Hyper-Personalize Campaigns Using Analytics: Four Ways to Increase Customer Spending

0Anil Kaul AbsolutdataWhen it comes to marketing, long gone are the days of a business sending out a homogeneous message and hoping it “stuck,” that is, resonated enough with the customer to result in increased sales. Thankfully, that finger-crossing is over. In the context of today’s digital revolution, reaching out to customers takes a whole new form. Reasons for this are two-fold: technology now allows businesses of all types to find out a whole lot more about their customers before a marketing strategy is even formed: they can learn a customer’s browsing history, past purchases, social media habits, a general idea of their preferences, and more.

The second aspect of today’s form of marketing is based on the first: using all of the valuable data collected from the customer to formulate marketing campaigns that are highly personalized based on their increasingly specific preferences. This is hyper-personalization — the newest wave in digital marketing. And if you haven’t applied hyper-personalization to your marketing efforts yet, you’ll need to get on the bandwagon soon in order to stay competitive in today’s environment.


Moving From Omnichannel to Digital Transformation

0cstiboThe impact of the digital economy has created challenges for all CEOs, particularly for those in the retail sector. What began as a quest to create the perfect customer experience has made retailers turn their attention to building a superior omnichannel environment, to keep up with the proliferation of touch points and to meet the ever-changing shopping habits of consumers.

Recently, Stibo Systems conducted a comprehensive research study to learn more about the state of the digital transformation and the key benefits and challenges companies from various industry verticals and regions have faced. What we found is that three-quarters of all respondents (75%) claimed that they were currently undertaking a digital transformation project, while nearly three out of five (59%) said their organization was investing more in related transformational activities in 2015 vs. what was spent the previous year.


Ready To Implement An Omnichannel Solution? Five Factors To Consider

0nisumEvery retailer is grappling with the challenge of how best to create a seamless omnichannel presence. As the number of disparate, nonlinear touch points along the customer lifecycle journey continue to multiply, it’s up to brands to figure out how to effectively connect with their customers at each juncture. 

Consumers have more choices than ever when it comes to how and when they access e-Commerce brands, and while most retailers understand that omnichannel is a necessity, it’s extremely difficult to have the proper architecture in place to gather, exchange and draw insight from various sources of raw data. Even the best omnichannel solutions in the world will prove useless without the proper organizational foundation in place. 


Innovating For Innovation’s Sake

0Chris Taylor SquareRootInnovation is as integral to a company’s growth as finance or operations, but what drives real innovation in the retail industry? Many people associate “innovation” with the latest bells and whistles featured in a tech blog — regardless of its relevance. But innovation is so much more than that. For retail, innovation is about identifying actionable ways to get ahead of the ever-increasing pace of change, and learning how to operate in a constantly evolving environment. Innovation in retail isn’t about doing something “cool” to get attention — it’s about the ability to adapt, it’s about survival.

Innovation is no longer a nicety — it’s a necessity.


Overcoming The Organizational Obstacles Of Omnichannel

0channiemizeConsumers are desperate for omnichannel experiences. They work across channels; why can’t their favorite retailers? In their minds it is as simple as that, and a lack of multi-channel strategy by retailers leads to frustration and diminished brand loyalty among consumers.

At a time when shoppers are demanding a seamless experience across all brand channels, both on- and offline, retailers are struggling to move at the speed their consumers want and need. Those were the findings of a Periscope survey at World Retail Congress 2016, which found 78% of retail executives admit there is no one brand experience across their channels, while also acknowledging that “a well-defined cross or multi-channel strategy” was the top innovation that would drive digital growth (64%).


UK Startup Bridges Store And Mobile With Real-Time Inventory Data

Although all Brexit-related news continues to stay top-of-mind for UK retailers and consumers, one startup is going full speed ahead to ensure that local stores throughout the nation can continue to connect with shoppers. Retail tech startup NearSt is aiming to bridge the in-store and mobile experiences with the launch of its NearLive platform, as well as its web site and mobile app.

The platform, which has already partnered with local bookstores in London, is expanding its retail partnerships to more sellers including consumer electronics, DIY goods, health and beauty products, sportswear, stationery and gift shop services.


Ace Hardware Celebrates A Decade Of High Customer Satisfaction

1-Ace HardwareFor the 10th consecutive year, Ace Hardware ranked “Highest in Customer Satisfaction among Home Improvement Retail Stores,” according to the J.D. Power 2016 U.S. Home Improvement Retailer Store Satisfaction Study. 

The J.D. Power study is based on responses from nearly 2,995 consumers who purchased home improvement products or services in the previous 12 months. Ace Hardware ranked highest among major retailers, with an overall satisfaction index score of 810 on a 1,000-point scale.

The score is based on performance in five areas: merchandise, price, sales and promotions, staff and service, and store facility.


How To Capitalize On 16% Growth Rate For Auto Parts E-Commerce

1-carid2In the "bad old days" of shopping for  auto parts, they were purchased at local dealers with limited inventory. Customers dealt with a person sitting behind a counter sifting through huge stacks of catalogs. Items were sometimes available, but often they were out-of-stock or on back order. Or, in an even more worrisome situation, much-needed parts were ordered by your local mechanic with a “trust me” wink about the cost, just as he was about to tear apart your car. 

As with so many other parts of retail, e-Commerce has made big changes to this not-so-customer-friendly model, and consumers are voting with clicks and taps. 

AAA: Auto Parts + Amazon = Acceleration

A recent study by Hedges & Company found that while sales through auto parts stores showed less than 1% growth from 2014 to 2015, online sales of aftermarket auto parts experienced a 16% growth rate from 2015 to 2016, when they are expected to reach $7.4 billion. A large part of this growth has been generated by Amazon, which has become this market's single largest online retailer, offering nearly eight million auto parts.

In fact, it appears the e-Commerce cylinders are just starting to fire up, as Hedges & Company forecasts tremendous annual auto parts sales growth, including: 

  • 12% to 16% annual increases over the next four years;
  • $1 billion increases in sales during each of the next four years; 
  • 2017 online sales projected to hit $8.4 billion; and
  • Online sales to break the $10 billion mark in 2019.

Consumers are now purchasing more parts online and either completing installations themselves or, at the very least, arming themselves with a lot more knowledge about their mechanics’costs. The Automotive Aftermarket Suppliers Association (AASA) Joint Channel Forecast Model projects conventional retail do-it-yourself (DIY) sales to grow 3.5% in 2016, according to Hedges & Company.

The Road To Omnichannel Success: Data Insight

How can auto parts retailers take advantage of these trends? Successfully leveraging an e-Commerce channel and the acquisition and retention of shoppers comes down to providing a differentiating customer experience. That can be helped along with smart use of consumer data. With today’s almost unlimited stacks of data inherent in e-Commerce, the answers to any consumer questions auto part dealers seek may be easier to access than a catalytic converter on a ’77 Dodge. 

Subscribe to this RSS feed