These are among the findings of the Retail Consumer Sentiment Survey, conducted by Merkle, a customer relationship marketing. The results conclude that consumer expectations and behaviors signal the potential for retailers in 2015 to create the next generation of personalized digital interactions.
“We have reached the point where delivering personalization does not just refer to content, but will also need to reflect time and location,” said Paul Schottmiller, senior vice president, strategy, retail and consumer goods. “Consumers' expectations are high, and retailers have never had more options for using technology to deliver differentiated customer experiences.”
Retailers have only begun to tap into the vast opportunity that loyalty programs can offer. While loyalty programs are designed to keep customers away from competitors, less than one-fifth of consumers cite today’s loyalty programs as a main differentiator between competitors, but many of these programs are price- and transaction-based. In the emerging age of real-time, consumer interactions, retailers that master a personalized, omnichannel approach to loyalty generate results on the order of magnitude of 10X the revenue of non-program customers. Loyalty done right is fertile ground for retailers to create competitive advantage.
As retailers learn the lessons taught by consumers during the holidays in 2014, driving results with mobile and loyalty will be prominent on their lists for success in 2015.
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