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How to Target and Win Over Today’s Connected Retail Consumer

Consumers know more today, so you need to know more about consumers

29Oct

Targeting and acquiring today’s connected retail consumer has never been more challenging. Mobile commerce continues to rise, making it more difficult to build brand loyalty with a consumer who visits brick-and-mortar locations less frequently. Consumers shop across more digital channels, continually price checking and looking at online reviews before making a decision. And consumers no longer pay attention to mass marketing messaging which have zero relevance.

The bottom line? Today’s on the go shoppers want more, are more empowered, and expect retailers to deliver in order to win their business.

Omni-Channel Marketing is a Must

omni channel market

By having a presence across multiple channels, retailers are more apt to increase both their online sales as well as the revenue of their physical stores. Brand awareness skyrockets and customer loyalty increases as consumers realize they have more options to purchase as they choose, when they want, and across the channels they prefer.

According to Deloitte’s Omnichannel Study 2013:

  • Up to 63% of shoppers used multiple channels to make high-value purchases
  • Those who shop online at least once per week are 30% more likely than less frequent shoppers to do online research. They account for up to 70% of retail spending
  • One in three consumers have used multiple channels in a recent purchase

Leading retailers are implementing new strategies to take advantage of these opportunities. In-store technology to enable shoppers to browse catalogs, store apps, social media, interactive websites, and alternative ways to place orders can make a huge impact on boosting revenue among connected consumers.

Personalization Drives More Sales

Consumers are more apt to seek out retailers who have a rich and interactive multi-channel presence. However, just as important is a retailer who provides a personalized and seamless experience across each of these channels.

Take a look at these 5 statistics that prove the power of personalized marketing:

1) 73% of consumers prefer to do business with brands that use personal information to make their shopping experiences more relevant (Digital Trends)

2) 86% of consumers say personalization plays a role in their purchasing decisions (Infosys)

3) 45% of online shoppers are more likely to shop on a site that offers personalized recommendations (Invesp)

4) 40% of consumers buy more from retailers who personalize the shopping experience across channels (Monetate)

5) 80% of consumers like when a retailer's emails contain recommended products based on previous purchases (Listrak)

Mobile Shopping is on the Rise

mobile buy

Mobile loyalty company SessionM recently surveyed 12,000 US smartphone users about their mobile shopping behaviors. The study revealed that 85% of respondents said their m-commerce buying was steady or had increased versus a year ago.

However, consumers continue to find the in-store experience much better in comparison to mobile and online experiences. So while more than 90% of respondents said they had made a retail purchase in the past 90 days, the majority (73%) had made those purchases in a traditional, physical store.

Once you get a consumer to visit your retail location, the purchase decision is far from complete. Over 90% of shoppers use their smartphone to do in-store research. The top activities included:

  1. 54% - Price comparisons
  2. 48% - Looking up product information
  3. 42% - Checking reviews online

To target mobile-savvy consumers, retailers must rethink their approach. While “showrooming” had traditionally been the answer, the study revealed that consumers are seeking more loyalty programs and in-store push notifications showcasing special offers. 76% of consumers would be more likely to shop at a store with a loyalty program and 57% would shop at a store with in-store mobile messaging.

Know Your Customers to Sell Them More

Your customers and prospects are rich resources of information. And the better you know them, the more you can sell to them. Ask yourself questions such as:

  • What do my customers look like?
  • What are their interests, lifestyles and behaviors?
  • How often do they purchase?
  • Which channels do they use?
  • Who are my best customers and what will keep them loyal?

Analyze all your customer data so you can really begin to understand who they are and what will motivate them to purchase. Even with all this information you have collected, you will most likely need to add additional data to the mix.

Use a third-party vendor to fill in important details such as age, income, occupation, interests, and lifestyle. Perhaps you have a prospect list and only have a name and address. Email addresses and phone numbers can quickly be appended to access missing contact details. A huge variety of specialty lists and data elements can also be added to your database, such as information on new movers, new phone connects, Hard-to-Find Data (HTFD), and online IDS for digital targeting.

By getting to know your customers and prospects at a much deeper level, you can target them with personalized messages across a variety of channels.

Today’s connected consumer holds all the power. They have more choices than ever before and expect retailers to deliver personalized experiences across the channels of their choosing. By taking the time to really understand who they are and what will motivate them to purchase, retailers can make huge wins in the new world of retail.

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