5 MINUTE GUIDE TO: GETTING MORE PERSONAL …...2018/01/05 · OUR SOLUTION Start your...

THE PAYOFF FROM TAKING

A MORE PERSONAL APPROACH

5 MINUTE GUIDE TO:

GETTING MORE PERSONAL IN RETAIL

IN THE NOT SO DISTANT

FUTURE, EVERY VIABLE

RETAILER WILL BE A

TECHNOLOGY COMPANY.

- Gartner1

Copyright © Symphony RetailAI.All rights reserved.

Staying on top of the personalization game ranks among the top priorities for retailers worldwide.

From emails, coupons and weekly circulars to the new geo-targeted offers, retailers that consistently

deploy personalized campaigns across the right channels are meeting shoppers’ heightened

expectations and reaping the benefits of loyalty, repeated visits and growing basket sizes.

THE PAYOFF OF GETTING PERSONAL

75%e-business professionals

prioritize personalization

technology investment

In today’s highly competitive retail landscape, incorporating innovative geo-technologies

such as beacons and sensors is forcing retailers to rethink their strategies to be more in

sync with consumers’ changing desires and needs. According to Gartner1, “In the not

so distant future, every viable retailer will be a technology company.” However, the

impact of loyalty and retention programs is likely to be limited if retailers’ execution plans

are not consistent across digital and physical worlds.

According to Forrester, personalization technology is today the top technology investment

priority for 75% of e-business professionals2. Personalization and successful

omnichannel execution is not just about delivering the same offers to consumers across

devices and channels; it is, first and foremost, about making sure consumers experience

a seamless journey regardless of the channel, location or product preference.


UNDERSTAND YOUR CUSTOMER

Relevant Content Matters

To achieve the correct combination of emotional and rational connection for

effective shopper engagement, retailers should consider developing content that

is interesting and relevant across all platforms.

Producing content with consumers’ buying stages in mind will help you boost

sales. For instance, providing product information at the prospect stage and

targeted offers at later stages strategically moves consumers along their

journey. Shareable content is a valuable tool to employ today - especially

among millennials, the majority of which want product information,

reviews and price comparisons at their fingertips.

At the same time, businesses must recognize the impact of

providing valuable offers beyond just discounts. Understanding

customers in-depth and beyond transactions, as well as combining

customers’ preferred channels and machine learning capabilities to

arrive at predictive content, leads to a more powerful connection

and eventually to real engagement, as effective personalization

helps shoppers feel valued and rewarded.


Today’s Consumer is a Moving Target

A CUSTOMER

WHO IS ENGAGED

ONLINE AND OFFLINE

IS WORTH

32%MORE THAN

THOSE ENGAGED

ONLINE ONLY

At the same time, thanks to the prevalence of channels such as

mobile and wearables, retailers need to better understand a new type

of customer: the shopper who is always informed, knows what he/

she wants and can easily access information about competitive stores

and products at all times.

Similarly, geo-located messages and offers are gaining ground as

retailers are now able to track customers’ movements within or near

their stores. The financial payoff is significant. “Businesses that

successfully employ a consistent cross-channel marketing

strategy enjoy a 14.6% year-over-year increase in annual

revenue and a 13% annual.” 3

Based on results reported by a leading German retailer using SR’s

Personalized Marketing solution, “A customer who is engaged

online and offline is worth 32% more than those engaged online

only.” 4

To be effective today, it is important to reach customers through their preferred channels.

The days of single-channel communications are over and customers have preferences

that change constantly. Therefore, any personalization program needs to be able to

change with them automatically.


In today’s highly competitive, hyper-connected world, where channels are

becoming increasingly blurred and an omnichannel, personalized approach

is becoming an absolute necessity, no company can afford to be left behind.

Recent surveys reveal that while many retailers think they get it, in reality,

shoppers disagree.

REALITY CHECK

According to a recent report by TimeTrade6, “More than half

of retailers are confident they are providing a personalized

experience to consumers, but only 26% of consumers believe

retailers are actually doing so.”

DID YOU

KNOW?

Only 10% of Tier 1

retailers believe they

are highly effective

at personalization,

and nearly one-

third report having

limited or no

capability to support

personalization efforts.

- Gartner5

To overcome these challenges, many retailers have heavily invested in sizeable CRM departments

or upgraded their existing technology. These expensive and inflexible solutions often fall short in a

dynamic retail world requiring agility and minimized costs.

Evidently, while the pace of change in retail is staggering, many

leading retailers globally struggle to keep up: “51% of marketers

today can’t react to new channels, devices, trends or

competitors using their current tech.” 7. At the same time,“Over

90% of marketers struggle to seamlessly connect more than

three channels on the buyer journey.” 8


42% OF SHOPPERS ARE LOYAL

TO A RETAILER THAT HAS

KNOWLEDGEABLE STAFF WHO

TREAT THEM LIKE A VALUED

CUSTOMER. 9


BE MORE RELEVANT

Customers will explore emerging communication

channels and touchpoints. Yet, they will continue to

expect easy, effective service interactions that

foster an emotional bond between the customer

and the company. Companies must leverage

insights from past interactions, transactions,

and connected devices to deliver upon

these expectations.”

Do you really know your customers?

Of shoppers are encouraged

to choose a retailer offering a

more personalized experience

tailored to their needs.1141%An additional challenge for retailers is gaining an in-depth

understanding of customers.

Transaction data is not enough to secure that much sought-after 360O view of shoppers, who

in turn expect retailers to understand, reward and value them. According to Forrester10:


Investing in thoroughly knowing your customers can not only gradually boost sales, but

also secure your shoppers’ lifelong loyalty. This investment should be two-fold:

Developing reward-

type offers for your best

customers to insulate

them from competition

Providing incentives to the remaining

shoppers to experiment and engage

with new categories and/or increase

their shopping frequency

Building customer relationships

Neglecting to look after your shoppers as individuals will prevent you

from differentiating between a customer that loves shopping at your stores

versus shopping purely out of convenience.

Likewise, it’s critical to know which marketing vehicle will be most

effective to meet specific loyalty objectives for your shoppers as

well as understanding how each customer touchpoint affects shopper

engagement. Understanding your customers’ preferences and their path

to purchase can be demanding but it is key in transforming your shoppers

into lifetime customers.

36%OF RETAILERS SAID LACK OF

CUSTOMER PREFERENCE AND

PURCHASE AWARENESS LOST

THEM CUSTOMERS IN-STORE” 12


OUR SOLUTION

Start your personalization journey with

Symphony RetailAIAsk how SR’s Personalized Marketing solution is helping retailers

deliver more than 345,000,000 personalized, precision-targeted offers

every month, which is increasing average redemption rates 10% and

higher, when compared to untargeted, ad hoc offers.

30+ YEARS

70+ COUNTRIES

1200+ CUSTOMERS

Symphony RetailAI is the leading global provider

of Artificial Intelligence-enabled decision

platforms, solutions and customer-centric insights

that drive validated growth for retailers and CPG

manufacturers, from customer intelligence to

personalized marketing, and merchandising and

category management, to supply chain and retail

operations.

Symphony RetailAI is innovating rapidly to drive

faster, more profitable decisions through AI,

machine learning and voice technologies. We are

trusted by over 1200 organizations including 15 of

the world’s 25 largest grocery retailers, thousands

of retail brands, and hundreds of national and

regional chains worldwide to help solve their

toughest business problems, through AI-powered

customer intelligence and retail solutions. More at:

www.symphonyretailai.com


http://www.symphonyretailai.com/

1. 2015, Gartner, Predicts 2016: Digital Business Uproots Traditional Retail Revenue Generation

2. 2014, Forrester, It’s Time To Rejuvenate Online Transactional Experiences With Responsive Web Design

3. 2015, Omer Minkara, Customer Engagement: From Interactions to Relationships

4. 2015, Symphony EYC, EYC Personalized Marketing solution’s results reported by leading European client, Q4 2015,

Germany

5. 2014, Gartner, New Research on Personalization Highlights the Challenges

6. 2016, TimeTrade, Personalization in Retail: A RealityCheck

7. 2015, Episerver, Multichannel Digital Marketing Report

8. 2017, Gartner, Multichannel Marketing, https://www.gartner.com/marketing/multi-channel-marketing

9. 2016, Planet Retail, Redefining Loyalty, What loyalty means to shoppers today, June 2016

10. 2016, Forrester,Trends 2016: The Future Of Customer Service, Vision: The Contact Centers For Customer Service

Playbook

11. 2015, Planet Retail Shopology, BASE: 90,000 shoppers; Period covered: Aug 2014 to Nov 2015

12. 2016, Planet Retail Era of Personalization research, BASE: 320 retailers with $1bn+ revenue p.a., published January

2016

APPENDIX

Start your personalization journey with Symphony RetailAI:

[email protected]

www.symphonyretailai.com/marketing-manager-retail


http://www.gartner.com/marketing/multi-channel-marketing

http://www.gartner.com/marketing/multi-channel-marketing

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