Stibo Systems, the only master data management (MDM) company focused on putting Your business first, recently released the results of its 2020 State of Retailer & Consumer Data survey. Among the top findings: consumers want personalized experiences in-store and online, and are willing to give up data for it – but critical areas of personalization, such as user experience, are lagging and should be addressed by retailers.
Two-thirds of consumers believe personalized experiences equate to more positive relationships with retailers. However, 33% of retailers say they routinely struggle with personalization initiatives, while 54% report their company is either minimally investing in user experience initiatives or not at all. Another 41% said they face challenges achieving real-time customer engagement.
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The survey also showed that retailers are leaving potential treasure troves of data untapped. Take loyalty programs – a chance to better understand specific customer buying habits and preferences. Half of consumers say they’re willing to give up personal data for additional loyalty points. However, half of consumers also say retailers should take measures to improve their loyalty programs.
“Consumer demand for personalization is outpacing many retailers’ capabilities to deliver such experiences, and leveraging customer data seems to be one of the most significant stumbling blocks,” said Prashant Bhatia, Chief Product and Marketing Officer at Stibo Systems. “Our survey found one in four retailers struggle with achieving a single view of all customer/product data. Reaching this level of data transparency can help retailers offer superior, tailored in-store and online customer experiences – meeting the demand for greater personalization.”
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In other findings, 42% of consumers say they shop online for the convenience of purchasing items without the hassle of lines – but personalization may be the way to draw them back in-store. Forty-seven percent said personalized coupons sent through email were the most effective incentive for brick-and-mortar trips. The finding aligns with retailers; 51% say they’ve found personalized coupons through email as their most effective strategy to drive in-store sales. Other incentives, according to customers:
- 40%: Personalized coupons through mobile/app
- 30%: Sales staff equipped with greater knowledge of your problems/wants
- 26%: AI in-store
- 21%: Greater implementation of self-check-out kiosks
If you’re attending NRF, you can take a deeper dive into the survey results – including consumer concerns around data breaches, and how retailers are preparing for regulations such as the California Consumer Privacy Act – with the State of Retailer & Consumer Data survey fast facts, available at Stibo Systems’ booth, 4036. Stibo Systems executives will be on hand to discuss how multidomain MDM is helping retailers achieve greater personalization and empowering transparency throughout the consumer journey.
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