Welcome to the Age of Personalization
Ever since the rise of e-commerce at the turn of the century, companies have been on a roller coaster ride of disruption. From retail and consumer goods, to travel and hospitality, banking and insurance, and media and entertainment, suddenly customers were in control, demanding more convenience and less friction across their “phy-gital“ journeys. Companies have spent the last decade reacting, evolving, and wondering when the ride would end.
In the fall of 2015 Mindtree embarked on a global study to uncover:
- Where customer-facing organizations are on their digital journey
- How customers using the services or products of these organizations perceive the digital experience
- What consumers expect from these organizations moving forward
To find out, we asked 6000 consumers a slate questions across several industries: retail and consumer goods, travel and hospitality, media and entertainment, and banking and insurance. We asked them what would encourage them to buy relevant products they’ve never bought before, what their ideal mix of online vs. offline shopping is, and how often they expect to use mobile apps as a primary channel for shopping three years from now. They also told us what causes them to post positive or negative reviews online, why they most often abandon online shopping carts, what online features they feel would improve the online purchasing experience, and more.
For good measure, we also surveyed 900 decision makers from organizations with at least 2000 employees across these industries, to understand where they are in their digital roadmap. Do they consider themselves digital pioneers? What online features are they investing in? What do they think is the ideal mix of online vs. offline shopping?
Moral of the Story: Personalization Will Drive Growth
I can’t give away specific details or too many insights since there are still a few days before the study is officially released on February 10th. But, the title of this forthcoming study, “Winning in the Age of Personalization,“ gives on obvious window into the theme that emerged and the recommendations that come from the data. Companies need to get personalization right, and those that get there first will have a huge advantage.
Personalized services deliver better engagement, better pricing, better promotions of the right product or service, and make it easy for customers to make a choice. Driven by data from multiple sources fed into smart algorithms, it allows companies to target the right people, at the right time, in the right place, on the right device, enabling seamless commerce while creating a community of advocates.
Stay tuned for the official study release in the next few days, but until then rest assured – we have entered the Age of Personalization.