Personalized Retail

Today’s “personalized retail” trend is the practice of providing an in-store experience that is tailored to each visitor. Going forward personalizing the shopping experience for your customers using mobile and e-commerce can increase profit margins, strengthen customer loyalty. Here’s why this trend will gain even more ground in 2015:

  • Today’s consumers are part of the “experience economy
    Changes in culture have resulted in a shift in consumer expectations. For mobile/online shopping, they want an experience, rather than an explanation. Think of it this way.
    Consumers don’t need to buy form you. They can buy just anywhere using mobile/online shops. Consumer wants a memorable time, rather than a product or a service.
  • Retailers can’t afford bad experiences
    The competition has gotten even tougher over the course of the last decade. Traditional retail business models are dissolving, traditional outbound methods are now outdated and with the
    rise of the mobile came the rise of personalized shopping. Survival depends on a satisfying customer service. Customers expect the same level of service from you that they receive from the leading shopping sites… or they’ll go elsewhere.
  • Consumers expect personalization
    Consumers not only want, but expect a personalized experience. They expect retailers to know their preferences and interests. A recent survey reported that 78% of consumers are more likely to be a repeat customer if a retailer provides them with targeted, personalized offers. Failing to provide this personalization will have the opposite result.
    Whether it’s greeting customers as they enter your mobile app or your online shop, sending personalized emails, tailoring deals based on previous purchase behavior or a “recommended products” section – personalization promotes customer loyalty. And loyalty is just as valuable (if not more) as attracting new customers.
  • There is a wealth of customer-related knowledge to be had
    Business analytics have made it so that consumers can expect retailers to know what they want without even telling them. Consumers now know that modern retailers have that capability. To meet their growing expectations, it’s up to you to take advantage of recent online and in-store transactions and other interactions. Consumers aren’t scared by your ability to collect this information – they encourage it so that you are able to offer them the things they are interested in.With more customer-related data that becomes available every day, it would be silly to miss out on such an opportunity. Solutions like predictive analytics and people counting allow retailers to launch personalized marketing campaigns. Failing to see the value that this information could provide to your marketing efforts would be extremely shortsighted.

See how Futurum IT can help you increase your profit margins and strengthen customer loyalty by implementing a strong Mobile strategy that ensure your mobile are connected end-to-end and deliver real-time interaction with your customer.

 

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