How does hyper-personalisation differ from personalisation which has ruled the retail market for years? The former leverages transactional and behavioural data and AI systems to foresee consumer needs more precisely, to reach out with a bespoke and personalised offer, and to deepen existing brand-customer relationships and build new ones. Although hyper-personalisation-based solutions in marketing strategies were initially intended for online shopping, this trend is now opening up new opportunities in multichannel retail. Experts of global real estate services firm Cushman & Wakefield point out the growing role of such solutions for shopping centre retailers in an increasingly competitive market environment.
Companies that have mastered the art of hyper-personalisation include such giants as Amazon, Starbucks and Netflix. However, a vast majority of market retailers should consider implementing their own strategies in this area. Customers have come to expect brands to use data on their shopping preferences to understand and reflect their needs, and to deliver a more individualised experience. By ignoring hyper-personalisation, brands risk not only impacting returns on advertising investment, but also reduced customer loyalty or losing customers to competitors,
comments Sylwia Wiszowata-Łazarz, Head of Asset Marketing, Cushman & Wakefield.
Data about the number, frequency and volumes of purchase transactions will be of little use if it is not linked to a person who has just come up to a cash desk in a shopping centre store. This is why it is so important to promote loyalty programmes, to offer customers rewards, for instance for regular shopping, and to focus on training sales staff on how to attract new ‘club members’ for a brand,
says Sylwia Wiszowata-Łazarz.
How do brands leverage hyper-personalisation in brick-and-mortar stores?
There are already some good examples of such processes taking place on the market. For example, retailers offering coffee pods and coffee pod machines are able to remind a customer when a machine needs cleaning and to offer a descaling kit at the right time based on data about the customer’s purchasing frequency collected as part of a loyalty programme. A shop assistant in a store with electronics and household appliances can recommend to a returning customer who previously bought a games console new add-ons or a newly-released game at the check-out,
adds Sylwia Wiszowata-Łazarz.
More social- or e-commerce only?
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit: www.cushmanwakefield.com or Twitter: @CushWake