Why Personalization is the Key to Post Pandemic Growth?
TLDR: The pandemic has changed all aspects of our lives, be it work, entertainment or
shopping habits. eCommerce brands need to understand that consumers demand personalized shopping experiences. Adopters will reap higher profits as well as a long-term success while those who ignore might perish.
Like everything else, consumer needs and expectations are constantly evolving but the Covid-19 pandemic has accelerated this evolution. Consumers are more focused on a brand's value and how its engagement strategies. With countless options at a consumer’s fingertips, businesses need to leverage customer data to create personalised customer experiences to engage, delight and retain.
The surge in digital adoption and behaviours has raised the bar and demand for personalization. Around 75% of consumers switched to a new brand or product and this new behaviour is here to stay.
71% of consumers expect personalised interactions now and 76% get frustrated when it's absent. Furthermore, recent trends and research indicate that businesses that excel at personalization generate 40% more revenue when compared to businesses that don’t personalize.
The post-COVID era has introduced a new sense of realism into the world. With consumers placing less emphasis on brand loyalty, they're opting instead to focus more heavily on getting value for money while still being satisfied with their purchase--a personalization strategy will help you retain customers and boost sales efforts!
In a world of scattered attention, it is more than important to hold the attention of your customers and make them feel heard & valued. With personalization, businesses can tailor their offerings and outreach with the right experiences at the right time.
Brands that take the time to get to know their customers, and interact with them on an individual level are perceived as more trustworthy and authentic. 91% of consumers are willing to spend a bit extra for businesses that offer personalized offers tailored just for them!
The lack of expertise and time to optimize personalization strategies is a major drawback for many organizations. A recent report by Mckinsey found that over half (57%) were lacking the required know-how, while another 36% indicated they had either limited functionality or no tools at all when it came down specifically to maximizing customer experience through personalized content & services!
Personalized customer experiences, such as recommending items based on previous purchases or highlighting a particular family's favourite businesses in an email newsletter can create stronger bonds between customers and businesses. This fosters loyalty which results in positive profit margins for the company that goes beyond just being satisfied with their purchase; it also builds relationships built upon trust - something every business strives to achieve to be relevant now!
With Relish AI, businesses can understand their customers better and personalize their customer experience. Our conversational AI chatbot works from the moment a visitor lands on an online store, assists them to find what they are looking for with conversational search, and answers all relevant questions instantly with conversational FAQs all without involving a human agent.
The chatbot collected relevant information at every touchpoint, understands user intent and personalizes interactions using preferences and purchase history. It is equivalent to having an AI-powered smart virtual shopping for all your customers, around the clock.
So, what are you waiting for?
Start your 14-day trial now!