Matching up with the demands of the hyper-adoptive consumers has turned to be one of the biggest challenges of retail marketers today.
Customer acquisition is one of the top three marketing priorities in 2020, says a study from Bluecore. In their report, 45% of retailers confirmed this, while only 12% of respondents felt that they were “highly effective” in providing personalized experiences to consumers. Around 36% said they must wait up to a week or further for a campaign or audience data, while just 10% agreed that they have real-time or near real-time data available.
Thanks to the widespread adoption of the internet, shoppers research every detail online before purchasing a product. Dr. James McQuivey, Vice President and Principal Analyst at Forrester, has defined the rapid uptake in consumer behavior as “hyper-adoption.”
Bluecore surveyed over 300 marketing decision-makers in the U.S. and Europe, along with Forrester Consulting. The surveyed indicated that retailers are aware of the changing market dynamic but are helpless to comprehend how to adapt to it. The research was necessary to understand how the digital marketing priorities of retailers have changed. It clarified the need to focus on marketing data, urging marketing and IT teams to merge. The data presented a fresh perspective. It appears that regardless of retailers having access to large amounts of customer data, they are still unable to derive adequate actionable insights from it.
This situation will change only when retail brands recognize that it’s not only technology and data that need to collaborate; their IT and marketing infrastructures also need to evolve to be able to work together. 2020 will witness an increasingly “hyper-adoptive” consumer environment; the research has discovered by ranking marketing priorities. Almost half (45%) of respondents confirmed focusing on customer experience as their top priority. Customer experience followed, with 39% as one of their three most significant priorities.
The survey revealed that just 21% of marketers feel that they are effective at delivering excellent customer experience, and 20% said they are satisfied with their customer acquisition efforts. Only 12% of the respondents confirmed they were expert at providing a personalized experience to customers. Only 30% of the respondents said they were competent at driving consistent and seamless Omnichannel experiences.
As retailers get more conscious of “hyper-adoptive” consumers, data remains the primary instrument in learning how to serve the modern consumer best. Marketers must have access to real-time marketing data since it helps retailers to refocus their marketing efforts when necessary. According to the survey, about a third (36%) of respondents claimed that they have to wait up to a week or longer for any marketing campaigns or audience data. Researchers confirmed that just 10% of participants have some form of real-time data capabilities. The research suggested that 40% of respondents would blame their organizational structure for the failure of their data management systems.
For retailers, data is a treasure of untapped opportunity which they need to break through, to beat the competition. They can stand out by embracing and analyzing data accurately, whether unstructured or structured, to create personalized experiences at scale and in real-time.