Leading Retailers Need to Get Personal

A recent report indicates that the biggest retailers in the U.S. are falling short when it comes to harnessing the power of personalization.Landing at a time when retailers ranging from Walgreens to Ahold Delhaize are espousing the benefits personalization is bringing to their businesses, the report reveals that leading companies including Amazon, Walmart and Target are leaving money on the table when it comes to tailoring elements of their communication including frequency, tone, channel and relevancy of offers. The results come from a survey conducted by ICLP, a global loyalty marketing agency and part of the Collinson Group."What we're seeing is that big-box retailers are still not putting sufficient resources behind personalizing the customer experience, and as a result, are losing out on valuable opportunities to generate more repeat customers," said Phil Seward, regional director, Americas at ICLP.CommunicationAmazon ranked the highest in terms of communicating in a tone that is personally appropriate, but still pleased only half of the more than 1,000 U.S. consumers surveyed. The results indicate an even bigger need for improvement when it comes to consumers' preferred method of communication, with Walmart on the low end at 29% satisfaction.Customer UnderstandingIn terms of relevant recommendations, e-tailer Amazon again leads the pack with 63% of consumers reporting satisfaction; Walmart lags at 33% followed by Target at 32%.RewardsThe report indicates that personalized rewards have the biggest influence in terms of personalization, with 74% of respondents indicating that they would buy more if they were rewarded with more relevant and timely offers. Yet only 39% said they got those from Amazon, 33% from Walmart and 30% from Target.

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