Personalization Leads to Greater Wallet Share
Personalization Takes a Personal Touch
The Genesys State of Customer Experience research shows that overall:
Nine out of 10 consumers value when a business knows their account history and current activities with that company, and seven out of 10 value having the same representative or agent help them each time they interact with the company.
When it comes to ongoing interaction with a business for customer service and support, consumers across different regions value different personalization techniques.
Overall, respondents in Latin America value personalization very much, with 79% stating it's important to be greeted by name. Alternatively, only 54% of European respondents found value in being greeted by name.
The shift from storefront to webfront, as well as the ability to strike the right balance between the two, has been a critical topic for retailers in recent years; focus has been on declining in-store sales due in part to web-based shopping. Many retailers now offer customers a completely personalized and customized web experience. And it pays off with repeat business and customer advocacy.
Overall, two out of three consumers indicated that customized and personalized web purchase experiences likely would drive repeat business, recommendation, increased sales and greater share of wallet.
Personalizing the customer experience offers business value when it comes to better managing the overall customer journey. Privacy concerns are still a factor and, for industries such as healthcare, privacy is absolutely critical. But we can see the demographic shift in consumer preferences, where personalization is valued over privacy concerns. It’s not only important to have an extensive picture of customer segments but also to use that information properly.
As demographics and preferences continue to shift, you can adjust and differentiate your business by orchestrating journeys that positively affect the overall customer experience.