Customers Want Retailers to Use Data for Personalisation
A huge 74% of customers want companies to customise their experience based on what the company knows about them, according to a 2022 study by Broadridge Financial Solutions Inc.
In particular, 67% said they want companies to use predictive analytics to send communications at the right time based on expected needs.
This shows that gathering data isn’t enough; retailers need to act on it to improve the customer experience.
Only a Quarter of Companies Feel They Have a Data-Driven Organisation
In a new survey of leading organisations, including retailers, by NewVantage Partners, 97% of companies said they were investing in data initiatives.
However, only 26.5% said they had successfully created a data-driven organisation, which shows how much work there still is to do.
Especially as a 2020 cross-industry report from Accenture and Qlik found that 48% of people frequently defer to a “gut feeling” rather than data-driven insights when making decisions.