Customers are looking for personalized experiences, and retail brands that fail to provide those experiences are losing out big time. Retail Experiences is key for customers to engage also during the decision-making process to purchase.
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Customers are looking for personalized experiences, and retail brands that fail to provide those experiences are losing out big time, says an infographic released by TimeTrade.
The scheduling solutions company conducted a survey and analyzed census data to determine that retailers missed out on $150 billion in revenue in 2016 by failing to provide shoppers with personalized service. The effect does not only apply to missed sales, for example, millennials would pay up to 20% more for a better retail experience. Asking the question to the audience, how much more would you be willing to pay for a highly personalized experience, at least 8% said 20%.
Just over 47% of survey respondents said they value prompt service above all else when shopping in a retail store, the infographic reports, with personalized experience coming in second at 26.2%.
Moreover, nearly half of survey respondents said they would be willing to pay more for personalized experiences.
To see more about personalized experiences and the state of retail experiences, check out the infographic.