Personalizing the Customer Experience. BRP SPECIAL REPORT A supplemental report based on the findings from the 2016 Digital Commerce Benchmark Survey
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1 Personalizing the Customer Experience BRP SPECIAL REPORT A supplemental report based on the findings from the 2016 Digital Commerce Benchmark Survey Platinum sponsor: Gold sponsors:
2 Personalization may be the most powerful way for retailers to differentiate their brand and enhance the customer experience the challenge is to identify the best method to customize the experience for each customer. Jeffrey Neville, vice president at BRP Personalization has gone well beyond simple marketing to demographic groups, customer segments or even personas. It is more than simply greeting a customer by name when they walk in the store and it goes beyond merely offering product recommendations on your website. Personalization encapsulates all the details that make your customer s shopping experience unique to her. Of course, it involves knowing your customer and understanding her past purchases and current interests, but it also encompasses the experience itself and whether that experience meets the customer s needs for a personalized product or service. With the advent of mobile technology enabling instant access to information and products and the ability to immediately purchase an item, the act of shopping has changed. Consumers no longer need to go shopping if a consumer wants an item she can pull out her smartphone, click a button, and the item will be at her door within a day or two. The advent of online shopping has made us constant consumers. Because of this constant ability to shop and easily research the lowest price, retailers especially those with brick and mortar locations need to further differentiate themselves to entice customers into the store. Providing a more personalized experience and offering value-add services can help even small retailers differentiate and compete successfully against companies like Amazon. The best and most powerful way to succeed is through personalization. In BRP s 2016 Digital Commerce Benchmark Survey, 40% of the retailers surveyed indicated that personalization is a top digital priority. In this supplemental report to the Digital Commerce Survey we dive deeper into personalization and the potential methods available for today s retailers to deliver the optimal customer experience. The three major areas of personalization covered in this report include: 1. Personalized in-store experience 2. Curated shopping 3. Personalized products Personalized in-store experience Effective customer engagement requires retailers to offer a personalized, relevant, compelling and consistent experience. Retailers must infuse digital features into the store environment to exceed customer expectations, compete more effectively and offer a more memorable shopping experience. This personalized environment offers an experience where the customer can see, feel and interact with products, plus it extends opportunities for retailers to enhance customer loyalty through interaction with sales associates. Personalizing the Customer Experience 2
3 Personalization in the store requires the ability to recognize each customer individually to deliver a unique shopping experience to that customer. It requires the retailer to understand more than just what the customer is shopping for, but also why the customer is shopping. According to a recent study by Salesfloor 1 84% of consumers choose to interact with sales associates when at a physical retailer and 87% base purchasing decisions off the advice of a retail employee. And according to an emarketer Study 2, 46% of shoppers will buy more from a retailer that personalizes the shopping experience. Customer identification The first step to engage with customers on a personal level is finding a way to identify the customer as they enter the store via smartphone, beacon or other technology. This affords the retailer the chance to personalize the customer s shopping experience. The customer can be matched with their favorite sales associate who has visibility to the customer s preferences, purchases and browsing history. The associate is given a chance to clientele, collect more data and offer a personalized experience. Half of the retailers surveyed in the Digital Commerce Survey plan to utilize customer-identifying technology in the store within two years. However, today, in many cases, the customer is not identified until the point of checkout. This is too late to empower the associate to personalize the shopping experience. Customer identification needs to happen when the customer enters the store for personalization to be successful. Customer context Once the customer is identified, understanding her profile, location and even the current environmental factors (i.e. time, weather, traffic, etc.), enables the retailer to communicate relevant and contextual messages what we call customer context communications. Customer context is defined as the interrelated factors of customer insights and environmental conditions that make the shopping experience relevant to the individual customer. This information must be instantly available when a customer enters the store for effective customer engagement. Without this data in real-time, any information provided internally or externally is out-of-date and can be inaccurate and out of context. Customer context communication is already happening for some retailers. In the Digital Commerce Survey we found that 22% of retailers have already implemented some type of real-time events selling triggered by real-time environmental factors (Exhibit 1). Unfortunately, most of these processes are not working well and need improvement. Once the customer has been identified, how the retailer chooses to implement customer engagement is a key differentiator in personalizing the customer experience. Customer Engagement Today s well-informed consumers are not satisfied with just a warm body or one size fits all experience they expect retailers to put time and effort into establishing and offering a Implemented and working well Implement within 2 years Real-time events selling (i.e. promotion based on weather event) Exhibit 1 Customer Context Implemented and needs improvement Implement within 3-5 years 2% 20% 24% 22% Omnichannel Retail Associate, September The Challenges of Cross-Channel Data Integration, February 21, Data-Integration/ Personalizing the Customer Experience 3
4 Exhibit 2 Customer Engagement Currently offer Offer within 12 months Offer within 1-3 years Personalized rewards based on customer loyalty 34% 18% 21% Suggested selling based on previous purchases 23% 27% 30% Personalized promotions 16% 25% 25% Suggested selling based on customer closet/ room/garage 9% 23% 27% Suggested selling based on online browsing history 7% 30% 29% Suggested selling based on social media activity/posts 7% 16% 36% personalized experience. Our research shows that the most prevalent customer personalization capability involves offering personalized rewards based on customer loyalty, with 34% of respondents saying they ve implemented this strategy (Exhibit 2). The greatest opportunities involve suggested selling to the customer. Over the next 12 months, we see significant plans for additional and more robust capabilities that are closely related like suggested selling based on previous purchases (50%), suggested selling based on the customer s closet (32%) and suggested selling based on the customer s online browsing history (37%). All of these leverage knowledge of a customer s preferences, purchases and interests to recommend products or services. Suggestive and guided selling are key enhanced services enabled by the implementation of a realtime retail environment. Once data and information is collected on the customer across channels, it can be analyzed and utilized to personalize her experience, thereby promoting sales and customer loyalty. Of course, along with the benefits of customer identification and personalized services, there is always the risk of sour relationships through oversaturation or invasiveness. The relationship between customer and retailer is one of equivalent exchange. Shoppers want personalized attention from retailers, but every interaction needs to be viewed through the customer-centric perspective. There is a fine line between influence and intrusion. Generally, most customers appreciate receiving direct personalized offers when they enter the store, or within a certain radius of the store. How the organization selects, implements, and incentivizes a given engagement model should be aligned with the customer experience. This ensures that the customer s expectations are met or exceeded. Customer Engagement Case Study: Starbucks Starbucks recently rolled out My Starbucks Barista, a voice-based ordering feature that uses chatbot technology utilizing contextual questions to offer product recommendations and pairing suggestions. This allows Starbucks to offer unique promotions and messages based on a specific individuals behavior and history. Personalizing the Customer Experience 4
5 Curated shopping Curated shopping involves the creation of exclusive product lines to provide customers with a unique collection catering to their specific tastes or interests. A curated assortment offers customers the ability to discover products based on their own personal preferences. What began as a few brands looking at a different way to personalize the shopping experience for their customers has now led to the emergence of a number of curated shopping services. Curated shopping incorporates many of the core areas of personalization addressed above it requires the ability to identify the customer, understand customer context and engage the customer to offer them a personalized experience. Today s shoppers want an engaging experience that makes them feel unique. With today s abundance of items to choose from shoppers want their choices to be tailored to them to ensure they are making the best use of their precious time and get the best product based on their preferences. One area that has made traction in the last few years is a curated assortment of products based on a personal stylist. In this concept consumers indicate their likes, dislikes, preferences and budget to help guide the personal stylist. Based on their specific tastes, a customized assortment of apparel, accessories, food, etc. is sent to the customer. In many cases, the customer has the option to pay for what they like and simply return the rest. A few brands that have made their name this way include Stitch Fix for clothing, Birchbox for cosmetics and BlueApron for meal delivery. The key to success with this format is to understand as much as possible about the customer to ensure that they feel that they are truly getting a personalized assortment. Curated shopping is based on the fact that customers want a personalized experience and they will seek advice from experts to help them with the process. Retailers and brands that provide this service are able to use this type of personalization as a core differentiator. It also serves to offer the customers more of a memorable experience when they shop, which enhances customer loyalty. Personalized products Consumers want unique items for themselves and for gifts. Curated Shopping Case Study: Stitch Fix Stitch Fix has established a model to help customers obtain merchandise that is personalized to the customer and help make them feel confident using a combination of technology, algorithms and recommendations from customer feedback, social media, and even weather patterns. They offer a technology-driven personalization service. Personalized products have been a staple for years. Every tourist destination in the world offers consumers the opportunity to purchase a key ring, bike license plate or mug personalized with your name on it assuming your name is common and spelled the normal way, of course. While that market certainly has its niche, with the advent of better technology, the market for personalized Personalizing the Customer Experience 5
6 products has exploded. The global personalized gifts market is forecasted to grow at a compound annual growth rate of 9.10% between Personalization is a natural way to expand a retailer s customer base by appealing to consumers who desire the ability to purchase something unique. As a gift, a personalized option is a better choice than a traditional gift that could come from anyone. Personalized gifts are not only unique but also memorable for the recipient. Personalized Products Case Study: Puma Puma offers customers the ability to design and color their own shoes using an online tool. Each part of the shoe can be personalized and then the show is crafted and delivered directly to the customer. Source: Puma Design Factory While personalized gifts are a big part of this market, purchasing personalized products for themselves is also a desire for many customers, as they want to personalize their home or wardrobe with items that are unique to them and their families. Personalization of a product by the customer either online or in a store offers more engagement with the product and the brand. This, in turn, makes the purchase more of an experience creating a lasting impression with the customer and generating further brand loyalty. Conclusion Consumers want a personalized experience and retailers are focused on improving their personalized services. While 40% of retailers indicate they are focused on personalization as a top digital priority, many are not currently offering the personalized services consumers expect. The good news is that retailers have big plans to improve these services over the next few years. Today s mobile technology offers consumers incredible opportunities to access information, buy products and communicate with anyone in the world, at anytime, from anywhere. This vast array of information also causes an overload for customers, and personalization is critical in breaking through that overload to make an experience special. Personalization is not just a trend it is a critical way for retailers to differentiate themselves from companies like Amazon and survive. 3 Global Personalized Gifts Market to Grow at a CAGR of 9.10% During Key Vendors (American Greetings, CafePress, Card Factory, Cimpress, Disney and Hallmark), February 17, Personalizing the Customer Experience 6
7 About Boston Retail Partners Boston Retail Partners (BRP) is an innovative and independent retail management consulting firm dedicated to providing superior service and enduring value to our clients. BRP combines its consultants' deep retail business knowledge and cross-functional capabilities to deliver superior design and implementation of strategy, technology, and process solutions. The firm's unique combination of industry focus, knowledge-based approach, and rapid, end-to-end solution deployment helps clients to achieve their business potential. BRP s consulting services include: Strategy Business Intelligence Business Process Optimization Point of Sale (POS) Mobile POS Payment Security CRM Unified Commerce Customer Experience & Engagement Order Management E-Commerce Merchandise Management Supply Chain Networks Private Equity For more information or assistance on any of the topics covered in this white paper, please contact: Brian Brunk, Principal (405) bbrunk@bostonretailpartners.com Ken Morris, Principal (617) kmorris@bostonretailpartners.com Walter Deacon, Principal (781) wdeacon@bostonretailpartners.com Jeffrey Neville, Vice President (603) jneville@bostonretailpartners.com David Naumann, Director of Marketing (916) dnaumann@bostonretailpartners.com Kathleen Fischer, Marketing Manager (330) kfischer@bostonretailpartners.com BRP Headquarters Independence Wharf, 470 Atlantic Ave., 4th Floor, Boston, MA BRP. All rights reserved No part of this publication may be reproduced or transmitted in any form or for any purpose without the expressed permission of Boston Retail Partners. The information contained herein may be changed without prior notice. Personalizing the Customer Experience 7
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