The total experience for retail

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Succeeding in retail is challenging. How can retailers revolutionize operations, create customer engagement, and build customer loyalty all at the same time? By providing the "total experience."  The “total experience” isn’t beyond grasp with the effective use of artificial intelligence (AI) to inform every aspect of retail operations. The potential results are remarkable: AI can help retailers stand out, keep customers coming back and stay ahead of changing expectations. In practice, however, creating the total experience combines three key components: streamlined operations, data-driven decision-making, and enhanced customer interactions which lead to customer loyalty. Revolutionizing retail operations with AI Microsoft Dynamics 365 is key to improving retail operations and offers AI tools that can help retail businesses revolutionize operations — with the right approach. Implementing Microsoft Dynamics 365 can help streamline four key operations: inventory management, supply chain optimization, product recommendations and content creation. Microsoft Dynamics 365 can help give retailers the edge.   Download the report

For retail, 2024 is the year of “total experience” — the effective use of artificial intelligence (AI) to inform every aspect of retail operations. The potential results are remarkable: AI can help retailers stand out, keep customers coming back and stay ahead of changing expectations. Ivan Cole Managing Director

Data-driven customer engagement

Companies can’t afford to ignore the impact of personalization. Thanks to the abundance of information now provided by demographic data, transaction records and customer-provided details, it’s possible for businesses to zero in on what customers want and deliver experiences that make buyers feel like more than just another sale. Customer data isn’t enough on its own. Instead, retail companies need insight that helps them pinpoint where and when buyers want personalization and how they want it delivered. Microsoft Dynamics 365 helps cultivate customer engagement.

Solutions such as Microsoft Dynamics Customer Insights Journeys are capable of processing customer interactions, sales figures and social media feedback to deliver a multidimensional view of a company’s consumer base. In practice, Dynamics 365 can help retailers drive data-driven customer engagement in four key areas: customer lifecycle management, individualized marketing campaigns, personalized shopping experiences and simplified transactions at checkouts.

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• 43%

  of customers enjoy personalization when making a purchase. 

• 63%

  of companies focus personalization on this stage.

• 47%

  of customers like personalization after the purchase.

• 33%

  of companies provide personalization post-purchase.

Building customer loyalty

No customers, no business. It’s the first rule of building a retail company — if people aren’t making purchases, operations aren’t sustainable. This means retailers are always looking for new customers. From social media campaigns to first purchase promotions and ongoing refinement of potential buyer personas, more customers mean more revenue. The challenge? If businesses are losing current customers at the same rate they’re gaining new ones, they’ll never get ahead. And if customer churn outpaces acquisition, the result is a slow slide toward unsustainable operations. To stay on track, companies need to stay the course. Microsoft Dynamics 365 can help boost retention and improve retail service.

Microsoft Dynamics Commerce provides a platform for strengthening customer relationships and enhancing retention strategies. This starts with Dynamics Customer Insights, which helps companies understand and predict customer behavior. Using AI tools such as Copilot Sales can help create effective campaign emails and generate marketing templates. 

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• 60-70%

  The chances of making a sale
  to an existing customer.

• 20%

  The chances of making a sale
  to a new customer.

For retail companies to stay competitive and ensure they don’t get left behind in 2024 — the year of the total experience — they need the right combination of tools, technologies and tactics. Microsoft Dynamics 365 helps companies address all three of these needs — with AI for streamlined operations, analytics for improved personalization, and real-time insights for enhanced retention and customer interaction.

Total experience is changing the game. Make sure you’re fielding your optimal team with Mazars and Microsoft Dynamics 365.

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The information provided here is for general guidance only, and does not constitute the provision of tax advice, accounting services, investment advice, legal advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal or other competent advisers.