Decoding the customer journey

  Added:  13/11/2019

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Digital technology has fundamentally changed the relationship between retailers and customers. With new technologies at their disposal, consumers have new expectations. This report, created in collaboration with leading consultancy Retail Economics, is the first in a two-part series which together will explore the motivations, preferences and attitudes of consumers moving forwards. The first report is focused on the ‘Awareness and Research’ stage of the customer journey.

Understanding changing expectations

The research compiles the views of more than 2,000 UK households and 170 corporate retailers/brands in order to fully understand how ‘digital natives’ will shape the dynamic retail landscape of tomorrow.

Watch our 'Decoding the customer journey' video where Philipp Gutzwiller, Managing Director of Retail Coverage at Lloyds Bank Commercial Banking, and Richard Lim, Chief Executive of Retail Economics, discuss some of the key findings.

Mapping the new customer journey

The report investigates how the linear customer journey of decades past has been replaced by a significantly more complex framework.

Brands’ future success will be determined by their ability to provide meaningful customer experiences that seamlessly combine the physical and digital.

For some shoppers, a purely online experience will deliver the ultimate in convenience, price transparency, range and service.

For others, stores may serve as communal meeting places where tech-savvy consumers can emotionally bond with a brand.

Data driven

We explore how the next wave of technological advancement will use Artificial Intelligence to analyse huge quantities of consumer data to tailor personalised experiences to individual consumers.

Much of the technology underpinning this new model is already in the pipeline and the pace of innovation going forward will surely be rapid and remarkable.

For those retailers who fail to keep pace, the future will be far less certain.

Read the full report about Decoding the customer journey

While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.

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While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.