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Retailers must relate to individual shoppers

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Shopping is now something people can do nearly anytime and anywhere, by using an app on their phone or talking to a smart speaker in their home. Or even, of course, by going to a brick-and-mortar store. So in a world in which shopping is truly ubiquitous, how can retailers stand out in the minds of consumers? And what do those consumers want?

A new report from the Retail Industry Leaders Association and Accenture seeks to answer those questions. One finding was that while consumers have many options about how they can buy goods, they can use a little help in deciding what to buy. The study found a growing interest among consumers in expert advice specifically tailored to them. Overall, 63% of the consumers surveyed said they were interested in receiving personalized recommendations. That is up from 57% who said so in 2016. And among Millennials, the figure is 69%. The survey also found an increased appetite for design ideas, recipe ideas and service suggestions in 2018, compared to 2016, and in each case that interest was strongest among ­Millennials.

To deliver meaningful personalization, retailers will need to know their customers better.

“The very nature of how retailers operate has completely transformed,” said Karen Voelker, global lead of Accenture’s Customer Innovation Network. “Savvy brands are catching on — collecting, updating and consolidating data from a range of customer channels, giving them the ability to see consumer preferences, motivations, relationships and passions that drive them.”

Given the importance of gathering data about their consumers, it is perhaps good news that the study found consumers willing to share their data with retailers and marketers. Consumers do realize that the information they are sharing is valuable, though, and they want something in return. The rewards people most want in exchange for their data is automatic credits for coupons and loyalty points (cited by 64% of surveyed consumers), followed by access to exclusive deals (60%).

The upshot seems to be that the mass retailers who want to succeed with today’s consumers will need to find ways relate to them as individuals, and deliver products and experiences that are meaningful specifically to them.


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