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Ignoring personalization can cost a retailer, reveals survey

Retail Customer Experience

Better customer experience can boost a retailer's revenue by 5 percent and retailers missed out on $150 billion in payback last year in failing to provide personalized service to consumers. That's because consumers want such service and millennials, in particular, would pay up to 20 percent more for a better retail experience, according to the latest latest TimeTrade State of Retail 2017.

Many Consumers Are Open to Beacons

eMarketer

A November 2016 survey of US internet users from TimeTrade found that nearly half of respondents don’t mind being monitored by beacons or Wi-Fi technologies while shopping, as long as it benefits them in some way.

New Survey Finds $150 Billion In Missed Revenue Due To Retailers’ Lack Of Personalized Service

Innovative Retail Technologies

Retailers missed out on $150 billion in revenue in 2016 because they failed to provide shoppers with personalized service, according to a new survey by TimeTrade. Providing shoppers with better customer experience could increase revenue by at least 5 percent, while millennials say they would pay up to 20 percent more for better retail experiences.

Retailers: Personalize Shopping Or Leave Money On The Table

Payment Week

The word from TimeTrade’s State of Retail 2017 Survey showed not only did retailers miss out big from lack of personalization, but it’s the kind of thing that’s been going on for some time. Eighty-two percent of respondents in the State of Retail 2017 Survey had shopped in brick-and-mortar, but 49 percent had never had a personalized shopping experience.

Brick-and-Mortar Retailers Disappointing Consumers

Mobile Marketing & Technology

Disappointing shopping experiences are costing brick-and-mortar retailers serious money, according to the latest TimeTrade State of Retail 2017 survey of U.S. consumers. The survey suggest that U.S. retail stores left about $150 billion in potential revenue on the table in 2016 by failing to offer shoppers the personalized shopping experiences they want. Respondents said that, on average, they would increase their in-store spending by 4.7 percent — if they received better, more personalized service from retailers.

Retailers Can Improve Sales With Personalized Services

Candy & Snack TODAY

U.S. retailers missed out some $150 billion in potential revenue this past year by failing to offer personalized experiences that consumer demand, according to the State of Retail 2017 survey from TimeTrade Systems, Inc.

Disappointing Shopping Experiences Cost Retailers $150 Billion

Apparel

Disappointing shopping experiences are costing brick-and-mortar retailers serious money, according to the latest TimeTrade State of Retail 2017 survey of U.S. consumers. In fact, the State of Retail 2017 survey results suggest that U.S. retail stores left about $150 billion in potential revenue on the table in 2016 by failing to offer shoppers the personalized shopping experiences they want.

Retailers Missing Out On $150B

PYMNTS

In today’s fast-paced world, it’s not enough to provide friendly service to customers in-store. With connected devices allowing consumers to order anything they want or find any piece of information instantly, a culture of instant gratification has been created. As such, it should come as no surprise that TimeTrade’s State of Retail 2017 Survey found retailers are missing out on a large piece of the puzzle with lack of providing personalized experiences.

Study: Retailers leave money on table due to lack of personalized service

Chain Store Age

Disappointing shopping experiences are costing brick-and-mortar retailers serious money, according to the TimeTrade State of Retail 2017 survey report.

Poor Service Cost Retailers $150 Billion Last Year. Could Mobile Tech Stem the Loss?

Digital Transactions

Brick-and-mortar retailers are struggling to keep up with online stores, but they’d struggle far less if they could better deploy in-store technology, according to the TimeTrade State of Retail 2017 survey report.

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