MyBuys / e-tailing group Consumer Survey Reveals Customer-Centric Marketing Drives Buyer Readiness and Purchases
SAN MATEO, CA, Feb 27, 2013 (MARKETWIRE via COMTEX) --
MyBuys, Inc. and the e-tailing group today announced results of
primary research across more than 1,100 consumers that examined how
personalized marketing across channels impacts shopper attitudes and
buying behavior. Survey results reveal that customer-centric
marketing -- the ability for retailers to engage consumers in
one-to-one conversations across the customer lifecycle and all touch
points -- increases buyer readiness, engagement and sales activity,
with a record 40% of respondents now stating that they buy more from
retailers who comprehensively personalize the shopping experience
Consumers Increasingly Reward Customer-Obsessed Retailers
expectations of the retailer relationship have evolved significantly
over the past eight months and most reward retailers who make the
shopping experience customer-centric. Survey results showed that
buyer "readiness" requires finding the right product (67%) at the
right price (55%). In addition, personalized promotional emails (57%)
and personalized online advertising (35%) are top vehicles to prompt
consumers to purchase.
Since MyBuys and the e-tailing group last surveyed consumers on this
issue in April 2012, consumer awareness of personalization taking
place jumped 25%. The impact of personalization on purchases also
increased: 21% from personalized emails, 11% from website
recommendations and eight percent when experienced across channels.
Nearly 60% of consumers now indicate that personalized product
recommendations make it easier to find the products they are most
interested in (59%) and provide a valuable service (53%). More than
half state that website recommendations (55%) and emails (54%)
personalized based on their past browsing and shopping behavior are
"desirable to receive."
"We've followed consumer attitudes and behavior regarding
personalization for over a decade and the latest surge in awareness,
value and purchase intent shows that consumers' desire for
customer-centric marketing has hit the mainstream," said Lauren
Freedman, president of the e-tailing group, who conducted the study.
"Understanding the influences on buyer readiness will help retailers
build winning online strategies."
Why Consumers Abandon and What Happens Next
Given the right product
at the right price, consumers become "confident and ready" to buy.
However, they report that when they leave websites without purchasing
it is most often because they were "still in the research process"
(44%) or found it "hard to browse for the products" they were
interested in (33%). When they do abandon, Amazon and Google are
typically the next visits shoppers make, with 60% going to Amazon and
42% going to a search engine such as Google (and Amazon is often the
top ranked result on Google.)
"The number of consumers show-rooming on Amazon is a top concern for
retailers, highlighting the importance of keeping and re-acquiring a
potential customer's focus during their purchase process. With the
added challenge of breaking down silos across channels, retailers
have a very hard time satisfying consumer expectations for a truly
customer-centric experience," said Robert Cell, CEO of MyBuys. "Since
Amazon is 'book-ending' the purchase path, there's a real urgency for
retailers to address these challenges with the technology and data
insights necessary to tie an ongoing, personalized cross-channel
shopping experience together for every consumer."
Real-world Data Proves the Opportunity from Customer-Centric
Marketing is Enormous
According to MyBuys' detailed behavioral and
performance information for more than 250 million shoppers across
more than 400 retailers, customer-centric marketing has a significant
impact on driving revenue. Analysis of this "big data" shows that
when customer-centric marketing is implemented across channels,
retailers typically realize a full 100% increase in purchase
frequency, a 50% increase in average order value and a 25% increase
in conversion of cart abandoners to buyers. These and other
improvements stemming from customer-centric marketing equate to
delivering a 25% increase in total online sales and a 300%
improvement in customer lifetime value.
The MyBuys / e-tailing group survey in December 2012 yielded
responses from 1,108 consumers who shopped online four or more times
in the past year, spending $250 or more. Additional detailed results
from the survey will be released at eTail West on February 27 at
booth #416. Or visit www.mybuys.com and follow the link on the
homepage for further information on how to obtain findings from the
About the e-tailing group, inc.
The e-tailing group is a niche
ecommerce consultancy that helps merchants to deliver the right
customer experience on their websites and across all of their
channels while adeptly assisting technology companies to create and
execute go-to-market strategies that simultaneously educate the
retail community and deliver cost-effective thought leadership and
lead generation. For more information, please visit the e-tailing
group website www.e-tailing.com.
MyBuys is the leading customer-centric marketing
provider for retailers, consumer brands and agencies by helping
clients maximize the effectiveness of their digital marketing spend.
The MyBuys solution understands every consumer's unique behavior,
preferences, and purchasing history, applies its patent-pending
algorithms to predict the products that each individual would most
likely purchase and delivers one-to-one personalized offers and
recommendations across ecommerce sites, email, display ads, mobile
devices, social media and in direct mail. MyBuys leverages the power
of cloud computing and big data to drive unmatched return on
investment for clients, and manages more than 250 million unique
consumer profiles for more than 400 leading retailers and consumer
brands. MyBuys was named one of the fastest growing private companies
in America by Inc. Magazine for 2011. Visit www.mybuys.com for more
SOURCE: MyBuys, Inc.
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