable consumers to act as the best, or the worst marketing tool that a business can have. Loyalty to any brand or business can be eroded very quickly. The first point of failure could trigger the decision to take their business elsewhere.

The physical store still holds a key part to play in the ability to deliver exceptional customer journeys and experiences. Retailers, regardless of their sales channel of origin, see value in having a physical presence. Amazon, Allbirds (shoes) and Away (luggage) were “pure online” retailers who are now opening brick and mortar stores. They are opening these stores because they recognise the opportunity to enhance the consumer experience through the sensory nature of physical stores.

The evolution of the empowered consumer has shifted the dynamic from B2C to a C2B environment. This C2B environment is one where the consumer dictates the ways that they will transact with businesses. The availability of products, delivery or collection options and the ability to pay however the consumer chooses all play an important role for the demanding consumer and their journey.

Many retailers have focused on one of the last areas that is ripe for cost reduction programs, cash. Some have taken a narrow, single-minded approach without much thought for the consumer experience. There are several examples across the globe of consumer choice, or rather the lack of choice, backfiring on retailers. Some airlines have chosen to go cashless provoking a substantial backlash in the media regarding this decision from an airline in the UK. More importantly, the airline and its food retailing partner are missing out on sales opportunities. And of course, Shake Shack in the US wisely chose to reverse the decision to remove cash from their payment options because of poor customer feedback and their customers’ continuing desire to use cash. Consumers demand choice and the ability to interact with your business on their terms.

The most successful retailers understand that the consumer is more powerful than ever before. They accept that consumer choice is pivotal in their success and creating customer loyalty. Consumers expect an experience that allows them to transact with businesses in a way they choose. From the wide range of check-out methods that are now available to consumers, to delivery choices, to the ability to use a payment type of their choice. The empowered consumer no longer has patience for retailers who want to dictate their experience.

Glory enables retailers to find cost savings and streamline their processes while keeping the customer experience as their focus. Our technology can allow retailers to redeploy staff, have stronger focus on customer service and minimise the pressure of cash handling.