AdobeBridging the retail
experience gap.
Today’s consumers want a meaningful experience when they shop — that moment when a consumer connects with a brand. But there’s a gap between what consumers want and what retailers deliver. Companies that are closing this gap are dominating the competition.
“Today’s brand don’t have target
markets, they have target moments.”
Rory Sutherland
Vice Chairman, Ogilvy Group, United Kingdom
Consumers want a genuine experience.
Consumers are drawn to shopping experiences that are personal, and
appeal to their emotions to create meaningful connections in their lives.
-
78% Seventy-eight percent say
personalization at least somewhat
affects their purchasing decisions. -
71% Seventy-one percent are more
likely to purchase products with
positive online ratings. -
75% Seventy-five percent expect a consistent
cross-channel experience wherever they are.
Retailers aren’t providing
genuine experiences.
Personalized retail is still evolving, and companies are having a
hard time keeping up. This is the major cause of division
between retailer and consumer.
Personalization doesn’t always work for consumers.
Seventy percent see it as superficial.
Sixty-six percent are likely to switch brand if they feel like they’re treated like a number.
Seventy-three percent are likely to switch brands if a company is inconsistent in service.
Marketers struggle with it, too.
Only 4 percent say their channels are powered by intelligence-driven, real-time, personalized experiences.
Sixty percent struggle to prioritize content in real time.
Seventy-seven percent believe real-time personalization is crucial.
It comes down to data. Marketers cite the following challenges.
-
Gaining insight
quickly enough -
Having enough data
-
Inaccurate data
For retailers, it can go deeper than simply not having data.
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Fifteen percent say their organization effectively processes data.
-
Thirteen percent agree that stakeholders find the delivered information useful.
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Eighteen percent say users are well-provided with tools to analyze data.
Companies can create genuine experiences.
While there are many companies that fall behind, some retailers are seeing
the benefits from creating experiences that stand out.
Retailers are changing how they approach customer experience.
-
78% Seventy-eight percent combine
digital marketing with analytics. -
62% Sixty-two percent will increase
mobile marketing budget. -
57% Fifty-seven percent will invest
more in personalization.
And it’s working.
After a personalized experience, 78 percent of consumers say they are more likely to return.
Personalization also hits the bottom line.
Worldwide marketers report
-
Seventy-three percent increase in visitor engagement.
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Fifty-three percent increase in conversion rates.
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Forty-five percent increase in customer acquisition.
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Thirty-four percent increase in ecommerce revenue.
Read Why retailers who use experiences
stand out. And learn how to bridge the
gap between you and your consumers.
Learn how
- Econsultancy, “2017 Digital Trends in Retail,” March 2017.
- Econsultancy, “Customer Experience Statistics Compendium,” August 2016.
- Econsultancy, “The Real-Time Customer Experience: Harnessing the Power of Data and Personalization,” 2015.
-
eMarketer, “Real-Time Personalization Affects the Bottom Line,” July 2015,
https://www.emarketer.com/Article/Real-Time-Personalization-Affects-Bottom-Line/1012689 - Generator, “Online Retail: 2015, Key Companies, New Models, Key Trends and Analysis,” August 28, 2015.
-
Giselle Abramovich, “15 Mind-Blowing Stats about Personalization,” CMO.com, February 20, 2015,
http://www.cmo.com/features/articles/2015/2/18/mind-blowing-stats-personalization.html#gs.qvVJOJo - Michele Goetz, “Want to Drive Actionable Insights? Refuel Your Data Management Engine Today,” Forrester, May 25, 2016.
- Salesforce, “State of the Connected Customer,” 2016.
- Yory Wurmser, “Personalization in Retail,” eMarketer, April 2017.