RSS feed Get our RSS feed

News by Topic

BizReport : Ecommerce archives : March 10, 2015

U.K.:Personalized shopping experiences would generate 7.8% extra revenue

Retailers in the U.K are missing out on millions in additional revenue due to a failure to personalize the online and offline shopping experience, according to new research from Webloyalty.

by Helen Leggatt

A personalized shopping experience would generate more revenue for retailers in the U.K., found a survey of consumers conducted by Conlumino for Webloyalty. More than half (55.8%) of those surveyed said a personalized online or offline shopping experience, such as tailored deals or ads, would motivate them to use a retailer. However, 26% said they have never been presented with a personalized offer.

Technology, such as beacons, or location-based campaigns, can significantly enhance shoppers' experiences, something with which 51.8% of consumers agree with. Furthermore, 30.7% said that technology would make such an experience more personal.

According to Guy Chiswick, Managing Director for Webloyalty Northern Europe, "personalization is the future of online shopping".

"Retailers need to be aware of the appetite within the consumer community and respond to it, if they are to reap the rewards," added Chiswick. "One retailer taking advantage of online personalisation is Westfield with the 'My Westfield' app, which features in the Connected Consumer report. The app creates a shopping profile for each user and then generates offers based on location and preferences."

The Retail Week Knowledge Bank analysis of the Top 50 UK Retailers 2012/3 found that among the top 50 retailers in the U.K. the average turnover is £3.2billion (US$4.8billion). Thus, Welbloyalty calculates that, based on the proportion of customers who responded positively to personalisation, the relative increase in spend that would be generated is as much as £66million (US$99.5million).

Image via Shutterstock

Tags: consumer survey, personalization, retail, technology, U.K

Subscribe to BizReport



Copyright © 1999- BizReport. All rights reserved.
Republication or redistribution of BizReport content is expressly prohibited without the prior written consent.
BizReport shall not be liable for any errors in the content, or for any actions taken in reliance thereon.