A new study by Planet Retail and Wipro Limited confirms that retailers who do not provide individualized and digitally connected customer experiences, are falling behind competitors.
According to the study, 82% of the retailers interviewed, agreed that investments in digital technology and operational improvements would help them target customers as individuals, with hyper-personalized offers and promotions. Only 18% said they were “extremely happy” with their current ability to target customers based on their habits and preferences.
These are among the major findings of ‘The Era of the Individual: Unleashing the Power of ME’, a new study from Planet Retail, world’s leading provider of global retail intelligence, commissioned by Wipro Limited, a leading global information technology, consulting and business process services company. The research report surveyed 300+ senior executives at retailers with global operations, and with annual revenues of USD 750 million or more. The executives based in Canada, France, Germany, the UK and the US represented a mix of brick and mortar and online retailers.
Srini Pallia, Chief Executive, Consumer Business Unit, Wipro Limited, said, “The research clearly highlights that, while retailers have embarked on their digital journey, much remains to be accomplished to support more meaningful engagement with the consumer. Further, consumers entering the store today are painfully aware of the obvious divide between the physical and digital worlds. We, at Wipro, believe that harnessing the power of the individual and creating meaningful experiences is imperative to gain competitive advantage. Together with Wipro Digital and our Strategic Design Business, Designit, we are certainly on the right path to understanding the customer journey better.”
Miya Knights, Director (Technology Research), Planet Retail, said, “The importance of the personalization is not to be underestimated in this ‘Era of the Individual’. The fact that an overwhelming 82% of retailers surveyed agreed that investments in technology and operational improvements help them to target customers as individuals with hyper-personalized offers and promotions speaks volumes.”
The report predominantly focuses on three strategic cornerstones for retailers to adopt, if they wish to harness the power of the individual, to create hyper-personalized meaningful experiences:
- Enrich merchandising attributes
- Drive digital supply chains
- Reimagine stores as digital magnets