Modern-day consumers expect businesses to understand their preferences and desires, and many look forward to engagement at individual levels. From the business point of view, aiming to provide personalized experiences enables delivering customized messages, products, and offers to existing and potential customers alike. Simply put, personalization goes a long way in delivering a great customer experience.
Personalized Customer Experiences in Numbers
The need for delivering personalized shopping experiences has never been more amplified than it is now. This is because as many as 80% of people are more likely to interact and deal with businesses that focus on this aspect. There have been numerous surveys and studies in this regard, and they all point in the same direction.
According to the Next in Personalization Report released by McKinsey, 71% of consumers expect businesses to deliver personalized experiences, and its absence leads to frustration in 76% of consumers.
Data shared by PwC shows that:
- Consumers are willing to pay a price premium of up to 16% if they receive great customer experiences, and increased loyalty becomes part of the parcel.
- 63% of Americans are willing to share personal data for products/services they value.
- 59% of consumers will stop dealing with businesses they love after multiple bad experiences, and 17% would do so after a single bad experience.
Accenture has carried out its own study about delivering personalized customer experiences, and this is what it has to say.
- Over 90% of consumers show more of an inclination to make purchases through brands that identify and remember their preferences, and provide recommendations and offers in accordance.
- 83% of consumers are okay with sharing personal data if it leads to personalized experiences.
- 73% of consumers said that online communication from businesses has never felt invasive or overly personalized.
How to Deliver Personalized Experiences?
Delivering personalized customer experiences involves getting insight into your customers and using the information you collect to customize how you interact with them. This marketing strategy gives businesses the means to micro-segment their target audiences based on unique attributes, preferences, and behaviors. The path to follow is fairly straightforward, provided you know what each step entails.
- Create customer personas.
- Recognize customer expectations.
- Give your customers the ability to connect with you through different mediums.
- Formulate self-service experiences.
- Collect and use customer data.
- Use artificial intelligence (AI) to offer automated personalization.
- Ask for feedback regularly.
- Keep evaluating your offerings based on the changing needs and desires of your target audience.
Personalization Through Videos
Personalized videos customized for individual viewers aid in building trust. Given that a significant number of people now favor videos over other forms of content, it’s imperative for businesses and marketers to look at what this medium has to offer. When you create customized videos for your micro-segments, you may look forward to building credibility, nurturing leads, and increasing conversion rates, as well as higher levels of customer retention.
Video Shopping is the Way Forward
When it comes to eCommerce, video shopping is the obvious way forward. This is because videos give consumers a better feel and understanding of the products they plan to purchase than pictures or text. Now, you no longer have to redirect consumers from your videos to other web pages for them to buy your products/services. They may make purchases even while they continue watching your videos.
How the process works is simple. You connect your eCommerce store and share your products within your interactive videos. Viewers may add products to their carts within the video and even complete the checkout process without waiting for the video to end. Timing different elements in and out of your videos is possible, as is live shopping, where people may make purchases as you live stream your content.
No matter how big or small your business might be, if you don’t offer personalized customer experiences yet, now is as good a time as any to start. Since more and more people now consume media in the form of videos, this is another aspect that needs your attention. While you’re at it, you may also benefit by giving your target audience the ability to indulge in video shopping. However, getting your approach right is crucial, which is why you need to consider partnering with a company that specializes in offering in-video shopping solutions.