The key to improving CX is understanding consumer behavior
Providing a good retail experience can help improve customer loyalty and business success. And that’s what every business strives for. Yet, many customers, especially in the retail sector, seem dissatisfied with their retail experience- both online and offline. Call it an experience disconnect— retailers tout the latest technology and snappy displays but don’t focus on or invest in the most meaningful aspects of customer experience management— consumer behavior research.
About the client
The client is a leading Canadian retail conglomerate operating primarily in the food and luxury retail segment. The company also operates a chain of hypermarkets, wholesale department stores, and grocery stores within the food retail segment.
Now’s the time to embrace consumer behavior research to adapt to changing market dynamics and make difficult decisions about your business operations. But how can you thrive amid the rising complexities? Get in touch with us to find out.
Business challenge
Given the dynamic shifts in consumer needs and a rise in Gen Z shoppers, the retailer engaged in eCommerce, e-tail, and wholesale retail through multiple distribution channels to provide the best value merchandise for their customers. Yet, they weren’t able to fully capitalize on the potential of these channels.
By collaborating with Infiniti Research, they wanted to ensure they served their customers’ needs precisely by conducting in-depth consumer behavior research. They wanted to build a strategy to engage customers its digital-first shoppers, based on a detailed understanding of buying behaviors, customer preferences, shopping patterns, and interaction channels using advanced consumer behavior research methodologies.
Request a proposal to see how our expertise in consumer behavior research can help you drive incremental sales growth.
Our approach
Historically, the client relied on assumptions and best practices to analyze customer behavior and provide relevant experiences. They also combined these inferences with direct one-on-one interactions to analyze their shopping patterns and the motivations behind their shopping preferences. Given the rapid changes within the business environment and the consumer landscape, the client could no longer rely on this data to make crucial decisions. Hence, we recommended a two-phased approach to consumer behavior research to help the client achieve their strategic business goals.
The initial phase of this engagement focused on identifying customers’ unmet needs, shopping patterns, and perceptions of current offerings. By conducting interviews, surveys, and discussions, our customer intelligence experts figured out the Gen Z customers comprised a huge chunk of the global customer base. Hence, strategies were implemented to improve branding and customize marketing initiatives to enhance end-user service offerings.
The second phase of customer behavior research revolved around quantifying market perceptions, evaluating the most preferred product features, and introducing new products. The experts at Infiniti performed internal assessments and conducted extensive customer surveys to segment customers by needs, predict their needs and compare performance against competitors, and develop value propositions to stay ahead of the competition.
Given the rapid changes in consumer behaviors, leveraging traditional forms of analysis to a new set of realities will not help retailers succeed. Therefore retailers need a new set of advanced capabilities and comprehensive insights that can help them drive rapid process improvements and growth. Request a brochure to find out how our solutions can help.
Key Findings – Customer Behavior Research
Understanding how your customers think and behave can help you drive your business toward achieving established goals. Consumer behavior research is a widely accepted method that enables businesses to do just this. Whether decisions need to be made about new product launches, pricing, business development strategies, or portfolio expansion, consumer behavior research can help you understand what will most likely resonate with the prospects and guide decision-making. Here’s are a few findings of this research project that helped us gain conclusive insights.
Gen Z isn’t different but their ideologies might be
What matters most to all generations holds true for Gen Z, too. But certain factors matter the most to this set of users, like speed, convenience, and technology adoption. However, convenience tops this list, and the seamless transition from desktop to smartphone to online platforms—is a baseline expectation. And just like others, when Gen Z customers feel appreciated, they are more likely to recommend a brand and make repeat purchases.
Customer experience matters more than ever
Realigning your business goals to reflect what matters to customers is crucial. When customers feel appreciated, companies gain measurable business benefits—including the chance to win more of their customers’ spending dollars.
If your strategy isn’t developed using consumer insights, you’re doing it wrong
Consumer insights play a crucial role in analyzing the purchasing decisions of customers globally. Customers are open to paying more for the experience qualities that matter most to them. And this is primarily because customers find a positive experience with a brand to be more influential than great advertising.
Outcome
By leveraging our industry knowledge and expertise in consumer behavior research the client gained a holistic view of the consumer landscape and the trends impacting the purchase decision of Gen Z shoppers. This in turn helped them devise suitable strategies to target these consumer groups, driving a 3.5x increase in sales and remarkable improvements in customer loyalty.
Work with a global leader in market and customer intelligence
Our dedicated research and customer intelligence teams deliver high-quality methodologies, personalized solutions, and in-depth insights to help clients make informed decisions. Our solutions can help tackle issues arising due to many factors, including –
- Lack of access to market insights
- Inability to scale industry experience and intelligence
- Organizations lack the knowledge and expertise required to drive organization-wide improvements
- Lack of access to trusted and credible sources of market intelligence for decision-making
- Internal teams need market research and strategy support to drive improvements
As shifts in customer behavior become even more entrenched, retailers that step up their efforts are poised to win in the long term. Consumer behavior research plays a crucial role in helping businesses rethink how consumers will discover their products and services, whether they’re coming into your stores to explore carefully curated assortments or they’re engaging with your online offerings. Request more info to learn more about consumer behavior research.
