Last week I listened in to the Financial Times webinar “Enhancing the Retail Customer Experience”. There were some interesting conversations about advances in technology, the cost of introducing new technologies and services and the focus for retailers going forward.

My key takeaways were:

• Technology is evolving quickly. The most successful systems are those that are streamlined across all purchasing models (e.g. in store, online via a retailer website or through social media and online marketplaces) and are simple for customers to navigate. It is important to meet customers where they are browsing. For example, younger age groups are more likely to browse on social media and online marketplaces.
• AI is a hot topic, with the ability to improve both efficiency and customer experience. AI isn't going away, so retailers need to start including it in their business models.
• Costs are increasing, including the cost of implementing new technologies. Retailers need to be clear about what their customers want and how they are going to deliver it so that they can prioritise the technologies that will work for them.
• This year customers have been moving back towards shopping in-store. They are looking for an experience. Bricks and mortar are still a key part of retail.
• Customers are becoming less loyal to specific brands and instead shopping around. Focus going forward should be on building and maintaining customer loyalty. Customers want a personalised experience from retailers and the more a customer trusts a brand, the more likely they are to hand over information about themselves so that, for example, deals can be tailored. It is more expensive to acquire a new customer, so retailers that can inspire loyalty from their existing customers will have an advantage.
• It is important that retailers have adequate security to keep their customers' details private, as data collection is becoming more vital in order to personalise customer experiences.