The Time to Tap the Power of Personalization is now!

As fast as the modern retail environment continues to advance, the competition is getting really tougher. The multiple device types and screen sizes customers use to shop online add to this complexity even further. This has posed some intense challenges in front of e-sellers to adapt to the changing customer shopping behavior and engage with them across this myriad range of omni channels. Almost 200 million US consumers shop online now; an increase in 20% in just half a decade.

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Now the question is – should emerchants like you to get personal with customers? The answer is – it’s time to get started right away! Many online retailers have witnessed a significant spike in metrics after they personalized shopping experiences for customers they serve. According to Forrester, personalization is now the top priority for 55% of retailers. Here are the some supporting statistics to understand how customer behavior has fueled this trend:

  • 59% of online shoppers believe that it is easier to find more interesting products on a personalized online retail store.
  • 56% are more likely to visit again the same retail store.
  • 40% indicate they buy more from retailers, who personalize the shopping experience.
  • 51% are willing to share data to receive a better shopping experience.

(Source: http://tinyurl.com/lge3kck)

Personalization in ecommerce store can be equated with a customer’s interaction with the sales staff in store. On repeat visits, the sales executive might know and understand your shopping preferences well, and can help you with your shopping next time you visit the store or even pre-emptively notify you of the discounts or new arrivals. This creates a long-lasting shopping experience in your mind.

Replicating this kind of memorable shopping experience forms the core of personalization in an ecommerce store. This is significant for both – the retailer and the customer. However, personalization can be successfully accomplished only by those e-sellers, who can skillfully use personalization algorithms to their advantage.

Retailers can segregate their personalization plan into different phases that include:

  • Navigational personalization
  • Customer-specific personalization
  • Personalization using third-party data
  • Predictive personalization
  • Catering to a segment of one

(Source:http://tinyurl.com/opk44m9)

Retailers can practice personalization everywhere across the complete spectrum of customer’s shopping journey:

As customers’ choices vary, each ecommerce store aspires to connect and engage with every customer individually by using recommendation tools or custom product-building tools. Modern retailer see personalization as the key to unlocking the door to a shopping experience that customers can remember and cherish, and maximizing ROIs for retailers and improving business performance manifold.

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