Personalisation and the Rise of Insight-led Decision-making
As 2021 continues with high levels of disruption that shows no signs of abating, customer preferences are changing fast and often. Retailers previously saw customer preferences shift over a matter of months or years, whereas now they are changing at a far more rapid pace due to the continued uncertainty of the ongoing pandemic. That’s why customer insights, offer personalisation, and insight-led decision-making are even more important than ever.
Data will continue to power customer insights
Data-driven decision-making has been the go-to route for many retailers over the last decade, and companies are now aware that they need to regularly gather swathes of data in order to determine customer preferences. However, data can only take your company so far, especially as the retail landscape shifts every week. Instead, robust analysis of this data can help you gain insights into customer preferences that will take you farther than data alone — especially in uncertain times.
Data will remain a critical building block for companies as they determine the correct personalisation to offer their customers, but companies will need to do more with that data. According to Gartner, “Marketing leaders need to be plugged into rapid changes in customer behavior, attitudes, and marketplace dynamics in order to guide the business safely through this crisis.” This will require retailers and their marketing departments to use data to develop customer insights that will ensure they create the correct offers for each segment of the consumer population.
Personalisation must be targeted to individual
A higher level of personalisation based on customer insights is what sets companies apart and drives customer retention despite continued disruption in the retail landscape. But as customers are increasingly interacting with companies that offer excellent personalisation to their specific buying history and preferences, like Amazon and Netflix, they are beginning to balk at offers that are created by an algorithm based on consumers like them. Instead, they are gravitating toward retailers who are able to create unique offers based on customer insights gleaned from robust data on their own previous purchases.
A recent article in McKinsey explained, “In the best personalized experiences, retailers make the customer part of the dialogue and leverage data to create one-to-one personalization.”
Today’s customer is interested in making their own choices about how and when to spend their money, over a variety of personalised touch points throughout the buying journey.
AzpiralPro can help retailers gather personalised customer data, analyse individual buying journeys, and ensure offers are tailored to suit each individual. Let Azpiral help you capitalise on your customers’ growing desires to make their own choices in day-to-day decisions, with options perfectly personalised to their needs.