The Right Personalized Offers Double the Chance to Attract New Customers
Personalized offers are essential for merchants to meet evolving consumer expectations. They need to know consumers' wants and implement data-driven strategies to build customer loyalty. Well-personalized, non-monetary offers can drive both sales and long-term loyalty.
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
