In today’s eCommerce world, the customer holds the majority of the power. They decide what they purchase, where they purchase it and, to some extent, how much they pay for it.
How do eCommerce businesses keep up with changing consumer needs and increasing competition? The short answer? By making the customer the focus of everything they do — also known as a customer-centric strategy.
But what is a customer-centric marketing strategy? And why should you adopt one? We can tell you exactly that.
- What does it mean to be a customer-centric business?
- The importance of customer centricity for eCommerce
- Why do companies struggle to get it right?
- Here’s how online learning can help you grow the skills to become a customer-centric organization
- Why not start upskilling today?
What does it mean to be a customer-centric business?
Customer-centric eCommerce businesses put their customer at the heart of everything they do, designing their whole operation from the customer’s perspective. The goal is to anticipate the customer’s needs and deliver a positive experience so they return again and again.
Apple is notorious for its customer-centric strategy. It’s been wildly successful, with die-hard Apple fans lining up overnight, hoping to get their hands on the most recent iPhone.
“Our whole role in life is to give you something you didn't know you wanted. And then once you get it, you can't imagine your life without it.” Tim Cook, CEO, Apple.
What can we learn from best-in-class examples like this? We believe the most crucial lesson is often overlooked. Customer centricity doesn’t start with a sales model or even a product. It’s about understanding what customers need and how they want to interact with your business.
The importance of customer centricity for eCommerce
Today’s consumers crave convenience, immediacy and simplicity, with more people taking advantage of the flexibility offered by agile eCommerce brands. Online retail sales will reach $6.51 trillion by 2023, with eCommerce websites taking up 22.3% of total retail sales.
Consumers also have more options than ever before — and they’re not afraid to walk away from a brand if they don’t get what they want. One in three customers will leave a trusted brand after one bad experience and 66% of customers expect companies to understand what they need.
Customer centricity is crucial as a long-term strategy to acquire new customers. Customer-centric companies are already seeing multiple benefits, including increased customer lifetime value and reduced churn.
The ultimate reward of a customer-centric strategy is loyalty and retention. And the long-term effects can be staggering. Acquiring new customers can cost up to five times more than keeping existing customers.
Other key benefits of customer centricity include increased revenue, enhanced brand image, customer needs are catered for and it also helps to improve product development.
Even small changes go a long way — increasing customer retention by just 2% has the same effect on profits as cutting costs by 10%.
Why do companies struggle to get it right?
Ultimately, the world we operate in is constantly changing. Customer needs are evolving, shopping habits are changing and digital development progresses daily.
To keep up, organizations need to adopt a continuous development and learning culture to stay ahead of the curve. That way, it’s much easier to meet customer needs.
Our insights team recently researched the top challenges for CPG companies. The research revealed that customer-centricity is one of the top challenges for global CPG companies.
A common goal for CPG companies is to eliminate the structural, cultural, and technological barriers that prevent companies from providing the best customer experience for their consumers.
However, many companies struggle with customer analysis, targeting and personalization, putting the customer in context and achieving brand loyalty across platforms and devices.
Many are overwhelmed with the sheer volume and variety of customer data available. Some don’t have the technology to segment and profile customers to understand their needs. Others lack the digital skills to target them with personalized comms and experiences.
Here’s what they all have in common — they all need to develop their digital skills to build customer-centric solutions.
Here's how online learning can help you grow the skills to become a customer-centric organization
Upskilling marketing teams can help organizations roll out and capitalize on customer-centric marketing strategies. Digital teams should invest in training to help employees get the skills they need to achieve eCommerce success in the future.
Here’s how digital training can advance customer centricity:
- Analytics training will allow employees to capitalize on customer data. Customer data can accurately depict your business from the consumer's perspective. Analytics training can help you understand the insights and develop actionable results.
- eCommerce training can help accelerate your business in many ways. Whether creating an omnichannel experience or developing a strong strategy for growth, eCommerce training can provide you with the right foundations.
- Customer experience training ensures you put your customer relationships front and center. Understand how to nurture trust, incentivize customers and create brand advocates.
Why not start upskilling today?
At Circus Street, we provide digital skills training that empowers enterprises. If you’re interested in upskilling and the benefits it will bring for your organization, then why not enroll your teams in one of our eCommerce courses? We have a range of best in class ecommerce courses to choose from.
The eCommerce learning directory will help you find the right courses for you and your teams. Whether you want to focus more on omnichannel or understand the power Amazon holds, we have the program for you. Download today to start filling your skills gaps.