Retail has entered a new era: consumers want more than products; they also want experiences that connect them with their chosen brands.
To meet this demand, retailers and marketers must discover more about who their customers are. They are using data and personalisation methods to engage with shoppers in meaningful ways, helping to build relationships that feel authentic. Yet at the same time, consumers are generally becoming more cautious about sharing their personal information, as their concerns about ensuring data security increase.
“The ability to personalise allows a brand to differentiate, creating more experience and value around its product in a competitive, price-driven market,” says Andrew Frank, research vice-president at Gartner. “But consumers are realising that they’ve been giving up more data than intended – and that they have little control over how it’s being used.”