Doing well by doing good' has taken on a whole new meaning amid the current cost of living challenges facing so many consumers. A recent Ibotta survey showed 75 percent of consumers agree that the economy has directly impacted their spending habits on essentials such as groceries, and price is the deciding factor for almost two thirds (64 percent) of shoppers.

Consumers report that primary motivations for saving on groceries stem from sheer necessity including to “offset price increases,” “to get by,” “to feel financially secure,” and to follow a “strict budget. The overall sentiment underlines a pressing ‘need’ rather than a ‘nice-to-have', and it's an opportunity for businesses to meet the moment.

Shoppers are turning to various methods to counter these rising costs, with digital offers and cash back being the primary means of doing so. Brands and retailers can help ease this financial burden and strengthen customer relationships by cutting them in on the deal. Companies should not wait for the proverbial storm to pass, because consumers are dealing with these pressures today. Those that put the greater good before greater profit will not only weather the storm, but come out stronger on the other side, forging a path to enduring business success.

Rich Donahue

Chief Marketing Officer
Ibotta

EMPOWERING RETAIL WORKERS

Empowering Retail Workers

07/05/2024 18:32:08

In the ever-evolving landscape of retail, the ability to forge deep emotional connections with consumers is a cornerstone of sustained brand loyalty. Retailers wield a potent asset in this pursuit: their unparalleled access to customer data. Leveraging advances in generative AI and machine learning, retailers can now segment customer data with unprecedented precision, curating offers, content, and messaging to individual preferences and optimizing millions of message variants in real-time. What's more, personalization strategies once confined to owned media environments can now be activated through paid media channels, enabling retailers to combine data-driven messaging with high-quality ad placements and more impactful creative channels like CTV, DOOH and even streaming audio. Keeping the consumer's needs and preferences at the forefront of advertising strategy ensures that ads provide value and retailers who embrace this data-driven approach to personalization will continue to reap the benefit in the form of increased performance at every stage of the purchase funnel.

Ben Flaccus

Managing Director - Retail & CPG Commerce Undertone

EMPOWERING RETAIL WORKERS

Empowering Retail Workers

07/05/2024 18:32:08

Towards Data-Driven Customer Engagement

Beyond Points and Perks: Retail Loyalty Programs in the AI Era

Cultivating customer loyalty in retail is more challenging than ever as customers become increasingly discerning about where and with whom they spend their money. Today’s brands recognize the importance of closely aligning with consumers’ lifestyles to drive engagement. The desired outcome is forging long lasting, highly personalized relationships built on trust. Many are redefining their missions to build deeper emotional connections — moving from assumption-based messaging and imagery to data driven, relevant and bespoke product offerings and interactions. The consistent challenge is that many retailers fall short of being able to deliver individual-level personalization.

Retailers’ customer loyalty programs can play a vital role in enhancing customer engagement when AI is part of the equation. Tailoring experiences is crucial, especially when catering to a diverse audience. Data-driven insights are key to drilling down to the individual-level. Merchants must scrutinize a specific customer’s preferences, actions, and needs in real-time to offer personalized and frequent rewards. This allows the retailer to strategically deploy special offers, digital gift cards or loyalty points that are more likely to inspire customer action.

With a comprehensive understanding of an individual’s behavior, retailers can create flexible and adaptable rewards programs—crucial elements in building meaningful relationships. Through consistent, personalized interactions, businesses can nurture data driven connections that enhance customer lifetime value. Digital rewards, like cash back offers, incentives and e-gifts, play a pivotal role in harnessing digital data trails to discern which incentives drive specific behaviors and engagements almost instantaneously. By utilizing AI with data, retailers can reinforce positive behaviors and gain tangible insights into customer motivations. From there, businesses can offer personalized and relevant interactions that enrich the customer experience and foster sustainable brand loyalty.

AI is key to helping retailers find the sweet spot between automation and personalization, continually refining experiences based on data driven, customer interactions.

Ed Wogan

SVP and Chief Merchant Officer
Valuedynamx

07/05/2024 18:32:08