Retailers Miss Out On $150B From Lack Of Personalization
A new survey conducted by software and customer experience analytics company TimeTrade Systems indicates that a lack of personalized in-store shopping is causing brick-and-mortar retail providers to lose out on revenue. Here are some of the key findings.
Retailers Missed Out On $150 Billion In 2016
Disappointing shopping experiences are costing U.S. brick-and-mortar retailers serious money, according to the latest TimeTrade State of Retail survey of U.S. consumers, which suggests that retail stores left about $150 billion in potential revenue on the table in 2016.
Why brick-and-mortar retailers need to go digital with analytics
70 percent of shoppers in a TimeTrade survey indicating they’d like brick-and-mortar sales associates to know if they left items in an online cart so they could answer questions.
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The Retail Doctor
TimeTrade recently reported a better customer experience can boost a retailer's revenue by 5%. In a world of plunging margins, that is huge.
Survey: Retailers Missed Out on $150 Billion in 2016 Revenue by Failing to Provide Shoppers with Personalized Service
MR - The Menswear Industry's Magazine
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.
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TimeTrade found that 59 percent of millennials say they would spend more if a personal shopper proposed suggestions. The distinction is that not every sales associate is trained to be a personal shopper, and not every customer believes they have signed an invisible contract to receive style tips.
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, according to the latest latest TimeTrade State of Retail 2017.
Many Consumers Are Open to Beacons
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.
Retailers Want to Use Robots and Smart Fitting Rooms to Lure Customers Back Into Brick-and-Mortar Stores
Imagine walking into a store and being greeted by a 4-foot tall friendly robot that can help you with almost any general query. You might not have to imagine much longer, as 2017 is the year SoftBank Robotics' Pepper the robot might be coming to a retail location near you. According to a TimeTrade retail report, 90% of shoppers cannot always find the right person to help.
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.