Trends in Retail and the Personalized Experience
Even though 93 percent of retail decision makers say service personalization is a strategic focus, only one-quarter of consumers feel they receive a consistent, personal experience across channels.
In 2016, TimeTrade surveyed 100 C-level decision makers and more than 5,000 consumers about plans and perceptions around customer experience and personalization in retail. These surveys highlight a major perception disconnect between retailers and consumers, as well as a significant divide between consumers’ desires and retailers’ focus. In the end, retailers are missing a valuable opportunity to address consumer concerns and deliver a personalized experience that meets the ever-changing needs of today’s consumers.
Additional key findings from these surveys include:
- A mere 23% of retail decision makers plan to undertake initiatives for personalization in the next 18 months, while 8% plan to do nothing at all.
- Among organizations planning improvements, training store associates was noted as the top priority (83%).
- 51% of consumers said call centers provide the poorest customer experience, but only 5% of retailers named it a top priority for improvement in 2016
- Only 27% of consumers feel that big-name brands try to provide VIP-like service
- Lack of prompt assistance will drive the majority of consumers (85%) to leave a dressing room – and the store – and abandon their intended purchases
- 59% of respondents would like it if store associates knew the items in their online shopping carts, but only 24% of retailers currently have that ability; only 12% are looking to implement it within the next 18 months
To learn more about TimeTrade’s research on the latest trends in retail, and hear expert opinions from Scott Duby, Director, Global Consumer Industry for IBM, and Kim Garretson, Principal of Realizing Innovation and BrainTrust Panel Commentator for RetailWire.com, register for TimeTrade’s webinar “Trends in Retail and the Personalized Experience” being held August 25th at 2 pm EST and moderated by TimeTrade’s principal market analyst, Sarah Wallace.