TruRating hit Las Vegas this week for Shoptalk 2024, the annual gathering of retail and CPG leaders. Our CEO Georgina Nelson took to the stage to unveil Open CX, a new, better way to do customer experience. And unlike the old Vegas motto, we’re going to tell-all about what happened there…
In our session on Open CX, we looked at why traditional feedback methods such as email surveys weren’t cutting it. Instead, with POS feedback, simple dashboards, and public profile pages, brands could do CX in a better way. It could be trusted, actionable and impactful – for both consumers and businesses. Hear more in our upcoming webinar
But we didn’t just present, we toured the grounds – and here are our 5 takeaways from the event…
1 – All eyes were on how to collect customer feedback
It’s no longer up for debate: brands need customer feedback to know how they’re doing and continue meeting or exceeding expectations.
But…how to do it? We’ve gone from asking people questions at the exit on paper surveys, to basically doing the same thing but via QR, email or receipt-based surveys.
In George’s session, she explored POS feedback – in other words, capturing feedback at the point of payment, by asking customers just one question from a rotating set.
It’s easy for customers to do, it generates an enormous response rate, and the feedback is more accurate because it’s in-the-moment. As one attendee said to us: “The placement of customer reviews is critical, and I think your idea is spot on”.
2 – Paradox of choice is a source of anxiety for some brands
How to ask for feedback isn’t the only thing brands are nervous or unsure about. They’re also contending with how to streamline shopper journeys, reduce the size of their stores, but keep ATV steady.
But – in attempting to make shopping easier – how do you make sure that the items you delist have a viable substitute?
When we ask customers whether they could get everything they needed in-store, we typically see around 80% of customers say yes.
Another trend we’re seeing is that customers are buying fewer items, but store visits are up overall.
Meaning more customers are visiting multiple stores and spreading their weekly spend.
So, if retailers are going to streamline options then they need to make sure it is the superfluous choices not the essentials that go. Which is only possible with customer insights…
3 – In-store CX is getting demystified with tech
There’s a reason retail brands have struggled to gather those kinds of insights and relied instead on gut feelings and commonly-held beliefs.
Old stores with old infrastructure, and slim profit margins meaning there’s less budget for new tech than ecommerce rivals.
That’s why POS feedback technology turned a lot of heads at this year’s event. It means unleashing the power of an existing piece of tech, rather than having to install anything new.
And on top of that, it’s catching customers at a natural point to give feedback, rather than trying to contact customers post-purchase.
4 – Retail media is having more than a moment – it’s a movement
Session after session focused on retail media networks.
And that’s down to two things: firstly, retailers seeing the huge profit margins of a successful network and wanting in. And on the flipside, CPGs looking to in-store or online advertising filling the gap left behind by flailing traditional channels.
It’s no coincidence that its growth coincides with the rise of better tech to actually measure its impact. POS feedback software means you can ask specific questions about what someone’s bought, which is huge for CPGs to understand the impact of what they’re doing.
Our very own CEO joined other big names in retail media for the selfie of the week…
5 – How to solve a problem like ROI – the perennial question
Death, taxes and talking about ROI when the topic of CX comes up. These are 3 things that will never go away it seems.
But maybe the latter is close to getting cracked.
With POS feedback survey, you get customer opinions tied directly to how much they spent and what they bought.
So you’re halfway there to understanding the financial impact of good or bad experiences.
For example, do customers who get a greeting at the door spend more or less? Now you can find out.
Go one step further and you can track the impact of changes you’ve made by looking at various financial metrics over time. Pretty cool right?
If you want to hear more about Open CX, join our webinar with luxury retailers Fortnum & Mason. Register now
