Marketing and Technology Integration for a Stronger Biz-Customer Relationship: IBM Report
ARMONK, NY: Online shopping becomes a popular trend of the world where shoppers carry stores in their pockets. Forwarding in this revolution, retailers agrees that personalizing customer experience is one of the key aspects of successful business. Econsultancy – a provider of research, data, analysis, training, events and online resources for marketers – reports in their study that 4 out 5 shoppers show their dissatisfaction toward brands because they don’t understand consumers’ personalized requirements.
The customer-brand relationship develops on the personal information shared by consumers with trusted businesses to receive a personalized experience. In two different studies conducted by Econsultancy, one with marketing professionals and the other with consumers, states that despite of having a holistic view on individual consumers, less than 50 percent of marketers are able to deliver relevant communications. The lack of relevancy and understanding of individual consumer’s desire results increase in shopping cart abandonment rate which is reached up to 73.7 percent, according to IBM’s Digital Analytics Benchmark report.
The reason behind relevancy void is business tools which are not up to mark for monitoring the online product research done by consumers and capturing overall individual customer’s requirement. The inconsistency in online communication services prompt consumers to change their service providers. The reports conducted for multiple service areas such as banking, mobile, internet and satellite/cable shows that 49 percent of customers tend to adopt this behavior.
According to IBM survey, the consumers have certain opinions when it comes to brands; most of the consumers share their geographic data and personal identifiable information with their trusted brand only. Blending marketing and technology together can address the challenge of providing the right experience for the right person at a right time, states Stefan Tornquist, Vice President Research for the Americas at Econsultancy.
“The customer is in control but this is not the threat many marketers perceive it to be. It’s an opportunity to engage and serve the customer’s needs like never before,” says Deepak Advani, GM, IBM Commerce.