Monetate, a marketing technology provider, is urging retailers to provide customers with seamless, personalised experiences, or risk alienating them completely, leading to a loss in revenue and customer loyalty.
This call comes after a Monetate study found that 83% of customers expect established brands to personalise experiences for them.
According to technology research company Gartner, by the end of 2016, 89% of brands expect to compete primarily on customer experience rather than price and product as the key brand differentiator, and, with global online abandonment rates at their highest level since 2013 (69%), retailers need to employ different online strategies to appeal to shoppers and help push them towards the final purchase.
Mike Harris, vice president for EMEA at Monetate, said: “Brands need to be interacting with customers on an individual level, as opposed to simply delivering a one-size-fits-all approach. To be successful, you need to connect with each customer, in every moment, through all touch points, based on everything they know about them.”
“In retail, you can differentiate and drive performance in two ways: one is through product, and the other through experience. If you don’t have clear competitive advantage with the first, experience becomes even more important. Brands need to deliver relevance to the customer, not just in one interaction, but over time.”