Smaller screens are now more important than larger ones.
According to a recent study from Demandware, smartphones edged out computers for e-commerce sales during the first quarter this year. And that number is only expected to increase, with smartphones expected to account for 60 percent of e-commerce visits by the end of 2017.
Retailers: Provide Real-Time Personalization
Consumers are moving at the speed of mobile — they want the convenience and ease mobile shopping provides.
Luckily for consumers, more retailers are answering the call with their own applications. But consumers are demanding, and smart retailers are giving them exactly what they want: highly personalized offers in real time. Those who don't will lose the opportunity for conversion.
This is where real-time data analysis comes into play. Personalized interactions between consumers and retail applications, for example, need to be immediate and address the unique needs of each individual consumer. To deliver these types of interactions, incorporating real-time data is key.
Capitalize on Data Management
Recent surveys show the biggest benefit of real-time data analysis is an enhanced customer experience. It creates meaningful context for customers through fast, in the moment interactions that improve satisfaction and also boost the bottom line.
Retailers that use data management technologies to support real-time interactions have the edge in mobile personalization and the customer experience.
When it comes to consumer preferences that involve location-based targeting on a smartphone, 46 percent of mobile users want relevant offers and coupons, 34 percent appreciate personalized communications, and 47 percent like to receive location-specific app content. With the right real-time tools and technology, retailers can provide these types of customized services to help boost sales, particularly at brick-and-mortar locations.
In fact, Deloitte reported that digital communications influence 49 percent of US in-store sales. By combining real-time information from a customer’s device (think product search terms) with the specific location of that customer in or around a store, retailers can push micro-personalized offers directly to the hands of the shopper.
These types of promotions can drive revenue and improve customer-retailer relationships and brand loyalty. Retailers can also use real-time data to help optimize other operations, such as improve store layouts or adjust for wait times at checkout lines.
Product Recommendations in Milliseconds
By tapping into location-based, real-time technology, retailers can improve interactions with customers. For example, if a retailer switches to an in-memory SQL database, it can horizontally scale its order management system into a multi-tier architecture designed to handle scale and offer transactionality in different tiers.
This enables the retailer to make real time, personalized offers straight to a customer’s mobile device with the intelligent use of user data. These types of management systems also allow retailers to tap into historical data such as past purchase information and customer shopping preferences, which helps them provide relevant product recommendations in milliseconds, rather than in minutes or hours.
In a mobile-first world where consumers expect instant, relevant offers and service, retailers who are too slow to offer personalized interactions risk losing a sale — and, in some cases, a customer. Retailers that leverage customer data as it streams in — while the consumer’s smartphone is still in hand — are the ones that will see sales convert and customers become brand loyalists.
Title image by Crew