You have the power to transform the shopping experience. How? Through data analytics and new store technology, it’s now possible to data-optimize every touchpoint and build stronger relationships with your customers. But with consumers taking innumerable paths to purchase—across more channels and preferences than ever—how do you corral all that data for a more personalized and cost-effective experience?
In today’s highly competitive retail landscape, personalization has become a key revenue driver. Almost three quarters of consumers now expect personalized interactions, and more than that are frustrated when it doesn’t happen. We know that the retailers who master personalization are winning that battle. Faster-growing companies drive 40% more of their revenue from personalization than their slower-growing competitors.[1]
To compound that, there’s a wide gap between intention and impact. While 95% of retail CEOs say they are strategically prioritizing personalization, only 23% of consumers think retailers are doing a good job. But it’s critically important to get that right with 91% of shoppers saying they’re more likely to buy from retailers that correctly use their name and provide relevant personal recommendations. Let’s look at three critical success factors.[2]
First Factor: The intelligent store
This is a direct call to action for retailers to deliver more robust, viscerally satisfying experiences and personalized customer service. That means evolving personalization, seamless purchasing, and intelligent stores that can help you:
Second factor: United data for unified commerce
No matter how technologically impressive your shopping experience, it must be informed by a complete view of the customer—their history, preferences, previous touchpoints, and expectations. That calls for a single view that’s only possible through unified data. With that you can deliver a seamless shopping experience to increase engagement and drive conversions across channels, enabling you to:
Third factor: Data-comprehensive advertising
In the data-driven retail world, advertising is about delivering what the consumer wants next before they ask you for it. If you wait for them to come to you, you’ve already missed most of your sales chances. Microsoft Partners and their Digital Advertising Solutions can help you ensure your ad spends enable you to:
AI is the foundation to retail efficiencies and topline growth and Microsoft and our partners’ solutions are ready to deliver meaningful shopping experiences, in any channel, that delight at scale!
[1] McKinsey, The value of getting personalization right – or wrong – is multiplying, Nidhi Arora, Wei Wei Liu, Kelsey Robinson, Eli, Daniel Ensslen, Lars Fiedler, Gustavo Schüler, November 21, 2021
[2] “Personalizing the customer experience: Driving differentiation in retail,” Erik Lindecrantz, Madeleine Tjon Pian Gi, and Stefano Zerbi, McKinsey & Co., April 28, 2020
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