We’ve been studying how companies use personalization to increase customer engagement for the past several months. As a result of countless meetings, our discoveries have led us to what we believe to be retail’s future. In this article, we want to discuss what real-time personalization and how it could change retail.
Real-time personalization is the ability to use data during the transaction to provide relevant recommendations. For example, imagine your favorite restaurant offering you that extra sticky rice you usually order. Additionally, if they told you about the happy hour with your favorite dish. In short, creating moments where you can provide this personal touch can increase customer engagement and drive revenue.
Retail Current State
Retail is in a state of transition as everyone realizes personalization is becoming a major factor in the consumer experience. In fact, Walmart is currently investing millions of dollars to create uniquely tailored experiences. They’re responding to companies such as Amazon who’s been taking the retail world by storm. If you haven’t started, now is the time to focus your attention on how do you create unique experiences that keeps your customers returning.
Future of Retail
The average retail experience will include customers getting a tailored service that meet their needs. For example, you can expect to walk into your favorite clothing boutique and the staff has a good idea of what you want to buy. The store will have a sense of your favorite style, brand, and price point. If you’re not currently thinking about these things in your business, you already losing the race. Entreprov recently launched a blog “Delighted customers buy more” where we focus on how you can position your company to deliver highly relevant customer experiences.
Alex Brooks is the founder and CEO of AE Brooks, LLC (d/b/a, Entreprov), a Seattle-based firm that builds custom predictive analytics and automation tools to enhance a company’s performance and decision making.