Personalization in the Retail Industry

Personalization in the Retail Industry

Summary:

This reports provides an overview of Key retail personalization trends, Recommendations, Areas of application, Marketing strategy & Customer engagement

Scope:

• Retailers leverage customer data to tap into personalization trend
• Demand for personalisation through sustainability is rising, retailers must embrace the change
• Retailers are redesigning strategies to increase basket value and frequency of purchases
• Retailers are offering DIY and personal stylists to improve the customer shopping experience
• Retailers approach customers through targeted and personalized marketing practices
• Retailers are investing in technology to provide a personalized shopping experience
• Rewards points benefits and free personalised delivery services attract customers to shop more

Reasons to buy:

• Personalization is about delivering a unique customized brand experience based on understanding the customer’s needs and is at the forefront of retailers’ focus to combat competition and drive growth.
• Over the last decade, consumer expectations regarding personalization have changed. More often shoppers are looking to retailers to provide not only a personalized service but also a tailor-made product to best appeal to them.
• Retailers, and indeed, brands must be quick to adjust their models to facilitate this trend. This shift in attitude represents an opportunity for retailers attaining valuable consumer data and customer loyalty.
• In line with this, retailers are extensively using this strategy to attract buyers and gain customer loyalty.