Just 33% Of Marketers Are Personalizing Product Recommendations For Shoppers

As brands compete for attention in an increasingly crowded digital marketplace, personalization has become a cornerstone of effective marketing. And although nearly all marketers agree on its power to drive loyalty and revenue, a new study from Wunderkind and studioID reveals that many aren’t tapping into its full potential. A few insights from the report, based on responses from marketing leaders across many industries: 

• About 6 in 10 respondents say they align messages and offers with behaviors.
• When it comes to ROI, 97% of respondents say personalization has driven loyalty improvements — and everyone surveyed said they saw increases in revenue as a result of personalization.
• Only 33% of respondents make personalized product recommendations based on preferences, and only 15% display dynamic content based on preferences.
• Nearly 7 in 10 respondents (66%) say they don’t have real-time transaction data, which not only impacts sales and loyalty but also prevents them from using AI as a decision engine today. 
• Close to half are missing data about channel engagement, customer behavior and purchase history.

“With basic personalization becoming so common, such as using someone’s name or location data, it means that retailers are all now playing on the same field. This basic level of personalizing messages isn’t a competitive advantage anymore,” explains Tim Glomb, vice president of digital, content, and AI at Wunderkind.  “But having access to intent data, knowing the specific actions someone takes, what motivates them, along with their browsing history so you can trigger an attractive offer in the right channel at the right time — that’s personalization that persuades a purchase.”

For more insights, download the full report here.