Benefits of personalisation for online stores Before the explosion of digital commerce , customers simply walked into stores and found a friendly emoployee who helped…
When it comes to personalisation tailoring a product, service, or experience to specific customer segments—many organizations across industries are already investing in this area, and reaping the rewards. When executed effectively, strategic personalisation initiatives, from personalized product offerings and recommendations to dynamic pricing and personalized webpages, can drive significant revenue impact. They also tap into the power of customer-centricity, helping foster greater customer loyalty and retention. Such tactics add value for both the brand and the customer by delivering the most relevant offers and experiences to the
right customer segments.
In fact, according to an international, cross-industry executive survey by Harvard Business Review Analytic Services, nine in 10 respondents say customers expect organizations to know their interests and anticipate their needs. Correspondingly, eight in 10 survey respondents say personalisation is important to their organization’s strategy—and more than half indicate their personalisation tactics are already an important driver of revenue and profits. Even more striking is that findings indicate 81% of respondents say personalisation will be an important driver in 2021, highlighting the important role business leaders expect it to play in the future.
This report explores best practices for personalisation strategy and execution to help online stores and eCommerce platforms pinpoint where to best allocate their resources, and where they may be leaving money on the table.