Recent research by Deloitte revealed that consumers are willing to pay for more personalized products and services and predict that in the future businesses who do not embrace elements of personalization will risk losing both revenue and customer loyalty.
Deloitte also found that offering mass personalization to customers gives an opportunity for businesses to demonstrate to them that there is value in their personal data being used, while at the same time businesses gain a deeper insight into customer behavior and can then simplify their product and service ranges meaning lower marketing and production costs but with increased demand.
If you are ready to invest in the personalization so your brand doesn't get left behind, Deloitte suggests you need to also ensure you have the right analytics technologies in place. This lets you get to know both what your customers want, and what they don't want, so that you can respond to their wants appropriately.
These are some of the ways that other brands around the world are adopting personalization to boost their sales and improve the experience for their customers: