BOSTON, Mass.--(BUSINESS WIRE)--Exchange Solutions and Go-to-Market Pros announced today that Nordstrom, Sephora, and Amazon were selected as peer voted best-in-class Retailers that are proactively using Personalization in their current Marketing Efforts. These results were part of the first phase of a new independent study on “Best Practices in Retail Marketing Personalization”.
Shoppers expect a personalized experience however, according to Business Insider, only 22% of consumers said they are satisfied with the level of personalization they are currently receiving.
“Personalization is quickly becoming one of the most important factors determining retailer success. Today’s consumer expects seamless Omnichannel Personalization when interacting with retailers. This the first study to uncover peer-voted prowess in advanced retailer personalization” says Michael Phelan, Founder and Principal at Go-to-Market Pros.
Michael personally interviewed 70 retail executives during the second half of 2017. These retailers came from the following categories: Mass Merchandisers, eCommerce, Department Stores, Pharmacy, Specialty Retailers, Big Box Retailers, and Grocery & Meal Kit Delivery.
The study covered the following personalization topics:
- Which Retailers are considered “Best-in-Class”, and why?
- What types of marketing personalization are most relevant to the retail industry?
- What are the obstacles to adopting and evolving retailer personalization programs?
- How will the “next wave” of marketing personalization shape the future of retail?
- How are retailers developing their Marketing Technology Stacks to meet the evolving needs of retail personalization?
Exchange Solutions, who sponsored this initiative, specializes in applying Machine Learning technology to help retailers offer personalized pricing and promotions to their consumers through their proprietary platform.
With more than half of consumers anticipating a personalized discount during their shopping experience, Exchange Solutions is able to dramatically reduce this spend while driving desired customer behaviors and increase revenue by an average of 10%.
“As a leading solution provider and expert in the Personalization space, we were not surprised that Sephora, Nordstrom, and Amazon were named Best-in-Class in Retailer Personalization” said Ron Gerace, SVP, Product and Marketing, Exchange Solutions.
Gerace added, “Each of these well-known brands stands out because they offer something different in the market by being able to individualize and delight their customers across all channels. We were pleased to sponsor this study as it confirmed our approach in providing solutions and expertise. We believe that leaders in personalization will become the ultimate retail winners.”
Michael will continue with the next phase of the study through 2018, which will dive deeper in the core reasons behind the personalization innovators and an analysis of how they leverage advanced technologies to achieve such success.
About Exchange Solutions
Founded in 1996, Exchange Solutions helps retailers drive customer lifetime value through Personalized Offers, Loyalty, and Customer Journey Solutions at a lower cost than business-as-usual-marketing. They have 20 years of experience working with multiple high-profile clients across various verticals and geographies including Exxon, Lowe’s Home Improvement and The Shopping Network. Exchange Solutions has offices in Boston, Massachusetts and in Toronto, Ontario Canada. To learn more visit www.exchangesolutions.com
About Michael Phelan & Go-to-Market Pros
Founded in 2013 and based in Boston, Go-to-Market Pros helps clients make significant moves into new markets & product categories. Michael works with sales and marketing teams to develop and execute smart, focused and tangible strategies to drive new revenue streams with seamless execution. Michael does an extensive amount of work in the retailer market. He heads up a global panel on the “Future of Retail” He works with European Retail Tech develop and execute “Go-to-Marketing Strategies” for the U.S. Market. Michael recently hosted a VIP Retail Panel during NRF 2018 on “Retailer Revenue Opportunities and Enabling Technologies” His clients include Convetit (Accenture & P&G) Enterprise Ireland, Iron Mountain, QuickBase (formerly part of Intuit) Support.com, Device42, Exchange Solutions, Tweak Cloud, and Archive Systems (now part of Access Information Management). To learn more visit www.gotomarketpros.com