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.
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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.
