As many as 60% of retailers admitted that they do not have reliable or sufficient data to ensure their targeting efforts are successful, according to a COLLOQUY report.
The report, titled: Ally In Aisles And Online, outlines the top challenges that retailers face in providing a seamless and secure experience to customers. These challenges include: Providing customers with relevant offers; delivering value without increasing costs; and converting sales through the checkout process.
While retailers are looking to provide their consumers with relevant offers, 85% also want to add value to their communication tactics beyond discounts, promotions and loyalty programs. The majority (76%) of merchants believe a strategic partnership would provide them with opportunities to enhance their value proposition to customers. However, only 31% reported partnering with a payments provider, while less than half (48%) partner with other brands to deliver discount offers.
While half of retailers that participated in the survey said they use spend data outside their own retail locations, even more respondents (79%) agreed that understanding customer spending outside their locations would be a tremendous marketing tool. Of the 31% of retailers that partner with a payments provider, 88% send offers to existing customers and 76% send offers to new customers.
To boost customer loyalty, 61% of retailers use points and/or benefits through their loyalty programs. An even greater percentage (83%) say giving their loyalty members more reward options is key to keeping shoppers engaged with loyalty programs.
Click here to access the report.