Personalizing the Omnichannel Retail Experience
Connected consumers and the possibility of using many different types of data to personalize retail shopping experiences at every point in consumer journeys are driving innovative retailers to harvest previously untapped revenue by unifying customer data. The following infographic shows why so many retailers are rushing to use retail personalization to rake in money they used to leave on the table.
As you can see from the blog, retail personalization is really critical in creating customer journeys that encourage upselling, cross-selling, and higher customer lifetime value (LTV): An estimated 80% of consumers are more likely to make a purchase when brands offer personalized experiences1.
Today’s Shoppers—Connected and Informed
Perhaps consumers have come to expect you to use data to customize their experiences because they use so much data to make a decision whether to buy from your business. Customers leverage massive amounts of online data before, during, and even after making a purchase. That’s why retail CMOs must create a cohesive, personalized experience for customers across all touchpoints, including each of these channels:
|eCommerce Sites||Physical Store||Mobile Apps|
|Email Marketing||Online Ads|
|Loyalty Programs||Push Notifications|
Interestingly, the management of these channels is becoming more consolidated. A full 90% of CMOs expect to be responsible for the whole customer experience by 2020.2
Shopping Behaviors Are Rapidly Evolving
The good news for retailers is that customers become more valuable with every additional channel they use:
- 73% of consumers use multiple channels during their shopping journey.3
- 82% of shoppers consult their phones on purchases they’re about to make in-store.4
- 57% of consumers are influenced by offer messages received while shopping in-store.5
- 77% of consumers are more likely to shop at a store that has a loyalty program.6
- 23% more repeat shopping trips are made within six months of an omnichannel shopping experience.7
3 Steps to Overcoming Omnichannel Obstacles
Of course, omnichannel marketing isn’t always easy, but these three steps go a long way toward maximizing customer lifetime value (LTV):
Understand Your Customers
Gain insights into behavior, context, and intent.
Analyze the Customer Experience
You need granular, realtime information about how people research, buy, own, and advocate for your products if you want to drive revenue improvement.
Improve the Customer Experience
Add meaningful personalization to make continuous improvements to key performance indicators (KPIs) such as reach, conversions, ROI, MROI, and customer lifetime value (LTV) .
Use Technology to Reach the Right Person with the Right Message at the Right Time
A successful omnichannel strategy requires a marketing stack that includes data analytics, machine learning, and a customer data platform (CDP). A CDP is a marketer-controlled system that collects and unifies data across the enterprise for a single, actionable view of each customer.
A CDP can help retail CMOs:
- Identify and segment customers across different channels and devices.
41% of leading retailers analyze site search data to personalize the eCommerce experience.8
- Deliver highly personalized offerings to in-store customers.
146% sales growth can be achieved through the successful deployment of in-store mobile features.9
- Identify and increase the number of high LTV (lifetime value) customers.
- Leverage the omnichannel presence to grow in-store revenue.
50% of consumers expect the convenience of buying online and picking up in-store.10
The Arm Treasure Data CDP brings all your data together to help with retail omnichannel personalization, bringing you one single, actionable view of each customer.
Learn more at Treasure Data.com.
2. The Economist:
6. Op cit. https://hbr.org/2017/01/a-study-of-46000-shoppers-shows-that-omnichannel-retailing-works