The value of a multi-channel customer is often 5 times that of a single channel customer! 60% of US consumers interact with brands through multiple channels and 89% say they want to be able to shop using the channel that’s most convenient for them.
But convenience is about so much more than just having a presence in each channel. It’s about offering a seamless experience across all channels that speaks to each customer’s preferences and specific circumstances. In fact, eMarketer reports that 76% of US consumers are willing to share information to receive more relevant offers and discounts, and 49% desire more relevant product and service recommendations. Senior level marketers reaping the benefits of personalization report up to a 60% increase in purchases and repeat business, a 56% improvement in response rate and brand perception and up to a 55% increase in sales.
But studies show that 50% of retailers are behind the curve technologically to meet the needs of omnichannel shoppers, affording a strong competitive advantage to those focused on honing their omnichannel personalization strategy.
According to three recent forecasts for 2015, omnichannel personalization is the wave of the future:
Multichannel Merchant 2015 Forecast reports that personalized omnichannel marketing will explode exponentially in 2015 as “merchants seek to unify and utilize all the data they have gathered on their customers, and use that unified customer data to create a more customized, personalized omnichannel experience.” Customers will demand a more satisfying omnichannel experience in 2015, and “retailers must focus on creating a uniform customer experience across all channels.”
The Internet Retailing Customer Experience (IRCE) Research Report (October 2014) states that “the expectations of customers in terms of customer experience are increasing every day…. Companies need to create an optimized, seamless marketing experience across channels, making customers feel like they are receiving a special service tailored to their needs and interests.”
In their recent report on “Personalization And The Rise Of Individualized Experiences” (December 2014), Forrester Research reports that CX pros are refining the concept of personalization to create “a new class of customer experiences called ‘individualized experiences’ that reprioritize functionality, curate content, and systematize guidance for individual customers.”
Consumers are hungry for a personalized omnichannel experience. As Forrester Research points out, a true omnichannel experience has to be “individualized”— personalized for the individual consumer based on who they are, where they are, what time of day it is, what they’ve purchased in the past, what they’re currently browsing, and so forth. Moreover, this experience needs to wrap seamlessly across all channels, throughout the customer lifecycle.
Industry consensus says that the trend toward omnichannel personalization won’t fade away—it will keep growing for years to come. As stated by Avi Dan, CEO of Avidan Strategies and Forbes Marketing blogger, “Personalization is not a trend. It is a marketing tsunami.”