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No matter what sector of retail your business is in, offering personalized experiences at every step of the buyer’s journey is essential for building your customer’s loyalty. However, personalization is no longer as simple as including your customer’s name in a welcome email after they sign up for your weekly newsletter. Today, customers are looking for much more.
Research supports what retailers are quickly learning - consumers are now expecting hyper-personalization from businesses. They want brands to remember who they are and understand their needs, whether that’s online or in-store. They are looking for relevant recommendations and valuable offers in exchange for their purchasing dollars.
Just how important is this? Let’s take a look at three ways improved customer personalization can drive your business forward and enhance your success.
According to the Salesforce report, “State of the Connected Customer”, the experience a company provides is just as important as its products and services. Offering a personalized experience to every person who enters your store, clicks onto your website or opens your app makes them feel valued and therefore more closely connected to your brand. This is a great way to build up a loyal audience that will continually support your business.
Strong customer loyalty means your business is less likely to be negatively impacted by supply chain issues or inflation. Your customers trust you, and will stick around until the products you offer are available, or will be willing to pay a little more, knowing that they will be getting the same great service, quality and experience.
How much does your organization spend on acquisition costs compared to building customer loyalty? Investing in strategies to engage your customers is essential to retaining and growing your customer base. Not only do loyal customers make up a disproportionate percentage of revenue for most companies, they can also be important ambassadors for your brand.
Customers are more likely to make a purchase when they feel a brand genuinely cares about them and remembers who they are by understanding their needs.
Personalization not only helps grow your pool of returning customers, it increases cart value, too. Repeat customers can spend as much as 67% more than a new customer. Yet, how well do you know your customers if you have only marketing and transactional data?
Retailers need to learn more about their customers in order to improve product recommendations and promotional offers, and new, quality data is the answer. The time is now for retailers to look for new sources of customer data, particularly in advance of the looming disappearance of third party cookies.
Cross-selling offers the possibility of increasing e-commerce revenue by 10% - 30%. Better understanding your customer to provide more personalized recommendations can help push the needle on your cross-selling efforts.
65% of shoppers are already willing to share their personal data with retailers in order to receive better experiences and offers, and the younger the demographic, the more willing they are to exchange data for personalization. Access to new, first-party data helps create better customer profiles to support cross-selling efforts.
The Sprout Open Health API empowers retail websites & mobile apps with advanced health features designed to safely and securely capture customer health, behavior and lifestyle data to create personalized customer experiences, drive engagement and build lasting brand loyalty. Power your business with RESTful access to our proprietary Sprout Health Engine™, driven by data science and backed by 25 years of academic research.
To learn more about how Sprout Open Health API is transforming businesses, contact us today.