1 in 2 retailers prioritises improving customer experience: report

Retailers are setting their eyes on growing their online presence.

Around 52% of retailers have cited improving customer experience amongst their top strategic priorities, with 53% saying this area was amongst the greatest opportunities for the sector in the next two years.

In a report, insurance firm WTW said that the expansive growth of online retail and the shopping habit changes “have been too much for many businesses.”

“As the pace of change accelerates, future success will depend on gaining a deeper understanding of what customers want, finding new ways to reach and engage

them and deliver on their changing expectations,” the report read.

ALSO READ: Delivering the ultimate retail experience: How tech steers the future of shopping in Asia

WTW added that other opportunities for the sector include new and emerging markets (49%), changing tastes and preferences (46%), data and personalisation (46%), and customers’ need for experiences (46%).

Over 50% of the retailers are also amongst their top priorities, and 52% aim to increase liquidity.

However, WTW said this will be difficult as 45% said rapid technology development presents the greatest obstacles to their objectives, followed by changing tastes and preferences.

WTW surveyed 700 respondents, 200 of whom were from Asia Pacific.