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Aligning the right message, at the right time to maximise conversion is marketing efficiency and retail leaders understand this. Consumers want purchasing experiences, and that includes personalised offers that speak directly to them. But with most retailers offering a price matching initiative, personalisation is being diluted and consumer loyalty is being impacted.
Recent data* has shown that nearly three quarters of shoppers (72%) are more likely to shop at a supermarket that provides personalised offers, and 69% are more likely to choose a brand because of it.
With inflation continuing to rise, and impacting cost to serve, the investment and focus on every day low price and price matching is creating noise, and this approach is not sustainable long term.
Competition is making it hard to pass this cost onto the consumer, so retailers are facing some of the hardest time yet. They need to find a way to invest in their customers individually to give them the value they want and return their businesses need, so they can avoid any number of risks in the future such as the potential impact on employees suffering from retailers’ cutbacks and reduced product ranges due to brand pressures. A suggested solution for improvements is to turn the key on personalisation. This would include having more relevant offers available; and for coupons to relate to what’s purchased most regularly. This could be a turning point in the battle and ensure retailers are well-positioned to improve conversion while still driving customer value.
“The Cost-of-living crisis has taken the retail world by storm; every day we see announcements of price cuts, mass discounts and costly above-the-line marketing campaigns, all to capture the attention and loyalty of consumers. The question on my lips is ‘how sustainable is this approach?’ and ‘how can we leverage insight and technology to deliver a more profitable and meaningful outcome for all?’. I am really excited to delve into these topics and hear from some of the industry experts to understand their point of view and create some key takeaways for retailers in 2023 and beyond.”
- April Cox, Retail Solutions Director, Catalina UK
Panel confirmed so far:
- April Cox, Retail Solutions Director at Catalina Marketing UK (moderating)
- Premal Patel, VP MD of Catalina Marketing UK
- Sian Larsen, Senior Customer Rewards Manager at Post Office Ltd
- Yuping Liu-Thompkins, Founder and Director, Loyalty Science Lab
Please register your interest here.
*Catalina UK, shopper research conducted by Simpson Carter. Research Method: 1009 online interviews with food and grocery shoppers who have shopped both in store and online in the last 3 months