How the industry still needs to invest more in personalisation
We already know that personalisation is key to help boost sales, loyalty and conversion for brands – and yet a new study says companies across industries still aren’t investing enough in the personalisation strategies that customers are calling for.
The global, cross-industry study suggests that more than three quarters (78%) of consumers say that personalised promotions persuade them to buy products and services they have bought before whilst a similar proportion (74%) said that such personalisation would also convince them to buy relevant goods and services they hadn’t previously purchased.
However, despite this less than a third (28%) of decision makes in companies surveyed globally, said that their businesses were investing significantly in personalisation in order to improve the online purchasing experience. This was despite such strategies having improved their online sales over the past twelve months for more than half (58%) of those surveyed.
The study also showed that businesses need to look more carefully at their mobile apps strategy too with consumers expecting their use of mobile apps for shopping to more than double in the next three years. To date 6% of customers said their preferred shopping channel in 2015 was mobile apps but this number trebles to 15% by 2018.
The Winning in the Age of Personalisation study was commissioned by digital transformation and technology services company Mindtree and conducted by research firm Vanson Bourne. It surveyed 6,000 consumers across US, Europe and Asia/Pacific as well as 900 decision makers from companies in industries from retail to banking, media and entertainment.
“Companies need to prioritise more investment in personalisation – an area that quite clearly drives more commerce,” said Radha R, EVP and head of digital business at Mindtree. “Many of today’s personalisation approaches are ineffective since they are based on a siloed view of the customer."