Chapter 5 : strategy 1

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1. Focus On What Really Matters: Customer Experience

The pandemic proved many retail heads wrong. "Consumer preferences are more durable than we thought," says Hoyne. According to a recent Pew Research study, ecommerce sales have leveled out to just above pre-pandemic levels.

As it turns out, in-store experiences aren't going anywhere.

With this in mind, Hoyne suggests companies refocus on the larger, longer-term changes that will influence online shoppers. He points to the lack of continuity in customer experience as a lasting issue facing ecommerce businesses.

"Isn't it concerning when you go to a retail store, buy a product, then go to its online store and that brand has no idea what you purchased?" he asks.

The truth is, people look at brands as brands, not the organizational units that comprise them. Sometimes, a potential customer expects to be recognized by the ecommerce website after an in-store visit. According to Hoyne, the e commerce success will be the one that delivers on this expectation.

Will this require monetization strategies, automation, and additional investments? Certainly, but with one caveat. "The goal is to be 1% higher than your company is today," says Hoyne. "Are these customers 1% more valuable today than the ones you acquired previously? And to do it in a thoughtful and productive way that's good for user experience and the online business."