1060% More Retailers will Personalize the Shopping Experience based on Customers’ Online Browsing History in 3 years

Checking the price tag of a blouseMillennial’s shopping habits are going mainstream and consumers are becoming more demanding – driven by new technology and the real-time capabilities it enables. A customer can be shopping at a store for a specific model of computer, take a photo and get instant access to prices from multiple competitors and the closest store that has it in stock – in real-time. Consumers expect a seamless experience in the store, on the Web or anywhere she chooses to shop. This is why “real-time retail” is the new imperative.

Real-time retail is the ability to deliver a seamless experience to a consumer whenever, wherever or however she chooses to shop by gathering, analyzing and disseminating customer, product, pricing and inventory data across all channels – instantly.

According to BRP’s recent 2015 POS/Customer Engagement Benchmarking Survey, retailers are focused on expanding their real-time capabilities to deliver the enhanced services their customers now expect.

1060_Percent_BoldReal-time Features Enhance the Shopping Experience

Retailers that can provide associates with customer data in real-time before checkout are able to provide a more personalized experience and can offer suggestions to customers that impact their purchase decisions. According to our survey respondents, 510% more retailers will know what is in their customers closet and provide this information to sales associates in real-time. In addition, personalizing the shopping experience by understanding the customer’s online browsing history will increase by 1060% over the next three years (from 5% today to 58% in three years).

Personalized Pricing174 Percent Bold

In the past, retailers’ pricing hierarchy was based on various levels: company, division, channel, zone and store. Now there is a new pricing strategy and structure at the personal level – based on individual shoppers. According to our survey, 174% more retailers will be offering personalized promotions/pricing in the next three years. Now that’s one-to-one marketing.

 

Tayloring the Customer ExperienceIt is impressive to see more retailers understanding the value of real-time retail and working to provide these capabilities to their sales associates. I hope the reality in three years is close to what retailers plan to achieve.

I encourage you to read the complete survey report for additional insights on retailers’ top priorities.

Download Now: 2015 POS/Customer engagement Benchmarking Survey

As always, I welcome your thoughts and opinions. Please share your comments below.

Ken

Ken Morris

Principal
Ken was CEO and President of LakeWest Group and founder of CFT Consulting and CFT Systems, a retail software company. Earlier in his career, he held retail information technology executive positions at Lord & Taylor, Filene’s (Macy’s), Talbots, Stop & Shop Supermarket Company, and Sears. His experience is with strategy, selection development and deployment of retail management systems and processes.

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