US-based customer engagement platform, MoEngage’s latest report on the state of insights-led engagement within the UK retail market has found a growing personalisation gap between retailers and their customers’ increasingly digital-first demands.
MoEngage’s original research involved over 2,000 senior UK marketing and ecommerce professionals, and found that while 1 in 4 (25%) retailers currently personalise communications to shoppers by deeper levels of customer attributes, an additional 24% admitted to only using basic customer data (name or location) to inform personalisation.
Surprisingly, the rate at which British retail needs to catch up with modern, bespoke data management strategies is laid bare, as less than a quarter (22%) currently use behaviour-based data in their personalisation strategies, while less than a fifth (19%) use data on moments of conversion to drive personalisation.
The growing importance of bespoke online transactional journeys is laid bare in a recent YouGov poll, which indicated that 80% of UK frequent shoppers would only shop with retailers who offered personalised experiences.
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“Poor personalisation means retailers could be leaving lost revenue opportunities on the table at a time when they simply can’t afford to be missing out on conversions,” MoEngage vice-president, Jason Smith said.
“With each conversion so hardly fought for in the context of the rising cost of customer acquisition and the cost-of-living squeezing consumers’ disposable incomes so each purchase becomes even more considered, these revenue and loyalty opportunities are ones that brands can’t afford to squander.”
Concluding, he said: “Although some levels of basic personalisation are better than no personalisation at all, brands are still missing out on the rich, granular levels of data and insight – based on buying behaviours – that are needed to improve customer engagement to drive sales and loyalty, along with the automation needed to scale commerce success.”
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