Precima, a global retail strategy, analytics and cloud software company that provides data-driven solutions to retailers, is starting off the new year sharing impactful research on how shopper behaviors are changing the way retailers need to engage them in an Exhibitors Big Ideas session at the National Retail Federation’s Big Show 2020.
The session, which includes data and insights from the latest research from IDC, sponsored by Precima, titled: Personalization is Driving Digital Food Retailing, will be presented by Brian Crain, Head of Global Business Development at Precima, and guest speaker Jon Duke, Research Vice President of IDC Retail Insights. Crain and Duke will share exclusive findings from more than 400 retailers and thousands of shoppers on what really drives digital customer loyalty.
“Because digital is becoming a more intrinsic shopping experience, retailers need to become data-driven to reach customers through online experiences, deliver promotions and offers and prices that reflect each shopper’s preferences and orchestrate communications across mobile apps and devices and virtual assistants. Personalization opportunities are shifting rapidly to digital omni-channel touch-points,” said Crain.
A global survey, conducted by IDC and commissioned by Precima, uncovered that 35% of shoppers will spend 26%-40% of their grocery budget online in 2020. It also reveals that 55% prefer personalized promotions. To get ready for this transformation, the survey reveals that retailers need to meet customers’ online shopping expectations understanding that trust, quality, convenience, choice and personalized promotions and offers make the difference. Another key finding is that companies need to adapt the store format to shoppers’ behavior because they tend to select and buy fresh food in-store but order non-food items online, which could allow for a reduction of space for nonfood items while differentiating and optimizing store assortment.
“Shifting consumer behaviors are being met by new agile and innovative business models across the industry that create compelling choices for consumers and competitive challenges for traditional retailers. Personalization is one way that retailers are responding to this, particularly in the digital universe where one-to-one engagement is more realistic. Building a more personalized experience is one way to deliver to the unique needs of different customers, and that makes it more important than ever to understand that gaps between consumer expectations and retailer capabilities related to personalization,” explained Jon Duke, Research VP, IDC Retail Insights.