Thousands of retailers gathered this year for eTail East to share their insights and experiences. With hundreds of panels, it’s impossible to catch all of the great talks that happened at the event! We’re sharing one of our favorites, hosted by Lob’s very own Tatiana Afanasyeva.
Customer Experience, Data, & Omnichannel Engagement
Massive online retailers continue to implement new features (both Walmart and Amazon are implementing free one day shipping in 2019), changing the way consumers shop. Customers have acclimated to free shipping and streamlined checkout pages, and expect a similar level of ease from every brand they interact with. While these changes frequently translate to a higher customer LTV, they come with a complicated price tag: how do you create and maintain an efficient and consistent customer experience?
The stakes for retailers is continuously rising, increasing the importance of creating a positive and memorable customer experience. While this can feel like a massive undertaking, its possible to identify actionable steps by looking at the variables that create friction.
The Impact of Bad Address Data
While the majority of customers blame retailers for a poor delivery experience, there are several players involved. Customers provide the delivery information, retailers fulfill and facilitate orders, and couriers ensure the package gets delivered. Since 70% of customers say they won’t shop with a retailer after a bad delivery experience, it has become the retailer’s responsibility to ensure their delivery process is frictionless.
Maintaining a growing address book is a challenge in and of itself— 20% of addresses entered online contain at least one mistake and nearly 20% of the population moves every year. However, there is a massive incentive for retailers to verify their customer’s addresses, sending undeliverable mail costs $20 billion dollars a year. Luckily, address verification software is making poor quality address data a thing of the past.
Increasing Omnichannel Engagements to Deliver Results
Marketers are diversifying the mediums the use while increasing engagement across their customer lifecycles. Extending their lifecycle campaigns beyond acquisition and retention, marketers are able to create new opportunities for engagement that increases their customer LTV.
Lob and Mintel surveyed over 200 marketing leaders to get an understanding of how direct mail is currently being utilized. The study, State of Direct Mail, defines how marketers are updating their direct mail strategies to run successful campaigns, and captures emerging trends for the medium. Over 60% of the marketers that we talked to see direct mail as the channel that gives them their strongest ROI, with over half of them saying they see response rates of 5% or higher across all of their direct mail campaigns. Those rates triple when direct mail is paired with another channel like email.
Click here to download the State of Direct Mail and see what insights you’ll learn.
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