With store and product loyalty more elusive, getting it right matters. Roughly 75 percent of consumers tried a new shopping behavior in the last 18 months, and more than 80 percent of those intend to continue with new behaviors.
Furthermore, our research found that companies that excel at personalization generate 40 percent more revenue from those activities than average players. Players who are leaders in personalization achieve outcomes by tailoring offerings and outreach to the right individual at the right moment with the right experiences.
These seven charts show how consumer attitudes around personalization are changing and what outperforming companies are doing to grow customer lifetime value at scale.
The surge in online interactions since the onset of the pandemic escalated expectationsβgiving consumers more exposure to the personalization practices of e-commerce leaders and raising the bar for everyone else. From web to mobile and in-person interactions, consumers now view personalization as the default standard for engagement. Our research shows that 71 percent of consumers expect companies to deliver personalized interactions.
Three-quarters of consumers switched to a new store, product, or buying method during the pandemic. Seventy-two percent said they expect the businesses they buy from to recognize them as individuals and know their interests. When asked to define personalization, consumers associate it with positive experiences of being made to feel special. They respond positively when brands demonstrate their investment in the relationship, not just the transaction.
