Personalization in Retail: Making Your Customers Feel Special

Posted by Kelly Scott, Retail Industry Marketing Lead
Personalization and customization seem to be the top buzzwords on the tip of analysts tongues these days. And rightfully so. Consumers expect highly personalized shopping experiences from retailers and are willing to spend more money for it. However, there seems to be a disconnect of perception when it comes to retailers, consumers and the personalization experience they are getting, according to a recent study by Oracle NetSuite in partnership with Wakefield Research and The Retail Doctor, a retail consulting firm created by expert consultant and business mentor Bob Phibbs.
In the global study of 1,200 consumers and 400 retail executives across the US, UK and Australia almost half of consumers (42 percent) – and almost two-thirds among the Millennial demographic (63 percent) – stated that they would pay more for improved personalization, while only 11 percent of retail executives fully believe that their staff has the tools and information needed to give consumers a personalized experience. Why is there such a huge gap between consumers and retailers and how are they solving it?