The 4th BrandLoyalty Retail Congress shows a clear way to win:
“Customer loyalty is the key to success for retail businesses”
“Winning over hearts and wallets” was the theme of BrandLoyalty’s 4th Retail Loyalty Congress, and immediately identified the key feature of the international retail landscape. The most important conclusion from the congress was that social, economic and technical changes mean that retail businesses have to constantly remain alert in order to win – and keep winning – their customers’ affections.
“The retail sector is truly at a turning point. Businesses need to understand that it’s a case of ‘now or never’. In today’s world, it’s consumer engagement that will overtake productivity as the primary driver of profitable growth,” said Philip Spanton, Managing Director of BrandLoyalty International.
This was therefore exactly what BrandLoyalty’s 4th Retail Loyalty Congress was all about. Held on 25 and 26 September in Amsterdam, it attracted more than 300 clients, suppliers and stakeholders from all over the world. Together, they followed an intensive programme that focused entirely on how they could win over hearts and wallets by using the most effective and advanced customer experience and business intelligence tools available.
The delegates universally agreed on the need to connect with customers in modern and relevant ways. To know what customers want, retailers must start a dialogue, listen to feedback and act on it. Today’s technologies make it possible to communicate with every single customer, use data to actively target specific groups, and quickly discover the way to each person’s heart.
World-famous speakers underlined these points. Andreas Weigend (previously Chief Scientist at Amazon) explained how retailers can mine the gold from data collection. Walter Robb explained how a strong culture and set of values play an essential role in Whole Foods Market’s success. And Clive Humby provided a framework for reacting to the wide range of new data that is set to transform customer engagement.
The speed and number of new developments are having a huge impact on the retail sector. The plastic loyalty cards filling customers’ wallets are fast being replaced by mobile solutions – such as collecting points on your smartphone. Retailers can then use this connection as an opportunity for providing customers with personal, tailor-made offers.
As Philip Spanton pointed out,
“Developing the right customer insights, and delivering the service customers want, means creating the right customer experience through customer intelligence. In other words, winning over hearts and wallets.”