Shop.org Think Tank: Personalization, Value and Relevance
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Believe the hype, and personalization is now every retailer’s end game.
Maybe it’s time for a more sensible view.
What if relevance is the goal, and personalization is merely a tactic to get there?
Perhaps, as retailers, we don’t fully understand what personalization is, or how it differs from segmentation. Maybe we’ve been overwhelmed by the concept of personalization as an expensive, all-encompassing proposition, especially when it includes every device and channel. Or maybe we’re just bored by the pervasiveness of its simplest forms.
There is, however, a sweet spot between overhyped and underleveraged. It is there, in the creation of relevance, that retailers can engage consumers in market-defining, sector-differentiating ways. It starts with revisiting the basics, recognizing there might already be more data available than previously thought and carefully considering where it is you’re trying to go — and why.
Key questions considered in this report:
- Why is personalization even important to consumers and retailers?
- What strategies can retailers employ in the immediate, short term and long term to reduce friction, increase relevance and build lasting relationships with consumers?
- Which retailers and solution providers are setting an example for others to follow?
- How do current-to-future elements such as digital wallets, chatbots, artificial intelligence, real-time bidding and privacy fit in?
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