Self-obsessed, needy, demanding, outspoken. Today’s tech-savvy consumers have sky-grazing expectations when it comes to a personalized retail experience. And in order to thrive in this evolving climate, your company better deliver.
The below infographic, care of consulting firm McKinsey, lays out the four P’s of consumer behavior. Today’s shopper is ‘pervasive,’ desirous of both online and offline channels; ‘participatory,’ meaning she wants to make her own mark; she seeks a ‘personalized’ experience, in that there is an increasing expectation of bespoke outreach; and ‘prescriptive,’ meaning she wants dominion over the process from soup to nuts.
These demands, however, are also the loud knock of opportunity -- and when met, can yield substantial profits. Retailers typically experience a 10 percent ROI, for instance, when employing an ad campaign that has been personalized according to purchase history.
For more tips on understanding consumers’ evolving preferences in the era of ‘Me-commerce,’ check out the infographic below: