An independent study conducted by Infosys has revealed that consumers engage with retailers on Facebook (38 percent) more than they do on the retailer websites (36 percent). It found that nine in ten consumers say how much they spend is impacted by their social media engagement with a brand. Besides the impact of social media on spend, the data based on interviews with 1,000 consumers and 50 retailers across the United States, also reveals how retailers are struggling to create the kind of consistent and personalized experience online and in stores that drives increased sales.
The report found that while women are twice as likely as men to be influenced by Pinterest; YouTube influences twice as many men as women. Nearly two-thirds of consumers said that consistency plays a role in their tendency to spend with a brand (63 percent). Around 34 percent consumers said that high consistency across a brand’s channels would mean a greater spend, while a lack of consistency results in a reduction in their spending (39 percent).
Around 59 percent of consumers who have experienced personalization believe it has a noticeable influence on their spending. Though 62 percent of retailers reported that they offer personalized offers in store, only 20 percent of consumers report seeing ‘in-store only’ personalized offers.
The report found that only about 39 percent of brands offer product recommendations based on customers’ previous purchases online, versus only 10 percent in-store. A minority (45 percent) have offers both online and in-store. 48 percent of organizations offer personalized offers / promotions based on customers’ previous purchases only online, just 3 percent do so only in-store. A minority (45 percent) have offers both online and in-store.
According to the report, 96 percent of consumers expect retailers to inform them of new products. Only 34 percent of retailers, however, can track consumer trends in real time, reducing their ability to rollout appropriate offers which can drive sales. The report found that lack of technology is the most common factor (38 percent) preventing retailers from creating a more integrated customer experience within their organization.