If you don’t believe in personalizing your retail experience at this point, you might not be reading enough about the retail industry. Here are a few statistics from this article from Customer Think:
- 78% of consumers are more likely to be a repeat customer if a retailer provides them with targeted, personalized offers
- If a consumer does not receive a personalized experience, the CMO Council reported that more than half of consumers will end their loyalties to retailers who do not give tailored, relevant offers
- 86% of consumers will pay up to 25% more for a better customer experience
The same article also suggests personalization happens by using data. They suggest two types of data retailers should be collecting and one way they can make use of the data in order to personalize their retail experiences for customers:
1. Begin with First Party Data
There are plenty of sources retailers can use to collect first-party retail data:
2. Use Third Party Data
“Third-party data allows marketers to ‘complete the puzzle’ and fill in the missing pieces of information to know consumers at a much deeper level” (Source: this article).
3. Apply Data Analytics
There are plenty of ways to apply and use this data to personalize customers’ shopping experiences. For example, retailers can provide customers product suggestions based on their previous shopping history (check out this article to make recommendations like Amazon does).
These three points together make sense, but one point is missing: You will find redundancies in your data if you’re not connecting all the first party data you collect. When you connect them all in one place, you can more accurately analyze the data and find better opportunities to connect with and market to your custom