Great piece/report from Fresh Relevance here on how more and more companies are focusing on customer loyalty & personalisation strategies & tech to drive repeat sales.
This is not a new tactic as such, but the article outlines how SME retailers and Consumer Goods companies have really honed in on this to help compete with the larger players in the market - drive repeat sales and create a personalised shopping experience.
As a consumer, I am now a part of a variety of brand's 'members clubs' and as such receive targeted comms tailored to me & my family - special editions, back-in-stock products, exclusive offers, collect loyalty and discount points and so on. It's great and actually, the marketing is working (basically I'm buying things based on it!), but I do wonder if after lockdown, once the 'high street' is back in operation, how much marketing will I continue to receive and how much relevance will I continue to attach to it?
Whilst I say that, I recruit for a number of Martech & Ecom Tech businesses that operate in this space. They are not only thriving, but also working on some serious product development, Artificial Intelligence & new tech to keep improving the customer experience, enhance how we shop online and ultimately help brands drive repeat sales and maintain customer loyalty.
How it will blend with highstreet retail will be the next challenge but I for one am really excited to see the advances in this space!
Amidst tighter budgets and increased competition, many retailers are shifting their focus to customer retention. The fact that it’s easier and more cost-effective to retain customers than to acquire new ones is well documented. In fact, research shows that it’s 5-25X more expensive to acquire a new customer than it is to retain an existing customer. But with the pandemic changing how people shop, getting up-to-date consumer insights has never been more important.
Read the original article here