The biggest advantage a retailer can have over competitors is the ability to get a comprehensive insight into what every customer wants easily. And it’s only through tech can we perk up customer experience. Personalization is one of the best approaches to this. Unfortunately, not many upcoming retailers are adequately equipped to implement it.
Last year survey conducted by BRP Consulting revealed that 55% of retailers had improving shopper/customer experience as their top priority. Boosting customer loyalty was number two with 50% and augmenting mobile shopping came third with 45%. Surprisingly, only 24% had introducing personalized promotions as their top priority.
Weird as it may seem, this little focus on personalization is understandable because it requires a firm foundation to start. You need customized, flawless customer experience all through, a perfect consumer loyalty strategy and the aptitude to link with shoppers through their devices of choice like smartphones.
Start by improving your consumer experience and loyalty
Personalization is an old practice that keeps gaining popularity. The more retailers make an effort to establish consumer loyalty & experience programmes they closer they get to customization. It’s a must-have for any business because it helps you stand out from your counterparts.
When personalizing, ensure you tailor everything to fit your target markets. For instance, millennials always expect that everything is customized to meet their needs. Personalized promotions are also important for retailers that are looking to run successful consumer loyalty campaigns. In essence, the whole point of personalization to stay up-to-date with every individual consumer, and predict his/her requirements as they keep changing.
Tech & Personalization
You can only personalize customer experience if you have an in-depth understanding of the individual. How do you learn his whereabouts, favorites, and desires without smart collection and analysis of data? How do you determine a shopper’s financial ability and buying habits without the help of technology?
Consider investing in in-store techs like sensors (to help track foot traffic), beacons (for location-based promotions), ESL and smart sensors (for better inventory management). Such devices are extremely convenient sources of personal info for retailers. You can use the data acquired here to upgrade and personalize your engagement with specific consumers.
The bottom line
Personalization is a good approach a retailer can use to differentiate his/her brand and boost customer experience. However, in most cases the challenge is to develop a method that addresses every customer’s need, especially for retailers that run high risk merchant accounts.
Author Bio: Electronic payments expert, Blair Thomas, co-founded eMerchantBroker. His passions include producing music, and traveling to far off exotic places. eMerchantBroker is America’s No. 1 high risk merchant accounts company, serving both traditional and high-risk merchants.