Specscart.’s Post

The top retailers on the Boston Consulting Group (BCG) #Personalization Index can achieve an estimated $570 billion in incremental growth. Great insights from my co-author of “Personalized: Customer Strategy in the Age of AI,” Mark Abraham and his colleagues Mitch Colgan, Shane Fisher, Florian K., Chris Lynes, and Rachael Stein Aiken: https://lnkd.in/ef8jpkuf

How AI is Helping Retail Brands Thrive - In an era of economic uncertainty, consumer behavior is following suit to become increasingly more elastic. These behaviors are not only more elastic, they’re more contradicting. Consumers are switching to more affordable brand alternatives while spending lavishly on certain goods. Amidst these unconventional patterns, a couple truths prevail. First: consumers love deals. A recent survey found that two thirds of US consumers seek special offers while shopping. The second: marketers cannot solely rely on traditional means to combat this behavioral chasm set in motion by the economy. To best equip themselves, marketers need to supercharge their strategies with AI. Addressing shifting consumer behaviors […] - https://lnkd.in/e7AxySu3

How AI is Helping Retail Brands Thrive - In an era of economic uncertainty, consumer behavior is following suit to become increasingly more elastic. These behaviors are not only more elastic, they’re more contradicting. Consumers are switching to more affordable brand alternatives while spending lavishly on certain goods. Amidst these unconventional patterns, a couple truths prevail. First: consumers love deals. A recent survey found that two thirds of US consumers seek special offers while shopping. The second: marketers cannot solely rely on traditional means to combat this behavioral chasm set in motion by the economy. To best equip themselves, marketers need to supercharge their strategies with AI. Addressing shifting consumer behaviors […] - https://lnkd.in/e7AxySu3

A retailer did a recent case study to see how AI-powered hyper-personalization could impact their consumer engagement, by creating weekly digital flyers of their best weekly deals. The results? ✅ 14% higher loyalty enrollment rate ✅ 100% increase in click through rates ✅ 2-5% increase in in-store sales Your digital presence is crucial to driving in-store sales. Combing your online efforts with personalization is only going to increase the ROI of your efforts. Check out the full article from Inc. Magazine below.

🤖 4 ways AI can help you keep holiday customers🎄 The holidays can be a stressful time of year for retail owners. Black Friday, Cyber Monday, the last-minute holiday rush and post-holiday clearance can all turn this into a make-or-break period for many businesses. Yet, seasonal customers rarely translate into repeat business. According to Shopify the average return rate for ecommerce businesses is as low as 30%. This means every holiday season we need to acquire upwards to 70% of new customers to maintain revenue. Wouldn't it be better to harness theincrease in holiday customers to drive more business throughout the year and into the next holiday season?  🔄 This is especially valuable because improving customer retention is between 5 - 25x cheaper than acquiring new ones. 🛍️ They buy more. A return customer will spend as much as 67% more than a new customer.  💰 They cost less. They know you exist, so you need to spend less/no marketing dollars to bring them to your store. In fact, marketing costs can be up to 7x more expensive for new customers compared to returning ones. ❤️ They will recommend your business. 85% of US consumers will recommend a business who's service they rate as "very good" These ideas are not new. But for small retailers these activities were too costly and time-consuming to execute until now. With AI that has all changed. If 81% of consumers are loyal to at least one brand, why not yours! Read How: https://lnkd.in/gK-JWxNT #ditto #RetailInnovatorsProgram #SmallBusiness #ContentMarketing #Ecommerce #AI #MarketingStrategy #BusinessGrowth #FreeMarketing #SmallBusinessOwners #digitalmarketing

Step into the future of retail! 🛍️ As we journey into the second quarter of 2024, the retail landscape is alive with captivating insights and trends, all propelled by the dynamic interplay of consumer behavior, innovation, and market advancements. At the heart of these trends lies a common thread: the ever-expanding embrace of new technologies, particularly AI. "...retailers embracing AI are likely to succeed, while those who don't might risk falling behind." In our latest article, we delve deep into four pivotal trends shaping the retail industry this year. Read now. 👇 https://lnkd.in/gKKY8zqD #retailtrends #aimarketing #2024trends

Ecommerce Trends To Watch

How AI is Helping Retail Brands Thrive - In an era of economic uncertainty, consumer behavior is following suit to become increasingly more elastic. These behaviors are not only more elastic, they’re more contradicting. Consumers are switching to more affordable brand alternatives while spending lavishly on certain goods. Amidst these unconventional patterns, a couple truths prevail. First: consumers love deals. A recent survey found that two thirds of US consumers seek special offers while shopping. The second: marketers cannot solely rely on traditional means to combat this behavioral chasm set in motion by the economy. To best equip themselves, marketers need to supercharge their strategies with AI. Addressing shifting consumer behaviors […] - https://lnkd.in/e7AxySu3

I recently spoke with RetailBiz about some of the areas that “Smart Retailers” are focusing on as they adapt to changing consumer requirements, new technology advancements, embracing AI and more. Check out the article below. https://lnkd.in/gfHaD52c ShopFully RetailBiz #drivetostore #retailmedia #retail

Retailers thriving in a changing landscape are adapting through sustainability, consumer insights, AI integration, and strategic promotions to meet evolving demands. Sustainability is key, with Australians prioritising eco-friendly products. Data-driven insights and AI are reshaping customer engagement, while strategic promotions drive engagement amidst economic challenges. Adapting to consumer values and leveraging technology will lead retailers forward in this competitive market. Have a read below from Brendan Straw our country manager for Australia at ShopFully.