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Re-thinking Retail: How to Drive the Loyalty Loop

There are numerous predictions circulating about the future of retail. What will it look like, will e-commerce stick? Here is what we know. Consumers are shopping for apparel, fashion and footwear, and the consumer demand for personalization is on the rise. So how can apparel and footwear retailers re-strategize to leverage the current state of shopper behavior? Focus an objective on driving the loyalty loop

"When you are super focused on what consumers need, and you deliver that promise, you build loyalty."

- William R. Adler, CEO, True Fit

Make Relevance the Goal

Foundational to the loyalty loop is customer relevance. Connecting data allows for a retailer to deliver personalized, simple and relevant experiences to their customers, which directly help foster brand affinity and loyalty. In fact, retailers find that shoppers who have a personalized and relevant experience tend to come back 25% more often, view 2-3 more styles and spend 20% more. Creating a data loop about individual customers becomes key to the strategy.

"The idea of a consumer-centric strategy isn't to say that we are surrounding the consumer; it's recognizing that consumers are very, very different from each other."

- Peter Fader, Professor of Marketing, The Wharton School

Data as the Driver

The value of leveraging data to build relevance is evident, as seen above, and allows for the development of customer relationships that foster brand affinity and loyalty. By marketing the right products to the right shopper at the right time, a shopper will feel as though the retailer can relate to her or him, individually. With solid and reliable data, retailers can adjust strategies for engaging with their customers, and are more likely to maintain relationships. Connected data gives retailers insight into what shoppers are doing more broadly, beyond your brand, and uncovers growth opportunities based on behavior trends.

"You've provided such a great experience that the customer is going to come back. That, in some ways, is perhaps the most important metric."

- Rhonda Textor, Head of Data Science, True Fit

As retailers re-think their strategies, re-engaging with shoppers and delivering relevant experiences driven by connected data are key to cultivating and nurturing a loyal shopper base.

To learn more about driving the loyalty loop from retail industry experts from Forrester, Google Cloud, and The Wharton School, visit here.