How personalization is transforming Retail?
Personalisation is very important element and if done correctly can spark up the profits in no time. Retailers worldwide including India are realizing the relevance of this invisible tool and using state-of the art technology to give an edge to their persBY Shipra Srivastava | Sep 14, 2017 | comments ( 0 ) |
Personalisation was always an important aspect and with the advent of e-commerce it has become mandatory all retailers to personalized the entire shopping journey for their patrons. Customers now have the option to browse their favourite stores online, at their convenience, across multiple devices, instead of taking a trip to their nearest high-street. Retailers are forced bring change in their traditional approach to ensure that they maintain a connection with customers both online and in-store.
Brands such as Puma, Lacoste, TataCliq, Amazon, Reliance Retail amongst others have understood and investing aggressively on technology front to improve the personalization experience which in turn boost their profits.
Speaking on same, Jamshed Daboo, MD, Trent Hypermarket Limited, “Retailers all over the world including India are using technology which is relevant to consumers’ type. I think, a lot of efforts have been made to get consumers’ feelings, thoughts, movements, choices in form of data to offer them personalized experience. “
Technology adding ‘Personalised’ experience!
Highlighting the importance of technology in personalization, Abhishek Ganguly, MD, Puma India said, “Technology is going to pay extremely important role in entire shopping journey. Our entire data intelligence and marketing is focused on giving the shoppers unique products and services.”
Citing the example Ganguly said, “We do geo targeted campaigns which is specific to locality where particular store is located. We are trying to know customer better based on transactions and communication which had happened in the past, accordingly we are sending out the offers to them. Let’s say if any customer has bought ‘Ferrari’ range from us then we equip him with all latest offerings of Ferrari range even before it is being launched officially. And, probably we world do it via his/her social media.”
Setting the yet another benchmark in personalization Sahil Malik, CEO, Da Milano, said, “We are monogramming every product now, same time we have also starting monogramming our physical stores through which we are be track the entire journey of shopper. This is our first step towards understanding the customers better.”
E-retailers leveraging personalization
The driver of a personalisation engine is data. It creates a customer profile on an individual’s personal data, as well as the behavioural data of both the customer and similar individuals. It can tell retailer a customer’s preferences, what they’ve purchased and what they’ve been browsing, allowing retailers to fully understand their customer. All e-tailers have biggest advantage of data, they understand it and they use different tools to map non logged in shoppers as well.
Speaking on same, Sauvik Banerjjee, Vice President- Tata Industries- Digital Initiatives, Advisory to Group Co's and CTO of TataCLiQ said, n present scenario personalization is the key across all retail categories whether lifestyle, electronics, footwear or jewellery or accessories . The end consumer can be logged in or non- logged in user. As I see personalization becomes extremely challenging for non logged in user. We at TataCLiQ look at both aspect and working towards new technology. Our hyper personalization model will be based on pin codes, brands preference, demographic preference, behavioral preference and consumers’ physiographic. Hence, we would showcase personalized brands of their likes and drive experiences what they want including the entire post order journey is personalized.”
Echoing with Banerjjee , Arun Sirdeshmukh, Director, Amazon Fashion said, “We do look at consumer clicks and behavior even when they are not a logged –in user. The algorithms that are working at back are very complexed and are able to personalized entire shopping experience very comprehensively. But a lot of depends on knowing the customer better. “
Siredeshmukh also informed that the company works extensively in towards catalogue content technology and has made a lot of efforts to made virtual images and make them as real as it would be in natural light. The company had introduced ‘Prime’ feature last year to make the shopping experience more personal.
No doubt, the basic principles of retail remain the same: know your customer. Siddharth Dabhade, General Manager of Criteo India said, “Forward thinking retailers must place personalisation at the heart of their marketing strategy to deliver a truly relevant experience acrossthe multiple touch points available to customers and in-store. When personalisation is done right, it can be the magic ingredients that will make your profits soar.”
Clearly, retailers are leaving no stone unturned to boost sales by the virtue of personalization.
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