The most exciting recent development around customer experience in retail is the fact that so many enterprises are now actually delivering it, rather than just talking about delivering it.
Sure, there is still a ways to go, because building a great customer experience is hard. But the industry is more often doing it right because the rapid evolution of technology is providing retailers with the tools they need to do the job right.
And when all that comes together it’s practically thrilling. Such was the case last night in New York when Signifyd recognized TrueFacet with its FLOW Award for the exceptional customer experience that the digital marketplace provides its growing number of enthusiastic customers.
TrueFacet, which provides a digital marketplace for buyers and sellers of luxury watches and fine jewelry, has created a buying experience that acknowledges the very human emotions that accompany the hunt, discovery and acquisition of a product that the buyer will treasure for a lifetime.
TrueFacet puts the joy in the buying experience
Signifyd Vice President of Enterprise Marketing Indy Guha praised TrueFacet’s innovative approach to commerce in announcing the award, which he presented at Signifyd FLOW New York.
“Ecommerce, for all of its convenience, often lacks emotional resonance and the joy of discovery in the buying experience. That’s a hard moment to create but essential for success online, particularly for luxury products. That is the experience TrueFacet has captured,” Guha said. “And in the mold of a digitally native retailer, they’ve done it by never forgetting that a purchase is more than a transaction and that retail relationships don’t end with the sale.”
TrueFacet has focused on its customers by taking the doubt out of buying previously owned luxury items. The retailer turns to experts in fine jewelry and luxury watches to authenticate the pieces. It offers a concierge service for customers looking for particular pieces or craving more information.
The New York-based digital marketplace takes its role as an educator seriously. Earlier this year, TrueFacet hired Roberta Nass as editor of its blog, The Loupe, which features long-form stories about jewelry and precision watches and which serves as a bridge between the industry and consumers.
Nass has written about jewelry and watches for more than 30 years and when it comes to the subject, she wrote the book — several actually. When TrueFacet announced Nass’ role as executive editor, co-founder Tirath Kamdar said she “will be a key player in growing the editorial side of TrueFacet as TrueFacet sets the industry standard as not only a marketplace for luxury jewelry and timepieces but a trusted source of information for consumers.”
TrueFacet shows why great customer experience isn’t just a nice-to-have. The company’s growth has been torrid, Forbes reports. And customers are not so much customers, but fans, returning on average three times a year to buy what can be very pricey items, Forbes says.
Building a memorable customer experience has always been a retail imperative. But with the rise of Amazon and the evolution of empowered consumers, providing an experience that shoppers remember in a positive way has become increasingly important for retailers that want to thrive.
Customer experience needs to rock from start to finish
It’s said that consumers no longer have brand loyalty, but the truth is consumers have endless choice. Many would love to be loyal, but some brands have a habit of pushing them away by providing a lousy experience. Consumers don’t have to put up with a lousy experience anymore.
Take something as simple as online checkout. The Baymard Institute found that nearly 69 percent of online shoppers abandon their shopping carts before making a purchase. When the institute screened out those who said they abandoned their orders because they were “just browsing” and never intend to buy that session, they found significant percentages who bailed out because of experience issues.
In fact 34 percent said the site wanted them to create an account. Another 26 percent said checkout took too long or was too complicated. And 21 percent said they couldn’t calculate the cost up front; 17 percent said the website was too slow or crashed; others complained about slow delivery, too few payment options and bad return policies.
All of which points to the importance of building a customer experience that is flawless from start to finish.
For its part, TrueFacet has a lot to teach the industry when it comes to treating customers right. It has built the sort of experience that will future-proof it and protect it from competitors. In fact, for retailers looking for the way to step up the experience they offer, TrueFacet’s playbook would be a good place to start.
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