To overcome new economic challenges and meet high consumer demands, retailers are exploring innovative ways to improve marketing efficiency and ROI. Best-in-class brands are finding success by leveraging consumer data to help them establish, explore, and deepen their relationship with their audience – through enhanced personalization and data-driven marketing strategies.
Savvy retailers are driving real results through the use of consumer data. A recent survey of retail shoppers by Boston Consulting Group found that when their shopping experience was highly personalized, consumers said they were 110% more likely to buy more items than they planned, 40% more likely to spend more than they planned and 20% more likely to recommend the brand to others.i In a survey from Deloitte, retailers that use advanced applications of consumer data for product recommendations indicated that they were able to increase product sales more than five times.
