The study, entitled “Winning in the Age of Personalization,” surveyed 6,000 consumers in the U.S., Europe and Asia/Pacific regions, as well as 900 decision makers from the retail, travel and hospitality, banking and insurance, and media and entertainment industries.
According to the report personalization is the key driver that will help consumers reach their ideal mix of online and offline shopping experience. About 78 per cent of consumers surveyed indicated that personalized promotions encourage them to buy products and services that they have purchased before while 74 percent bought items that they never purchased before.
The survey went on to identify disconnects between what online features consumers are interested in and what features companies are implementing. For example, consumers desire improved search and compare functions, but companies are focusing on functions like shopping lists, wish lists and social features. The survey results also reveal the top reasons that customers abandon online shopping carts, and what drives customers to read and post online reviews.
“There are a lot of stories to be gleaned from this study, but what stands out most is that companies need to prioritize more investments in personalization, an area that quite clearly drives more commerce,” says Radha R., EVP and Head of Digital Business at Mindtree. “Many of today’s personalization approaches are ineffective since they are based on a siloed view of the customer. With the right data engine and digital underpinnings in place, customized experiences will allow companies to target the right people, at the right time, in the right place, on the right device, with the right content.”
For companies that are lacking in personalization tools, Mindtree suggests a few steps that companies can take to reach the required level that consumers are demanding:
- Break up data silos to get a more enriched view of customers from various digital touch points, using a big data-led approach.
- Deliver relevance for customers by creating content, offers and recommendations using context-weighted personalization algorithms.
- Implement the technology to automatically deliver these customized messages and offers to customers in a cross-channel, cross-device landscape.
However, for this approach to really work, companies must also have the right digital infrastructure in place. To do so, companies need to merge four crucial areas to achieve true digital transformation and success, namely: shape new, innovative business models, create digital customer experiences, develop sense-and-respond systems and digitize the value chain. To get a better understanding of these areas and to see how you can raise your company to meet the demands of consumers download the full report here or get the infographic.
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