Top Benefits of Personalized Services for Retailers
Here are a few stats that recently caught my eye:
- 80% of customers purchase from brands that offer a personalized experience.
- Product revenues grow by 38% with target marketing.
- Personalized shopping recommendations influence over 92% of the customers.
It’s no wonder online retailers make heavy use of recommendation engines and data collection. They are trying to re‑create the intimacy of an in-store shopping experience. But how might retail shops also benefit from these new technologies? Personalization is a game changer for retailers. By collecting consumer data and identifying trends or patterns in buying behavior, retailers can boost the quality of their services while improving sales. What’s not to like?
What is Personalization?
Retail personalization is the process of offering a unique experience to the customers across every touchpoint, based on historical patterns and real-time shopper intent. It is powered by customer and product intelligence to make shoppers feel valued and emotionally connected to a brand.
Top Benefits of Offering Personalized Services for Retailers
1. Higher Revenue
Personalization helps retailers target their customers with the right message and experience. Customers who receive the right brand messages are more likely to purchase, which helps brands maximize their revenue. According to BCG, retailers saw an increase of 25% in revenue.
2. Better Customer Lifetime Value
Deep‑level personalization happens at all the touchpoints across a customer’s journey. Retailers need to personalize the communication and experience from the customer’s first experience with you till they checkout. Ensuring continuity helps you improve the customer base with loyal customers.
3. Net Promoter Score
Net Promoter Score (NPS) is a north star metric that indicates customer loyalty. Retailers who deliver a high level of customer experience scored 20% more on the Net Promoter Score than the ones with a low level of personalization.
4. Enables Business Agility
Retailers must plan proactively to ensure relevance and competitiveness. This requires them to clearly understand customer trends, competition, and market patterns. The data offered from connected devices helps retailers garner this data and make the most of their investment in personalization with informed strategic decisions. For example, data can make it easier to plan for peak business seasons and ensure maximum customer satisfaction.
Revolutionize Your Customer Interactions with Best Personalization Tool Available
It’s clear that personalization has a lot to offer retailers. Those businesses who are still on the fence will miss a lot of opportunities. The VIBA platform has helped retailers take their customer service to the next level with high‑level personalization. VIBA enables you to leverage video engagements and rich media content offering the right experience to entice your customers. T‑ROC testimonials have showcased how we helped them improve conversion rates, create higher revenue streams, increase coverage, and produce higher customer satisfaction ratio, while not increasing operational costs. If you are curious about how personalized shopping can help you, contact us to book a demo and start your retail store’s new phase of customer relationship management.