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Annual Report & Financial Statements 2022

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Annual Report & Financial Statements 2022

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Website Traffic Analysis & Competitive Intelligence | SimilarWeb

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All in One Website Analytics & Competitive Intelligence platform - Compare website traffic and performance, analyze strategies & grow your market share today!

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For my dissertation I am looking at how M&S can increase their retention rate. I am analysing consumer behaviour and why you would decide to shop again at a retailer.

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The Opportunity in Hyper-Personalising Shopping

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The Opportunity in Hyper-Personalising Shopping

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This article first appeared in The State of Fashion: Technology, an in-depth report co-published by BoF and McKinsey & Company.
It's no secret that fashion brands need to make highly personalised customer experience a cornerstone of their digital businesses. Their customers expect nothing less. Consumers have had their personalisation expectations redefined by the likes of Netflix, Spotify and Amazon. Shoppers expect brands to provide them with product choices and experiences that are tailored to their individual preferences. Indeed, 71 percent of global consumers want companies to deliver personalised communications and products, and 76 percent are unhappy when this is not offered.

Not so long ago, a personalised experience in fashion was something only very high-end, luxury shoppers could receive. Luxury boutique associates would lavish attention on key customers, manually recording an individual's personal tastes and shopping habits in notebook after notebook to help them tailor their service. Building a long-lasting rapport with these shoppers was an exclusive, elaborate, not to mention inefficient, exercise.

Fast forward to today and brands are facing a convergence of factors that make personalisation a priority. Declining brand loyalty among customers and increased competition for attention from social media platforms, along with tightening regulations and moves by Apple and Google to modify access to third-party data, are all impacting the ability of brands to connect with customers online. Now more than ever, personalisation can hold the key for brands to capture market share.

Shoppers expect brands to provide them with product choices and experiences that are tailored to their individual preferences.

That said, the fashion industry today generally confines personalisation to marketing recommendations for customer sub-segments, based on past purchases or online browsing history, held back by talent and technology constraints. There's scope to go further. For the first time, businesses have tools that enable them to work with all types of data across channels in real time.

This is evident in e-commerce, where platforms powered by cloud-based technologies could run AI or machine learning algorithms to accelerate the processing and analysis of Big Data on customer behaviour. The result of these analytical capabilities would mean brands are equipped to provide hyper-personalised, one-to-one experiences - similar to those of the sales associate in an exclusive boutique, but available to customers across all fashion segments, from high street to luxury.

Offering hyper personalisation will require companies to reimagine how e-commerce operates. Search-based shopping is likely to shift to the individualised discovery of products and styles offered in the right size and fit. All customers will have a curated experience on their own versions of brand websites and marketplaces, from landing page to payment, akin to their experience on social media feeds. With this, companies will use personalisation technology to build experiences that drive customer engagement and, ultimately, loyalty.

Fashion retailer Zalando has taken steps towards this vision. It uses data analytics to offer its customers millions of tailored "Zalando interfaces." By incorporating preferences into its algorithm, product displays are automatically tailored to each customer, from size to their favourite brands. The retailer is also exploring 3D body scanning technology to enhance size and fit selections.

Another company embracing this opportunity is The Yes. The fashion marketplace has built an extensive product taxonomy while also deploying machine learning and computer vision to synthesise hundreds of data points for each product. The algorithm then translates shopper preferences into a personalised exploration feed.

Meanwhile, styling service Stitch Fix tailors products to customers' tastes and needs and uses a discovery tool called "style shuffle" to help users indicate designers they like. Fast-fashion player Shein offers each customer a scrollable feed of products powered by a real-time recommendation algorithm informed by myriad data points across social media and other channels.

Offering hyper personalisation will require companies to reimagine the way that fashion e-commerce operates across platforms - a potentially complex, fast-evolving challenge.

Accelerating first-party data collection
Looking ahead in the luxury segment, hyper personalisation is set to also play out in physical stores. Store associates can leverage first-party data to provide customers with a unique experience no matter which store they enter, taking in-store clienteling to the next level. What's more, as technologies advance, it is feasible that brands will be able to create digital wardrobes for each customer along with personalised styling recommendations.
Creating a 360-degree customer view
Offering hyper personalisation will require companies to reimagine the way that fashion e-commerce operates across platforms - a potentially complex, fast-evolving challenge that can overwhelm brands. This can be managed by:
Aligning the 'human touch' and AI

Challenge: Changes to data privacy laws and restrictions on third-party data collection in various jurisdictions have rendered data management platforms and third-party cookies less relevant.

Solution: Brands need to maximise their first-party data collection to enable personalisation across platforms and channels. This can happen, for example, through loyalty programmes that help identify and link customer purchases online and offline. In-store apps can also track offline browsing behaviour, and brands can create campaigns that collect data in exchange for loyalty points or discounts. In these efforts, brands need to be mindful of adhering to data privacy regulations (e.g. GDPR in Europe).

Scaling personalisation solutions

Challenge: When shopping for fashion, customers can generate a vast amount of data across channels and platforms - ranging from location data to website or app engagement time. This data tends to be unstructured, in multiple formats and scattered across different databases. In isolation, this provides little or no insight.

Solution: Brands need to establish a complete customer profile connected to a unique ID across data sources and channels. A customer data platform is needed to host all data assets and consolidate the customer view, as are rigorous data standardisation and cleaning processes. The result is brands could create a single dataset that joins up customer preferences and behaviours at a granular level across platforms, channels and product categories. For retailers, this could also span data from different brands. Companies should consult current data legislation when creating these customer profiles.

Challenge: Fashion customer behaviour can be difficult to predict, not least because of fashion's rapid trend cycles and the low levels of repeat purchasing among individual shoppers. Furthermore, a stand-alone personalised algorithm might not align with a brand's strategic priorities without human intervention.

Solution: Players need to develop advanced AI models, such as those that display products and photo styles best suited to the individual customer, or models that use advanced size and fit algorithms. These models should incorporate behavioural data, such as login time and add-to-cart behaviours, along with nuances relating to the brand's market and segment positioning.

Challenge: A significant platform upgrade is required to deliver sophisticated, hyper-personalised e-commerce content, which is informed by thousands of data points and delivered across multiple channels with ultra-fast loading times.

Solution: A company's portfolio of design and distribution tools needs to include content management systems that can standardise, centralise and distribute digital elements to support marketing alongside content delivery networks that help deliver thousands of unique landing and content pages. Their portfolio should also include an e-commerce platform for their website and app, so that brands can deliver personalisation to every customer across all journeys.

A priority for executives should be to establish hyper personalisation as a core competency. Brands will need to invest strategically across all their data and analytics activations, from collection to cross-channel implementation. In many cases, this will mean setting up a dedicated cross-functional team, comprising product managers, marketing domain experts, software engineers and data scientists. Brands that set themselves up to win will hone their ability to deliver intelligent, targeted marketing and e-commerce solutions for every customer.

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The Opportunity in Hyper-Personalising Shopping

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This article first appeared in The State of Fashion: Technology , an in-depth report co-published by BoF and McKinsey & Company. It's no secret that fashion brands need to make highly personalised customer experience a cornerstone of their digital businesses. Their customers expect nothing less.

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The impact of social media marketing on brand loyalty

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The impact of social media marketing on brand loyalty

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The Effects of Customer Satisfaction,Relationship CommitmentDimensions, and Triggers onCustomer Retention

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The Effects of Customer Satisfaction,Relationship CommitmentDimensions, and Triggers onCustomer Retention

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*What factor would encourage you to shop the second time?

Customer satisfaction

Affective commitment - or more emotional, factor that develops through the degree of reciprocity or personal involvement that a customer has with a company, which results in a higher level of trust and commitment

calculated commitment - is the colder, or more rational, economic-based dependence on product benefits due to a lack of choice or switching cost

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Customer retention: A usagesegmentation and customervalue approach

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Customer retention: A usagesegmentation and customervalue approach

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TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES REPORT

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TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES REPORT

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(great for benchmarking table)

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Sparks Promotion Opportunity - short[30]

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Refer to screenshots saved on computer for more details

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Refer to screenshots saved on computer for more details

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Ecommerce Market Data for the Fashion Clothing & Accessories market June 2022

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Ecommerce Market Data for the Fashion Clothing & Accessories market June 2022

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Ecommerce Data for June 2022

June 2022 Ecommerce sales declined by 11.79% YOY continuing the ecommerce trend of Q1 2022 and the negative growth rate tied in with a lockdown in Q1 2021. However looking back on June 2022, sales growth is beginning to improve.

Ecommerce Gross Profits falling & Ecommerce costs of Sales stabilising in June 2022

CPA% (%eCOS the percentage cost paid directly to marketing channels) was 8.22% and overall business overheads for businesses have also been significantly higher than 2021.

June 2022 average ecommerce conversion rates increased slightly YOY from 1.75% to 1.77%. This increase was in line with expectations as the market settles after the pandemic.

Sales through mobile channels continue to increase as a percentage of revenue share to 54%, but this varies by market and customer segmentation. The average ecommerce order value was £95.54 - which is 15.78% up on June 2021.

IRP's 2022 prediction of Q1 having a 30% negative YOY growth rate is proving correct. IRP's expectation in Q2 was that revenues would begin to recover in May/June We are beginning to see that recovery in growth and Q3 will be first time in 2022 with a positive YOY growth rate.

IRP Definitions & Calculations

All figures shown include VAT (Tax). Growth figures, if positive, are coloured green; if negative they are coloured red.

For consistency, this convention applies also to Cost Per Acquisition figures. Growth figures are calculated using the formula: (Difference between Most Recent Month & Earlier Month / Earlier Month) * 100. The formulae are applied to the underlying data and then rounded off; thus re-applying the formulae to the rounded off figures may produce very slightly different figures.

Sales Forecasts
These are based on machine learning to calculate what the Growth YOY is for the current month and year. These are updated every 30 minutes based on Live IRP Market Data.

Sales Growth
This is the percentage difference (positive or negative) between the Total Revenue (£) for the selected months. Monthly monetary values are not shown.

Cost Per Acquisition
This indicates how much it costs in terms of marketing spend to acquire sales, expressed as a percentage. For each month, the CPA% is calculated using the formula: Total Marketing Cost / Total Revenue (£) * 100. It can be thought of as the ecommerce cost of sale.

Conversion Rate
The Conversion Rate is the number of buyers by session - and is calculated using the formula: Total Transactions / Total Sessions * 100. Note that sessions are used in this calculation and not visitors. So if a visitor comes back 3 times it is 3 sessions - this lowers conversion rate but is the most consistent measurement to use.

Average Order Value
This is defined as the average monetary value of all orders in a single month. For each month, the AOV is calculated using the formula: Total Revenue (£) / Number of Orders.

Average Sale Price of Item
This is defined as the average price that products are sold for within a particular market or across all markets. For each month, the Average Sale Price is calculated using the formula: Total Revenue (£) / Number of Units Sold.

Traffic Channels
The pie chart shows the percentage contribution made by individual traffic channels to overall sales. The figures are calculated using the formula: Revenue from Traffic Channel (£) / Total Revenue (£) * 100.

* The ecommerce market data information is provided as is and is free to use provided the source is cited. On citation please reference IRP Commerce as the source.

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fashion clothing & accessories market data

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Ecommerce Market Data and Ecommerce Benchmarks for the Fashion Clothing & Accessories Market for June 2022

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June 2022 Ecommerce sales declined by 11.79% YOY continuing the ecommerce trend of Q1 2022 and the negative growth rate tied in with a lockdown in Q1 2021. However looking back on June 2022, sales growth is beginning to improve.

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Why People Subscribe and Unsubscribe from Email Newsletters

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Why People Subscribe and Unsubscribe from Email Newsletters

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You've been there yourself - sooner or later when visiting a company's website, a sign-up form pops up, asking you to subscribe to an email newsletter. What will motivate you to do so? Take a moment to read some interesting insights on what drives people to subscribe and unsubscribe from email newsletters.
The question of how to get people to subscribe to email newsletters and prevent them from unsubscribing haunts email marketers. GetData, the research arm of GetApp, have conducted some interesting research on what motivates people to subscribe and unsubscribe from email newsletters . Read on to find. Read on to find out what entices people and what puts them off.

I (un)Willingly Subscribe To Your Newsletter...

Even after all the yammering about "opt-ins", "confirmed opt-ins" and "double opt-ins", GetData research shows that almost a quarter of email newsletter subscriptions (24.8%) are the result of auto-subscription. This means that a significant number of subscribers are added to email lists without their explicit permission when, for example, downloading a file or sending a support email.

Still, the majority of people subscribe to email newsletters willingly, guided by a need or interest. So, what are these people looking for?

What are the reasons people subscribe to your email list?

1. Deals and special offers.

22.6% of subscribers cite this as a reason for subscribing to email newsletters. Interestingly, it's the most common reason among women (26.8%), but only the fourth most common reason among men (20.1%). What conclusions can we draw from this? If your business provides special offers and deals, make it known to potential subscribers. Put it on the call to action buttons in sign-up forms and state it in the newsletter description. Let people know that by subscribing to your email newsletter they are joining an exclusive group of people that receive special treatment.

Observe how WordPress motivates subscription to their newsletter.

2. News updates.

Receiving news updates is the third most cited reason for subscribing to email newsletters, with 21.4% of the respondents naming this as a basis for their subscription. Similarly, as with "deals and special offers", emphasize in your sign-up forms that by signing up, the client will remain in the loop and will receive updates regularly. One of email marketing's best practices is letting people know how regularly they will receive newsletters; as such, include information on newsletter frequency in the sign-up forms (daily, weekly, monthly).

The above is also our strategy here at Mailigen. We offer tips, tricks, and expert advice to our newsletter subscribers.

3. Interesting articles or content.

There's no faking it - people recognize great content when they see it. The good news is that there's no universal agreement on what's "great". Do you know what passes as "great" content in your industry? Get to know your target audience and find out what kind of content they are looking for. You can do this by asking your subscribers to fill out questionnaires or by tracking engagement on your website and social networks to see what people are interested in - what they read, what they share and what they like. Segment your email list and tailor its content, so that it caters to the varying needs and interests of your subscribers.

Here's a great example of Unbounce inviting individuals to sign up for their newsletter.

4. Gain access to restricted content.

Only 7.6% of respondents cited this as a reason for signing up to newsletters. It appears that this dangling carrot might not seem so tempting after all. This does not mean you should dispose of this tactic for good; however, if this is the main selling point of your email newsletter, reassess your email list building strategy.

For example, ContentVerve offers a free ebook in exchange for the user's email address.

...'Til Needy Emails, Irrelevant Content and Spam Do Us Part

Unsubscribers are inevitable. Accept it. The email newsletter might not meet someone's expectations or it might lose relevance to the individual, etc. Don't let it hurt your feelings; instead, strive to do better. Avoiding common subscriber irritants is a good start.

What are the reasons people unsubscribe from your email list?

Below are some of the most common reasons for unsubscribing, according to GetData.

1. Too many emails.

Yes. Surprise, surprise - people don't want to be showered with emails. This is by far the most common reason for unsubscribing from an email newsletter, according to 46.4% subscribers. It's difficult to find an email frequency sweet-spot and you're only likely to find it through trial and error. The first trick is to inform people about what are they signing up for - will this be daily, weekly or monthly newsletters? The second more important trick is to send relevant emails. Don't send emails just for the sake of sending an email. Send emails when you have something worthwhile to say and share.

2. Looks like spam.

This is the second most popular reason for unsubscribing (17.2%). There's a checklist of actions you can take to make sure your email newsletters don't look like spam.

3. Avoid spammy words and long subject lines.

Words like FREE, DISCOUNT, EARN MONEY, 100% FREE, 50% OFF, ACT NOW, READ THIS should be avoided at all cost. If they don't trigger the spam filters, they will trigger that little, suspicious voice in the subscriber's head that says "this doesn't look good..."

4. Avoid that spammy look.

You know - large images, having the email as one big image - that look. The golden rule is to have a 50/50 or 60/40 text to image ratio in email newsletters.

5. Irrelevant content.

Irrelevant content is cited by 15.8% of subscribers as the reason for unsubscribing from email newsletters. Fair enough. Polish your content to stay up to speed with what your subscribers need, what they are interested in and what they should be interested in. Content relevancy is also related to subscriber segmentation. In fact, " not tailored to preference" is another common reason for unsubscribing, according to 7.2% of subscribers. Segment your email lists and send out specially tailored and personalized emails to provide subscribers with the value they seek.

6. Too much and too little content.

The length of content serves as a reason for unsubscribing to a handful of subscribers (4.3%); therefore, pay attention to how your content is packaged and presented to your subscribers.

7. The reader has moved on.

The content of your emails may, in time, become irrelevant to your subscribers' passions. In other words, they have lost interest. There are many reasons for this.

For example, imaging your email list helps people with tips on how to lose weight. Now, many people may sign up to find out how they can be helped. However, eventually, the weight will come off and you will have to keep them engaged in a different way. Failing to do so will lead to unsubscribes.

Same goes for people who are looking to buy something specific. Maybe your emails are promoting exclusive winter jackets for men. Eventually, if your campaign is successful, the readers will opt to buy one of the jackets you are showing them. However, now you have to turn your customer into a fan, by keeping him engaged to your list. His interest has changed since his goal is achieved and there is a high possibility that further emails about your jackets may be seen as spammy.

8. Unaware they were subscribing.

Finally, 7.2% subscribers name the fact that they didn't know that they were subscribing as a reason to unsubscribe. Observe email list building best practices, such as confirmed and double opt-in subscriptions and clearly stating the purpose of sign-up forms to avoid such unsubscriptions as much as possible. Remember, if someone does not want to receive your emails, it's better that they unsubscribe than report your email newsletter as spam.

What are the most common mistakes that people make when gathering subscribers?

There are some particular patterns (or traps, so to say) that email marketing beginners often follow, only to see their efforts fail and the future campaigns bring weak results:

1. No content on the page that gathers subscribers.

If you have a website that has an e-mail newsletter, make sure you should have at least some good five pages of relevant content. No content on the page will have a negative effect, scaring the visitors away.

2. The visitor has no idea how regularly the emails will be sent.

The visitor has become interested in your web page but there isn't even a slight mention of how often they'll receive your emails after subscribing. And, as we mentioned above, too many emails can be harmful to your list's growth.

3. The subscription form is invisible.

It is a good idea to have the subscription form in a clearly visible region of your website, inviting visitors to subscribe.

4. Make a sound statement that you will only deliver relevant information.

To eventually convert your emails to sales, you must generate a feeling of trust, and what could be better than having it right off the bat? Relevant content builds trust, irrelevant content diminishes it.

Keeping Up With the Break-Ups

According to a 2014 Silverpop Email Marketing Metrics Benchmark Study, the average unsubscribe rate is around 0.1438%. Our Mailigen stats show that the average unsubscribe rate is 0.2%. Sound about right?

Stay updated with your own email newsletter unsubscribe statistics by checking out the Unsubscribe Statistics section in the email campaign reports in your Mailigen account, where you will be able to see how many of your subscribers have unsubscribed.

Find out the reasons why people unsubscribe from email newsletters simply by asking them. By default, Mailigen email marketing software has an unsubscribe form with a comment box, where unsubscribers can explain their reasons for doing so. Additionally, in your Mailigen account, you can customize the unsubscribe form, as well as the email and success page with your final farewell message and laments. To do so, go to Contacts - Web Signup Forms and choose Forms in the Resource drop-down menu.

Now that you know why people subscribe and unsubscribe from email newsletters, take action to improve your email list building and subscriber retention strategies! Touch up those sign-up forms, polish that content and segment, segment, segment!

Why People Subscribe and Unsubscribe from Email Newsletters

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Why People Subscribe and Unsubscribe from Email Newsletters

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You've been there yourself - sooner or later when visiting a company's website, a sign-up form pops up, asking you to subscribe to an email newsletter. What will motivate you to do so? Take a moment to read some interesting insights on what drives people to subscribe and unsubscribe from email newsletters.

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The world's consumers reveal what keeps them coming back

What inspires consumers' loyalty? How do organizations earn and keep customers' loyalty? In this hyper competitive world, consumer and retail companies need to appeal to their customer's hearts as well as their minds and wallets.

KPMG's survey of 18,520 consumers from more than 20 countries explores the truth about customer loyalty and how brands and retailers can attract and retain customer loyalty through enhancing customer loyalty programs.

How do customers define loyalty?

Customer loyalty is alive and well but digital disruption and new generational influences show that the nature of loyalty is changing. Overall, only 37 percent of respondents identified points and rewards as one of the most effective ways to secure their brand loyalty. In almost every country, points and rewards were less likely to earn loyalty than corporate transparency and honesty. Customer loyalty is too critical to be left to a customer loyalty program.

When a customer is loyal to a brand:

- 86 percent will recommend a company to friends and family

- 66 percent are likely to write a positive online review after a good experience

- 46 percent will remain loyal even after a bad experience

What inspires loyalty?

Do their loyalty programs truly reflect what matters most to their customers? The truth about customer loyalty survey, 74 percent of consumers said product quality inspired loyalty, 66 percent value for money and 56 percent customer service. Could it be that, as brands and retailers develop their customer loyalty propositions, they are making life too complicated for consumers - and for themselves?

If you're trying to build brand loyalty today, an emotional connection is no longer a nice-to-have, it's a need-to-have.

René Vader
Global Sector Leader, Consumer & Retail
KPMG International

The paradox of personalization

The industry consensus is that most consumers want personalization but this survey suggests that there is a gap between rhetoric and reality. Only one in five consumers globally saw personalization - be it in terms of service, communication, promotions and offers - as a leading benefit of loyalty programs.

Truly personalized offers can cut through the clutter. In this context, relevance drives revenue.

The value that consumers place on personalized offers from their loyalty programs varies by country. Although Europeans in Italy (20 percent), France (16 percent), Belgium (16 percent) and Spain (15 percent) were among the respondents most likely to value personalized offers, Germans were among the least likely, and likewise were the most likely (28 percent) to say that behavior tracking was a key deterrent to joining loyalty programs at all.

The drive for personalization is likely to come into conflict with public concerns about - and regulators' growing interest in - data privacy. Germany is not alone in their aversion to having purchase behavior tracked - this concern is also relatively high in mainland China and Hong Kong (23 and 29 percent), Canada, and the UK (both 20 percent).

The truth about Millennials

Millennials - too often described as fickle, narcissistic or entitled - have been studied more intensely than any other previous generation. Yet the survey challenges many of these fashionable stereotypes.

- More than six out of ten Millennials say they prefer to donate their loyalty rewards to a good cause than redeem them personally vs. 40 percent of Baby Boomers.

- 69 percent of Millennials say loyalty programs are difficult to join and to earn rewards vs. 49 percent of Baby Boomers.

- One in seven Millennials do not belong to any program. Of those who do, 81 percent say their membership increases their spend with the company concerned - compared to just 66 percent of Baby Boomers.

Transparency, sustainability and innovation have a strong influence on loyalty, especially among Millennials and Generation Z consumers. These demographic groups are also more likely to be swayed by positive online reviews, influencers and social media.

Millennials are seen as having a sense of entitlement but this is a misunderstanding. They like to use technology to do things 'smart' and this is now available, encouraging them to try out new things.

Tom Herbert
Director of KPMG Innovation Lab
KPMG in the US

Four customer loyalty program enhancements

According to Paul Martin, Head of Retail, KPMG in the UK, there are five varieties of loyalty programs. All of these coexist in the consumer and retail sector, yet, for Martin, the direction of travel is clear: "If major brands and retailers are to successfully reinvent their loyalty schemes, they will want to be offering, directly or indirectly, privilege loyalty programs with personalized and customized offers."

In The truth about customer loyalty survey, 96 percent of respondents agreed that customer loyalty programs can be improved and 75 percent of all consumers say they would switch brands for a better loyalty program. Those views and the fact that 59 percent of consumers who have signed up for loyalty programs do not use them to shop every week is vivid proof that brands and retailers have work to do when it comes to customer retention.

Our survey data suggests that however brands and retailers refine their customer loyalty proposition, they should consider four factors in particular.

1. Make loyalty programs easier to use: Lengthy registration processes, rules and conditions that are not always adequately explained (and often change), technical difficulties with redeeming awards are all likely to deter customers from making the most of these programs and diminish the company's return on investment.

2. Clarify their purpose: It is not uncommon for customers to forget they have enrolled in a program, lose track of the points they have accumulated and conclude, often on the basis of boredom or ignorance, that the rewards on offer are unexciting.

3. Raise awareness: More than one in three consumers who do not belong to any loyalty programs say it is because they are not aware of any. Of those, many are unlikely to ever join because they are wary of their privacy or simply don't believe in them but some may not even be aware of a company's program.

4. Freshen them up: True loyalty is defined by empathy and emotional engagement, so an effective new reward might be to donate to a good cause, offer an exclusive experience or an unexpected offer.

Loyalty programs need to be consistent, but we know that consumers like novelty. A good loyalty program can introduce new and different benefits that excite customers at a reasonable cost.

Katherine Black
Strategy Principal
KPMG in the US

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The world's consumers reveal what keeps them coming back What inspires consumers' loyalty? How do organizations earn and keep customers' loyalty? In this hyper competitive world, consumer and retail companies need to appeal to their customer's hearts as well as their minds and wallets.

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Ultimate Guide to Email Marketing for Business

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Ultimate Guide to Email Marketing for Business

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Ultimate Guide to Email Marketing for Business

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Send Better Email. Build a Better Business. With more than 2.6 million email messages sent every second, it’s becoming harder to stand out in inboxes—not to mention in a sea of spam, which accounts for 67 percent of those emails. Marketing and strategic branding expert Susan Gunelius gives you the…

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85% of consumers favour apps over mobile websites

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85% of consumers favour apps over mobile websites

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How to Stop Customer Turnover, Improve Retention and Get Lucrative, Long-Term Loyalty

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📖[PDF] Keep Your Customers by Ali Cudby | Perlego

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Start reading 📖 Keep Your Customers for free online and get access to an unlimited library of academic and non-fiction books on Perlego.

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Consumer Behavior, Customer Experience and The 7Es

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📖[PDF] Experiential Marketing by Wided Batat | Perlego

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Start reading 📖 Experiential Marketing for free online and get access to an unlimited library of academic and non-fiction books on Perlego.

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Bloomsbury fashion central - Creating the Right Relationships With Fashion Customers

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Bloomsbury fashion central - Creating the Right Relationships With Fashion Customers

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STP triangle - look into this when brainstorming DM strategies

Perceptual map - Might help identify key categories and areas of focus as well as identifying segmentation within categories.

This can also help identify frequency of purchases

CRM -

P/V = PC

where P = price, V = value, and PC = perceived cost

to consumerThe term customer retention management refers to consistently coordinating these important areas of the customer experience when delivering products or services in order to improve customer retention—keeping loyal customers loyal—and lead to business growth.

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📖[PDF] Email Marketing Tips by Avneet Kumar Singla | Perlego

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Start reading 📖 Email Marketing Tips for free online and get access to an unlimited library of academic and non-fiction books on Perlego.

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Ecommerce email benchmarks by industry by quarter | Klaviyo Resources

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Are you keeping pace with your competitors? Use Klaviyo’s email marketing benchmarks from Q1 22 to compare, improve and more.

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Brexit

Pandemic

Ukraine invasion

Hyper-active government - expect increase in tax on profit and employment

New regulatory pressure on food content and store layout (research the specifics)

“In the next 8 months we expect the strongest reduction in consumer income for decades”

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Think with google : Ask a researcher: Here’s what people really think about online privacy 

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Think with google : Ask a researcher: Here’s what people really think about online privacy 

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People are happy to offer their data if the company offer;

1. Offering something of monetary value

2. Saving time

3. Showing up in the right moments

4. Providing information that can be educational/ entertaining

People want to feel in control - relationship with data manageable

(Look into the demographic and how they may feel about data privacy)

Meaningful Manageable Memorable

“When people felt in control of their data they felt that ads from a brand were twice as relevant and they felt 3 times as emotionally positive about them”

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The following license files are associated with this item: Except where otherwise noted, this item's license is described as Attribution 3.0 United States All items in PEARL are protected by copyright law. Author manuscripts deposited to comply with open access mandates are made available in accordance with publisher policies.

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The Value of Keeping the Right Customers

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The Value of Keeping the Right Customers

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Depending on which study you believe, and what industry you're in, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one. It makes sense: you don't have to spend time and resources going out and finding a new client - you just have to keep the one you have happy. If you're not convinced that retaining customers is so valuable, consider research done by Frederick Reichheld of Bain & Company (the inventor of the net promoter score) that shows increasing customer retention rates by 5% increases profits by 25% to 95%.

The bottom line: keeping the right customers is valuable. One of the key metrics in understanding whether your company is retaining customers is customer churn rate. But what exactly is that? And how to do companies use it?

To better understand this key marketing concept, I talked with Jill Avery, a senior lecturer at Harvard Business School and an author of HBR's Go To Market Tools.
What is customer churn rate?
"Customer churn rate is a metric that measures the percentage of customers who end their relationship with a company in a particular period," says Avery. Typically the churn rate is measured by month, quarter, or year, depending on the industry and the product you're selling. An annual rate is the default for most companies but any company that prices product on a monthly basis - think mobile phone service providers, gyms, and software as a service companies - looks at customer churn rate by month. Some other firms - those who have a faster churn rate or for whom losing customers is a big issue - will also look at it monthly.

Avery says that many executives prefer to monitor and report churn rate's opposite: retention rate, or how many customers stay. Whether you prefer to look on the bright side or mourn your losses doesn't matter - both figures look at the same thing. And Avery says she is seeing churn used more often these days.

It's not just marketers who look at churn, however. Many investors will use the metric to evaluate the underlying health of a firm. The higher the churn rate, the more they question the company's viability.
How do companies typically use it?
"If I'm interested in keeping customers, I'm interested in understanding how many leave and the underlying reasons why they are ending their relationship with me," says Avery. Changes in a company's churn rate could be a signal that something is working well (if the number goes down) or needs addressing (if the number goes up). The idea is that when you know that more customers or subscribers are cutting ties with your firm, you can work to adjust your marketing strategy or customer service approach. "Looking at churn rates by customer segment illuminates which types of customers are at risk and which may require an intervention. It's a nice simple metric that tells us a lot about when and how to interact with customers," says Avery.

Marketing managers will typically look at churn rate at a segment level - how many of our 18-25 year old customers left this month, for example. But sophisticated, data-rich firms are also starting to look at the number on an individual customer level. In fact, the rise of big data is making it possible for firms to act more expediently and precisely on churn rates. "I've seen a lot of firms use churn rate to not only understand what happened in the last period, but also to predict what's going to happen in the next."

Avery points to HubSpot, a Boston-based firm that provides "inbound marketing" software tools to small and medium-sized businesses to attract prospective customers to their websites, as one of the more "sophisticated churn managers". The company's software is available to customers through the cloud so it is able to track real-time customer usage of its tools and features. "Churn is really important to their profitability as a software-as-a-service business so the firm takes it seriously. When the economy crashed in 2008 and the company's churn rate shot up, HubSpot delved deep into its churn data to see what it could find out about which customers were more likely to leave and when. Using that analysis, the firm targeted customers they suspected might cancel and offered services, like extra training on particular features, to convince them to stay. "They worked to eliminate road blocks to usage so that customers could unlock the value of the product," says Avery.
How do you calculate it?
Since churn rate is simply the percent of customers who end their relationship with your company in a given period, calculating it is pretty straightforward. You take the total number of customers who left your company during that period divided by total customers at the beginning of the period. As you can see, this is a lagging indicator, meaning you can only look at what's happened, which is one of the metric's downsides.
What are common mistakes managers make when using it?
Avery says that there are four mistakes companies make when looking at their customer churn rate. The first is "taking churn rate as a given rather than as an opportunity," she says. Jonah Lopin, HubSpot's vice president of services, summed up this problem well in Avery's HBS case on the company's development of a Customer Happiness Index: "By the time you see an increase in your churn rate it is six or eight months after the point in time when you actually failed the customer. If churn is your only measure of customer happiness, then you're always six months too late to influence your future." HubSpot and many other firms have developed analytics and accompanying metrics to predict who is going to leave. "The most innovative firms are using churn rate analysis as an opportunity to get ahead of losing customers rather than just accept it," says Avery.

The second mistake that companies make is to look at churn as simply a number or metric rather than as an indicator of behavior. The questions managers should be asking themselves are: What are we as a company doing to cause customer turnover? What are our customers doing that's contributing to their leaving? How can we better manage our customer relationships to make sure it doesn't happen? Dissecting what's behind the number will help you determine what to do to change it.

Third, many marketers believe there is a magic number. "The truth is that what's acceptable varies widely by business model and is largely dependent on how quickly and efficiently a company can acquire customers and how profitable customers are in the short and long term. Some business models thrive despite high churn rates and others rely on low," says Avery. Instead of fixating on a certain number, the best managers look at what their churn was last year and ask themselves how they can do better. "It's really a metric that shows how well you're managing your customer relationships, and you can usually always improve your performance in that area."

The final mistake is not seeing that often a high churn rate is the result of poor customer acquisition efforts. "Many firms are attracting the wrong kinds of customers. We see this in industries that promote price heavily up front. They attract deal seekers who then leave quickly when they find a better deal with another company," she says. This was the problem many pointed out with Groupon's business model. Those deals may have helped companies bring on new customers, but they were typically high-churning customers who didn't stick around to make another purchase when a heavy discount wasn't offered.

Before you assume you have a retention problem, consider whether you have an acquisition problem instead. "Think about the customers you want to serve up front and focus on acquiring the right customers. The goal is to bring in and keep customers who you can provide value to and who are valuable to you," says Avery.

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The Value of Keeping the Right Customers

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Depending on which study you believe, and what industry you're in, acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one. It makes sense: you don't have to spend time and resources going out and finding a new client - you just have to keep the one you have happy.

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It uses data analytics to offer its customers millions of tailored “Zalando interfaces.” By incorporating preferences into its algorithm, product displays are automatically tailored to each customer, from size to their favourite brands. The retailer is also exploring 3D body scanning technology to enhance size and fit selections.

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The Yes. The fashion marketplace has built an extensive product taxonomy while also deploying machine learning and computer vision to synthesise hundreds of data points for each product. The algorithm then translates shopper preferences into a personalised exploration feed.

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Are loyalty program members really engaged? Measuring customerengagement with loyalty programs

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Are loyalty program members really engaged? Measuring customerengagement with loyalty programs

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Corporation Tax Rate Increase in 2023 from 19% to 25%

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Corporation Tax Rate Increase in 2023 from 19% to 25%

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19/03/2022 - 5 minutes read
Corporation tax rate increase from April 2023 will result in the return of the small profit rate and main rate of corporation tax.
Once the corporation tax rate increase takes effect, the applicable corporation tax rates will be 19% and 25%. Businesses with profits of £50,000 or below would still only have to pay 19% under small profit rate.

As a result of the corporation tax rate increase, the full rate of 25% will be applicable to businesses making profits of over £250,000. Businesses earning profits between £50,000 to £250,000 will be able to claim marginal relief which was long forgotten about a decade ago.

As per the proposal for corporation tax rate increase, new corporation tax rates will be:

What is Marginal Relief

Marginal Relief provides a gradual increase in corporation tax rate between the small profits rate and the main rate.

This applies where the profits of a company for an accounting period exceed a 'lower limit' but do not exceed an 'upper limit'.

Who can claim Marginal Relief due to corporation tax rate increase

Your company or organisation may be able to claim Marginal Relief and pay less corporation tax if its taxable profits before 1 April 2015 are between:

- £300,000 (the lower limit)

- £1.5 million (the upper limit)

If your company has one or more associated companies, these limits are divided by the total number of associated companies.

A company is an associated company of another at a given time, if at that time:

- one of the companies has control of the other

- both companies are controlled by the same companies or people

For example, if one company owns 3 others, divide the thresholds by 4. The lower limit becomes £75,000 and the upper limit becomes £375,000.

If your accounting period is shorter than 12 months these limits are proportionately reduced. This means that for a 6 month accounting period the lower limit is halved to £37,500 and the upper limit to £187,500.

Definition of Control

Control for this purpose is the definition used for close companies.

A person has control of a company if they exercise, are able to exercise, or are entitled to acquire, direct or indirect control over the company's affairs.

This includes possession or entitlement to the greater part of the voting power, share capital, distributed income or assets on a winding up of the company.

Find out further information about associated companies and close companies.

Corporation tax increase for Group Companies

The lower and upper limits will be proportionately reduced for short accounting periods and where there are associated companies. A company is associated with another company at a particular time if, at that time or at any other time within the preceding 12 months:

- one company has control of the other

- both companies are under the control of the same person or group of persons.

The related 51% group company test at s279F to s269H CTA 2010 will be repealed and replaced by associated company rules.

The thresholds that apply for determining whether a company is chargeable at the small ring fence profits rate at s279E Corporation Tax Act 2010 will be aligned with these limits.

Check how much relief you can claim

Calculate how much relief you may be able to claim by using the Marginal Relief tool.

You should only use this service to calculate marginal relief on corporation tax profits up to 1 April 2015.

You cannot use this tool to calculate Marginal Relief if your company gets its income from oil rights or extraction.

How to claim Marginal Relief

You can either:

How can MCL Accountants help?

Contact MCL Accountants on 01702 593 029 if you have any queries on the Corporation tax rate increase or if you need any assistance with the preparation and submission of your business accounts or self-assessment tax returns to HMRC.

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Corporation Tax Rate Increase in 2023 from 19% to 25%

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19/03/2022 - 5 minutes read Corporation tax rate increase from April 2023 will result in the return of the small profit rate and main rate of corporation tax. Once the corporation tax rate increase takes effect, the applicable corporation tax rates will be 19% and 25%.

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The fashion shopping club Vente-Privee has proven to be a very lucrative concept. The success of Zalando Zet or Walmart’s initiative ShippingPass underlines the importance of customer loyalty for eCommerce players.

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Volume of data/information created, captured, copied, and consumed worldwide from 2010 to 2025

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Volume of data/information created, captured, copied, and consumed worldwide from 2010 to 2025

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The total amount of data created, captured, copied, and consumed globally is forecast to increase rapidly, reaching 64.2 zettabytes in 2020. Over the next five years up to 2025, global data creation is projected to grow to more than 180 zettabytes. In 2020, the amount of data created and replicated reached a new high. The growth was higher than previously expected caused by the increased demand due to the COVID-19 pandemic, as more people worked and learned from home and used home entertainment options more often.

Storage capacity also growing

Only a small percentage of this newly created data is kept though, as just two percent of the data produced and consumed in 2020 was saved and retained into 2021. In line with the strong growth of the data volume, the installed base of storage capacity is forecast to increase, growing at a compound annual growth rate of 19.2 percent over the forecast period from 2020 to 2025. In 2020, the installed base of storage capacity reached 6.7 zettabytes.

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Total data volume worldwide 2010-2025 | Statista

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The total amount of data created, captured, copied, and consumed globally is forecast to increase rapidly, reaching 64.2 zettabytes in 2020. Over the next five years up to 2025, global data creation is projected to grow to more than 180 zettabytes. In 2020, the amount of data created and replicated reached a new high.

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Does retail type matter? Consumer responses to channel integration in omni-channel retailing

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Does retail type matter? Consumer responses to channel integration in omni-channel retailing

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consumer perceptions of channel integration (CPCI) as well as consumer empowerment, trust, satisfaction, and patronage intention.

“an integrated sales experience that melds the advantages of physical stores with the information-rich experience of online shopping”

a seamless experience within a single ecosystem.

Recent marketing statistics also reveal that retailers who employ an omni-channel approach can increase their annual growth rate by up to 30% while retaining 89% of their existing consumers

a retailer's success in maintaining its existing consumers depends heavily on its provision of the highest level of value via a unified and agile ecosystem

“channel integration”

customer empowerment is defined as the extent to which a consumer is given the avenues to not only connect and collaborate with the retailer through information sharing, but also to decide his/her preferred method of transactions. The emergence of this phenomenon is crucial in the digitalisation era, as the consumer is changing his/her role from a passive receiver to an active participant, which grants a sense of control. Trust, on the other hand, indicates a consumer's willingness to rely on retailers in whom he/she is confident in to fulfil an obligation (Brown et al., 2019), which can assist in forming a comfortable environment that elicits positive behaviour. Satisfaction is another primary outcome of relationship management, referring to the extent to which a chosen retailer meets or exceeds a customer's expectation

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Abstract

A critical issue faced by marketing practitioners today is orchestrating strategies that provide a smooth consumer experience in an omni-channel environment. The extant literature offers limited guidance on managing the consumer journey in an omni-channel environment across different retail types. Using the S-O-R framework as its basis, this study generates novel insights by examining how different types of retailers influence consumer perceptions of channel integration (CPCI) as well as consumer empowerment, trust, satisfaction, and patronage intention. Data from 736 consumers was collected using purposive sampling to target those who interact with retailers from high-end specialty stores, department stores, and hypermarkets. The data was then analysed using partial least squares structural equation modelling (PLS-SEM). We find that consumers from high-end specialty stores, hypermarkets, and department stores have different perceptions when patronising the omni-channel retail business. The implications of the study are discussed and suggestions for future research are presented.

Introduction

Imagine going to a retail store to get presents for a party. Unfortunately, the items you want are out of stock. The salesman then asks you to place an order online so those items can be shipped directly to you in three days. This is a shopping experience most consumers have had. The integration of retailers' shopping channels to offer a unified and seamless purchasing experience is a concept driven by omni-channel marketing (Sopadjieva et al., 2017). The fusion of brick-and-mortar shopping with mobile experiences due to ongoing social changes have compelled retailers to pursue a more holistic approach in an increasingly connected business environment (Groβ, 2018; Kang, 2018; Zhang et al., 2018).

The omni-channel is defined by Rigby (2011) as "an integrated sales experience that melds the advantages of physical stores with the information-rich experience of online shopping" (p. 65). Drawing from current omni-channel research, Shen et al. (2018) described the omni-channel as a unified approach that allows retailers to manage their channels as intermingled touch points (i.e., in-store, website, mobile device) to offer consumers a seamless experience within a single ecosystem. Unlike the multi-channel approach that utilises multiple selling platforms separately, the focal point of omni-channel systems is to integrate online-offline channels in a way that provides consumers a cohesive and seemingly uninterrupted purchasing experience, irrespective of channel or touchpoint (Piotrowicz and Cuthbertson, 2014; Verhoef et al., 2015; Yrjölä et al., 2018).

In Asia, a survey by Digital News Asia (2019) reported that around 90% of consumers prefer to use different combinations of channels (e.g., mobile app, in-store, or desktop) to shop online. Recent marketing statistics also reveal that retailers who employ an omni-channel approach can increase their annual growth rate by up to 30% while retaining 89% of their existing consumers (Hamstra, 2019; Lee et al., 2019; PRWIRE.asia, 2017). Consequently, to remain competitive and enhance the purchasing process, many leading retailers such as Amazon, Disney, Nike, Ikea, Timberland, and Sephora are focusing on omni-channel marketing to connect all possible touchpoints between in-store and online experiences. This phenomenon is even more critical during black swan events such as the COVID-19 pandemic, which caused great uncertainty and panic around the world. Unfortunately, the longer the pandemic outbreak extends, the greater the observed casualty within the retail industry (Watson and Popescu, 2021). The future of retailing must depend on sound and brilliant strategies to consolidate demand through integrated channels while effectively responding to consumer demand and maximising revenues (Adivar et al., 2019; Griva et al., 2021; Rydell and Kucera, 2021).

Although the omni-channel is better positioned to cope with business loss in this competitive environment, a retailer's success in maintaining its existing consumers depends heavily on its provision of the highest level of value via a unified and agile ecosystem (Global Trade Mag, 2021; Meilhan, 2019). Compared to the multi-channel in which the different channels operate independently, investing in and deploying an effective omni-channel business requires great efforts as it is more complex than typical systems (Abrudan et al., 2020). When designing an omni-channel system, it is also essential for retailers to adopt integrative and distinctive approaches to achieve the goals of connecting, coordinating, and synchronising all channels to eliminate friction during the purchase journey. This concern has thus created a direction for marketing scholars seeking knowledge on how to define a better plan for omni-chain retailers to increase consumers' patronage intention across different types of outlets.

Although scholars have previously suggested that retail type should be considered in the agenda of developing a successful business model (Bloch and Kamran-Disfani, 2018), the omni-channel retailing literature shows a relatively limited exploration of this factor (see Fig. 1). A similar concern was outlined in the work of Lee et al. (2019), who stated that different types of retailers should employ different strategies to provide consumers diverse experiences. Likewise, Wang et al. (2021) cited that the execution of an omni-channel retailing strategy cannot be regarded as universal across retailers; rather, it is important for retailers to adopt different models based on their own retail type to achieve remarkable results. This issue was further highlighted as a priority by the Marketing Science Institute (2018), whose study reported stated that the combination of omni-channel retailing and the fragmented nature of different retail channels "... makes channel management substantially more complex" (p. 9).

Consequently, extending the model proposed by Zhang et al. (2018) and Gao et al. (2021), this study aimed to bridge the extant gap by introducing retail types (i.e., high-end specialty store, department store, and hypermarket) as a moderator that alters the interrelationships between channel integration and customer relationship management factors. As stated in the literature, "channel integration" refers to a retailer's ability to provide customers a seamless purchasing experience across channels (Sousa and Voss, 2006); it is regarded as the heart of omni-channel retailing. To embrace the omni-channel retailing model, it is imperative for different types of retailers to ensure the synergistic integration of their channels, for instance "buy online, pick up in-store" and vice versa, to greatly improve their relationship with target customers. As such, channel integration is indeed a "must-have" context-specific variable in appraising the performance of different omni-channel retailers.

The contemporary marketing literature has also shown that relationship management is another vital element that potentially improves patronage intention for virtual-based channels, making it a dominant force among businesses and consumers (Steinhoff et al., 2019). For relational exchanges to develop and persist, it is important to establish a link that brings mutual benefits to both retailers and consumers (Mathwick, 2002). To this end, customer empowerment, trust, and satisfaction are among the key impactful factors to achieve the aforementioned goal and establish successful retailer-consumer relationships (Auh et al., 2019; Brown et al., 2019; Fernandes and Moreira, 2019). From the marketing aspect, customer empowerment is defined as the extent to which a consumer is given the avenues to not only connect and collaborate with the retailer through information sharing, but also to decide his/her preferred method of transactions. The emergence of this phenomenon is crucial in the digitalisation era, as the consumer is changing his/her role from a passive receiver to an active participant, which grants a sense of control. Trust, on the other hand, indicates a consumer's willingness to rely on retailers in whom he/she is confident in to fulfil an obligation (Brown et al., 2019), which can assist in forming a comfortable environment that elicits positive behaviour. Satisfaction is another primary outcome of relationship management, referring to the extent to which a chosen retailer meets or exceeds a customer's expectation (Fernandes and Moreira, 2019). These factors were included in the present model to understand how omni-channel consumers of different retail types react differently in forming their patronage intention.

Despite myriad marketing scholars having highlighted the importance of differentiating retailers' strategies based on their unique characteristics, the examination of this aspect in the omni-channel literature remains sparse. By addressing the abovementioned research gap, this study offers important insights to the body of knowledge and to practice. Particularly, we move a step forward by understanding consumers' perceptions when dealing with different types of omni-channel retailers (i.e., high-end specialty store, department store, and hypermarket). In doing so, the results of this work are expected to provide the various types of retailers with actionable insights that would enable them to tailor their omni-channel system in a manner that stimulates consumers' patronage intention.

The remaining sections are structured as follows. The theoretical background and proposed hypotheses are presented in Sections 2 Literature review, 3 Development of hypotheses. This is followed by the methodology and data analysis in Section 4 and Section 5, respectively. Subsequently, the discussion and implications are articulated in Section 6, while future research directions conclude the last section.

Section snippets

Stimulus-organism-response (S-O-R) model

Mehrabian and Russell's (1974) stimulus-organism-response (S-O-R) model was adopted as the basis to investigate how environmental or marketing stimuli affect the purchasing process. Past studies have found that well-designed multisensory cues (e.g., visual, auditory, and olfactory) offer consumers a more appealing in-store experience (Helmefalk and Hulten, 2017). Features of the store environment (e.g., lighting, store design, cleanliness, layout, and scent) are also important stimuli that

Consumer perceptions of channel integration (CPCI)

According to the extant retail literature, CPCI includes the integration of: (1) consumer service, (2) information access, (3) order fulfilment, (4) product and price, (5) promotion, and (6) transaction information (Lee et al., 2019; Zhang et al., 2018). Specifically, integrated consumer service and information access emphasise the provision of uniform services and information to consumers across all channels to make purchasing more efficient (Oh and Teo, 2010). Further, integrated order

Data collection

Following recommendations from previous research (see Cui et al., 2022; Foroudi et al., 2020; Mimoun et al., 2021), the purposive sampling approach was used to recruit respondents from three different types of retail stores, namely high-end specialty stores (i.e., Louis Vuitton and Gucci), department stores (i.e., Ikea and Metrojaya), and hypermarkets (i.e., Tesco and Aeon). The target respondents comprised young consumers (often labelled as Gen-Y) who had visited and purchased products from

Data analysis

In assessing the proposed hypotheses, partial least squares structural equation modelling (PLS-SEM) was regarded the most suitable technique, as the nature of our research objective was to explore, predict, and compare the complex relationships measured in the research model (Chin et al., 2020; Hair et al., 2019). PLS-SEM is acknowledged as the most appropriate tool to estimate complex measurement and structural models, such as to handle model specifications of reflective-formative higher-order

Discussion

The omnibus test group findings supported most of the hypotheses that outlined consumers' perceptions towards omni-channel retailing based on retail type (Shi et al., 2018). Although the effect of CPCI on customer empowerment was significant and positive for all three retail types, its impact was shown to be lower for high-end specialty stores compared to department stores and hypermarkets. This denotes that department store and hypermarket consumers have a higher expectation of the service

Theoretical implications

From a theoretical perspective, the present study contributes to the extant knowledge on consumer behaviour in omni-channel retailing, supported by the S-O-R model. Due to the dynamism of the business landscape and the complexity of today's marketplace, consumers' heterogenous behaviour continues to be a topic of interest. Compared to most omni-channel retailing studies that have primarily dwelt on organisational aspects by investigating channel integration (e.g., Adivar et al., 2019), supply

Conclusion and future studies

Drawing from the S-O-R model, this study responded to calls for more omni-channel research by demonstrating that consumer perceptions towards omni-channel retailing diverges across retail types (i.e., high-end specialty store, department store, and hypermarket). Despite its contributions, this research has several limitations. First, it focuses only on the retail sector. To acquire deeper theoretical and practical insights, it would be interesting for future studies to extend the model to other

Acknowledgements

The authors would like to acknowledge the financial assistance provided by Faculty of Economics and Management, Universiti Kebangsaan Malaysia to undertake this research.

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# data[].attributes.attachment_link.title
Does retail type matter? Consumer responses to channel integration in omni-channel retailing

# data[].attributes.attachment_link.description
A critical issue faced by marketing practitioners today is orchestrating strategies that provide a smooth consumer experience in an omni-channel environment. The extant literature offers limited guidance on managing the consumer journey in an omni-channel environment across different retail types.

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Exploring customer experience, commitment, and engagement behaviours

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Exploring customer experience, commitment, and engagement behaviours

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ABSTRACT
The creation of strong customer experiences is a pivotal topic in the services marketing field, as customer experience (CX) has repeatedly been associated with customer commitment and customer engagement behaviours. However, the relationship between these constructs and their different roles - including their respective sub-components - in the customer purchase journey have received little research attention. To address this shortcoming, the authors propose a theoretical framework delineating the constructs' relationships in a retail context. To test this framework, data were collected from Australian retail customers and subsequently analysed with PLS path modelling techniques. The results show that the explored constructs and their sub-components, although interrelated, have different performance effects. More specifically, the findings suggest that CX positively affects customer commitment, which in turn positively affects customer engagement behaviours, whereas a more nuanced picture emerges for the construct's sub-dimensions. The study contributes to marketing theory and practice and concludes with limitations and future research directions.

Disclosure statement

No potential conflict of interest was reported by the authors.

# data[].attributes.attachment_link.title
Exploring customer experience, commitment, and engagement behaviours

# data[].attributes.attachment_link.description
ABSTRACT The creation of strong customer experiences is a pivotal topic in the services marketing field, as customer experience (CX) has repeatedly been associated with customer commitment and customer engagement behaviours. However, the relationship between these constructs and their different roles - including their respective sub-components - in the customer purchase journey have received little research attention.

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This psychological model identifies and defines three factors that control whether a behavior is performed.

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This paper presents a new model for understanding human behavior. In this model (FBM), behavior is a product of three factors: motivation, ability, and triggers, each of which has subcomponents. The FBM asserts that for a person to perform a target behavior, he or she must (1) be sufficiently motivated, (2) have the ability to perform the behavior, and (3) be triggered to perform the behavior. These three factors must occur at the same moment, else the behavior will not happen. The FBM is useful in analysis and design of persuasive technologies. The FBM also helps teams work together efficiently because this model gives people a shared way of thinking about behavior change.

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References

For a growing resource of references, examples, and insights related to the FBM, see www.BehaviorModel.org.

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A behavior model for persuasive design | Proceedings of the 4th International Conference on Persuasive Technology

# data[].attributes.attachment_link.description
This paper presents a new model for understanding human behavior. In this model (FBM), behavior is a product of three factors: motivation, ability, and triggers, each of which has subcomponents. The FBM asserts that for a person to perform a target behavior, he or she must (1) be sufficiently motivated, (2) have the ability to perform the behavior, and (3) be triggered to perform the behavior.

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Generation Y vs. Baby Boomers: Shopping behavior, buyer involvementand implications for retailing

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Generation Y vs. Baby Boomers: Shopping behavior, buyer involvementand implications for retailing