Personalization will continue to be a hot-button investment item for retailers in 2019, but they will have to struggle with consumers’ cognitive dissonance to implement it effectively, according to Sucharita Kodali, VP and Principal Analyst at Forrester Research. Kodali spoke during the State of Retail Innovation 2019 session on Sunday, Jan. 13 at the NRF Big Show.
Up to 36% of shoppers say retailers need to do more to offer more personalized experiences, with this percentage reaching 43% for households that earn more than $100,000 annually, according to data from Forrester Research. Yet despite the evident desire for personalization, shoppers are still hesitant to share the personal information that can steer retailers in the right direction, and are overall distrustful of the concept.
In a world where your customers and prospects are expecting personalized communication, more customer data means more complex marketing programs. Unfortunately, for large business-to-consumer (B2C) retail companies, the sheer size and complexity of a customer dataset can result in less personalization. But this doesn’t mean enterprise retailers can’t excel at personalization. Below are three best practices for effectively accessing and using customer data for increased personalization.
In Venice in 1498, publisher Aldus Manutius created a catalog of the books he was printing.
15th century Europe was going through a publishing revolution. The invention of the Gutenberg press and movable type in the mid-1400s opened a world of mass printing. By the end of the century, there were 417 presses just in Venice — one of the major printing centers — and the output of the western European printing industry had reached twenty million volumes.
The Michaels Companies has deployed Salesforce Marketing Cloud to personalize content, promotions and offers across multiple touch points. The new technology, together with its current instance of Salesforce Commerce Cloud and Service Cloud, will allow the arts and crafts retailer to combine its e-Commerce, service and marketing under one platform.
Recently Wayfair and Casper joined the likes of fellow e-Commerce brands Amazon, Everlane, Glossier and many others that are all experimenting with, or opening permanent, brick-and-mortar stores. However, with many traditional retail stores closing shop in the last year, it's even more imperative to integrate offline and online channels to provide a consistent experience across all touch points.
These digitally-born businesses are in a battle with Amazon to retain customers by offering a great in-store experience at a reasonable cost, all while avoiding the mishaps Build-a-Bear and others recently encountered. In fact, while 87% of consumers say they expect an omnichannel experience, only 7% of retailers actually provide the ability to shop seamlessly across all channels.
Yamamay, an Italian lingerie and swimwear retailer, has deployed a suite of Oracle Retail solutions to localize its offerings and boost personalization efforts. The brand, which currently operates 680 stores in Europe and the Middle East, has implemented Oracle Retail Merchandising Financial Planning, Oracle Retail Assortment Planning and Oracle Retail Xstore Point-of-Service solutions.
Brick-and-mortar retailers once feared that mobile would eat into store sales, either via “showrooming” or simply by siphoning off shoppers. But now, omnichannel retailers are discovering that they can leverage mobile to bring what had previously been online-only tools into the physical store. These tools allow retailers to deliver targeted promotions and personalization when it matters most: the moment of purchase intent. Nearly half (47%) of retail executives say their mobile strategy is to increase shopping basket size both in-store and online by catching customers at the point of intent, according to the 2018 Retail Mobility Insights report by Oracle.
“If you think about the experience that consumers are looking to have, the reality is most of them are shopping with a smartphone,” said Jeff Warren, VP of Solutions and Strategy at Oracle Retail. “A number of different retailers are seeing that they have to provide a more compelling experience in-store. There’s an opportunity to blend physical and digital, and they can use the advantage that the consumer is actually carrying around a computer with them as a way to engage.”
AdGreetz is a video personalization platform designed to use AI/machine learning to optimize creative and ad trafficking in real time, and ensure delivery of engaging and activating ads.
The platform empowers brands to dynamically deploy millions of hyper-relevant, data-driven personalized video and display ads and messages. AdGreetz can be deployed to up to 21 channels, including email, an e-Commerce site, SMS and social media channels such as Facebook, Instagram and Twitter.
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