Fashion Retail

From Mas(s) to Menos: Personalization in Retail Industry

By 16 October, 2020 No Comments

How many of you would remember the times when business success was based on providing a narrow segment of products to a narrow segment of consumers, uniquely suited for their needs. Even the shops where you went to buy, shop assistants already knew what you liked and they provided a very personalized service. Later, with the rise of TV advertising and the expansion of new retail stores, mass marketing came to life. The retail world moved from personalized products for standardized, niche markets to mass-produced products for mass markets. All this caused stores to have over-stocked products. The prices went down, people started buying a lot and the competition between stores took place. 

What happens today is that consumers are tired of mass markets, they want to receive products specifically thought for them, suited to their lifestyle and characteristics. Moreover, according to much research done recently, consumers say they are ready to pay more for a personalized product and service. 

To keep up with the new consumer needs and tendencies, new innovative technologies were created during the last couple of years that help eCommerce companies to make the big jump from mass to more personalized marketing (check Viume). 

What’s happening?

Fashion moves faster than ever. Trends can rise in a matter of seconds. A new dress which made waves on the catwalk on Monday can be translated into affordable high street item by the weekend. You can transform your entire wardrobe overnight thanks to next day delivery closet renovations.

To keep up with today’s fashion shoppers, brands and retailers need to make sure their customer experience is not just relevant but is personal, creates delight, and which is more important is hyper-personalized.

What is personalization in retail?

The word itself offers that personalization is adding that personal, human touch into the shopping journey, in other words, personalization in retail is the process of using personal data, internal and external inputs to provide tailored experiences to shoppers of products in a retail world. Every purchasing path is different, and, personalization in retail aims to serve each individual based on their needs, characteristics, lifestyle, and behaviors.

According to research from Epsilon, 90% of consumers find personalized experiences appealing, and 80% say they’re more likely to purchase from a brand that offers it to them.

Smarter Personalization Drives Traffic and Sales

We cannot deny that personalization is the future of retail. There are, of course, many ways to personalize a customer’s experience, such as:

● Creating personalized outlook recommendations based on a customer’s search history,

● Customizing the newsletters based on the personal characteristics and search history of the customer

● Customizing website content for each customer based on their category or on which customer profile they fit,

● Showing customers products in their size/skin tone, and other personal characteristics,

● Advertising products on customers’ social media feed that they’ve viewed in the past,

● Or even allowing customers to build their own products from the ground up.

Outcome

Personalization in the fashion industry allows brands to offer a unique shopping experience that reflects each customer’s individual style, understanding that every person is unique.

It enables you to create a seamless journey and turn browsers into buyers through relevant offers, a sense of urgency, and dynamic customer experience.

The combined effect of these benefits is simple: increased conversions, increased customer lifetime value, more revenue.

Having said all this, if you want to start benefitting from fashion retail personalization, you’ll need the right personalization technology in place. 

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