Nordstrom, Amazon, and Sephora were selected as peer-voted best-in-class Retailers who are proactively utilizing Personalization in their marketing strategy. Exchange Solutions and Go-to-Market Pros announced the results as part of the first phase of its latest independent study entitled “Best Practices in Retail Marketing Personalization”.
Personalization is quickly becoming one of the most important factors determining retailer success. Today’s consumer expects seamless Omnichannel Personalization when interacting with retailers. This the first study to uncover peer-voted prowess in advanced retailer personalization,” Michael Phelan, Go-to-Market Pros, Founder
Although shoppers are expecting more offerings from companies, only 22 percent of consumers expressed their satisfaction with the level of personalization that they receive from retailers, which means that most retailers in creating a satisfactory shopping experience to its customers.
Physical retail stores are also experiencing the same issue when it comes to delivering a personalized shopping experience. At least percent of consumers anticipate a highly personalized experience from department stores, while at least 17 percent found their shopping experience to be highly personalized.
Benefits of providing a personalized service
Hitting the mark on personalization can drastically increase sales and drive customer loyalty to your target market. According to Business Insider, at least 44 percent of respondents said that they’ll likely buy on the same store after a satisfactory personalized shopping experience.
49 percent of consumers surveyed answered that they’ve purchased an item or service unexpectedly after receiving a personalized recommendation. On the other hand, 40 percent of shoppers said that they’ve spent more money than what they planned because of experiencing a satisfactory personalized service.
Utilizing artificial intelligence also offers a much greater reach when it comes to personalizing a company’s service. According to Marketing Dive, the AI-powered software offers some ease when it comes to understanding the customers’ needs and analyzing their behavior.
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