Flywheel Effect
Personalization is especially effective at driving repeat engagement and loyalty over time. This generates more data that can be used to design more relevant and hyper-personalized experiences that engender strong, long-term customer lifetime value and loyalty.
Handle Data With Care
Privacy violations may cause irreparable damage to customer relationships. Guard customer data and privacy closely to build trust with your customers.
Add data and analytics
A British mathematician once said, “Data is the new oil.” Taking this concept one step further, a VP at Gartner added, “Analytics is the combustion engine.”
Excelling in retail requires the ability to gather the right data and knowing what to do with it. This has become the primary method behind effective hyper-personalization strategies meant to increase customer retention, growth and profitability.
Investments in new technologies are vital to better understand and predict customer needs for more personalized experiences. The rapid acceleration of digitalization leverages tools and strategies for better personalization and creates many new opportunities.
The positive impact of hyper-personalization on profits and revenue:
Leads to happy, loyal customers
