The top two challenges facing today’s retailers are identifying and engaging their most valuable customers, and creating a seamless brand experience across all channels—yet 36 percent of retailers in a new survey are not able to identify which marketing channels or tactics are most effective with their shoppers throughout their customer journeys. According to the new research from Yes Lifecycle Marketing, this leaves retailers guessing which channels impact their sales the most.
To gauge how retailers are addressing shopper cross-channel behaviors, Yes commissioned Retail TouchPoints for the survey compiled in a new report, The New World of Cross-Channel Execution: How Retailers Are Closing the Gap Between Disparate Data Sources to Activate Marketing Insights, which identifies the challenges, goals and tactical plans needed to successfully execute more coordinated and relevant cross-channel marketing campaigns.
According to the study, while 72 percent of surveyed retailers have ecommerce store fronts, only one third use purchase data to build customer profiles, which are necessary to cater to and understand their most valuable customers. Additionally, 42 percent also do not use purchase data to recommend relevant products, or boost cross-sell and upsell opportunities. Furthermore, only 26 percent of retailers plan on collecting more data about their customers and how they engage with their marketing channels over the next 12 months.
“In order to fully understand the customer’s path to purchase, retailers know data, analysis and insights have to be at the core of their marketing strategies. But knowing and implementing are two different things,” said Michael Fisher, president of Yes Lifecycle Marketing, in a news release. “Retailers must be insights-driven businesses—and as such, they need to bridge the gap between siloed channels in order to create a seamless cross-channel shopping experience. If they don’t, they will not be able to identify and, more importantly, measure the impact of how their cross-channel campaigns can work together.”
Key findings of the report include:
- Only 55 percent of marketers use browse history to craft relevant offers.
- Fifty-two percent of brands do not utilize display advertising or retargeting to drive traffic to their ecommerce sites.
- A mere 6 percent of surveyed retailers plan to make attribution analysis a priority in the next 12 months.
Source: Marketwired; edited by Richard Carufel