A global cross-industry study commissioned by Mindtree revealed that 75% of shoppers surveyed said personalized promotions would encourage them to purchase relevant products — but only 28% of company decision makers said they are investing in personalization features.
Winning in the Age of Personalization surveyed 6,000 consumers across three primary regions (U.S., Europe, and Asia/Pacific), as well as 900 decision-makers from companies spanning the retail and consumer goods, travel and hospitality, banking and insurance, and media and entertainment industries.
The survey also highlights some notable disconnects between which online features consumers desire and which features companies are investing in. As an example, consumers crave improved search and compare/aggregate functions, but companies are investing more in features like shopping lists, wish lists and social features.
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Results also shed light on the reasons for shopping cart abandonment at checkout and what drives customers to read and post online reviews (positive or negative).
Other findings include:
- Companies are improving their online presence and focusing on serving customers rather than just selling to customers;
- Customers want to use their favorite mobile devices to shop from anywhere at any time and receive personalized offers based on their shopping preferences;
- Shoppers expect to reach their ideal balance of online versus offline commerce over the next three years; and
- There is huge growth potential for companies in mobile apps.
Mindtree believes that companies need to blend four cornerstones that are crucial to achieving true digital transformation and success: creating digital customer experiences, digitizing the value chain across the front and back end, developing “sense-and-respond” systems, and shaping new, innovative business models and partnerships.
To stay relevant, sellers need to embed themselves in the lives of consumers and earn the right to be part of a continuous stream of engagement. But they can’t do it by following traditional means of marketing, communications and customer service. Personalization is their way in.
Download the survey here.
