Read the original full report from PYMNTS here.
Here is a brief summary of the article:
- Personalized offers and contextualized consumer experiences are becoming a competitive factor across industries
- Despite their potential to foster customer loyalty, more than half of consumers find the offers they receive irrelevant to their needs and preferences
- A PYMNTS Intelligence study found that only 44% of consumers find the offers they receive very relevant to their needs
- Merchants need to adopt a customer-centric approach and implement data-driven strategies to accurately understand and address the specific needs and preferences of their target consumers
- Hyper-personalization has to go beyond the obvious, tapping into a broader range of data points to create a truly individualized experience
- Well-personalized, non-monetary offers can also build customer loyalty without relying solely on discounts
- Personalized offers are an engine to motivate consumers to change their shopping habits and try new merchants