Going for Gold: By creating customers who create customers
The consumer market in India is estimated at INR 110 trillion in 2018. Domestic consumption has grown at the rate of 13% in the last decade and is expected to maintain a similar run rate of 12% CAGR to reach INR 335 trillion by 2028. Disaggregating the consumption growth reveals that rapid expansion in affluent and elite households, and a three-fold increase in share of online and organized retail have changed the consumer landscape in last 10 years. Nowadays, the same consumer follows different purchase journeys, with online and offline pathways often intersecting.
With growing complexity, retailers need to develop a 360 degree view of the customer journey to identify moments of truths and design the appropriate customer experience proposition. Improving customer experience helps build advocates who drive positive word of mouth, and thereby, impact growth and market share. Therefore, a holistic approach is required to drive the Customer Experience Transformation. This comprises 3 phases – Diagnose, Design and Measure & Improve. Our report delves into each of the phases to help retailers understand what matters most to its customers; identify pain-points of target customers and prioritize investments on products and services to deliver a positive customer experience; measure and improve key metrics that drive customer satisfaction, loyalty and advocacy.