4. Artificial intelligence will help brands learn more about shoppers

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3. Personalization is a preferred shopping experience
B2C and B2B consumers alike are seeking custom ecommerce experiences and are more likely to remain loyal to retail brands that offer a personalized experience. According to the State of Personalization 2022, almost half (49%) of consumers say they will likely become a repeat buyer after a personalized shopping experience with a retailer.

Personalization can include product recommendations, home owner data offers and discounts and a cohesive retail experience across multiple channels (website, mobile and social). It can also include offering a variety of payment methods. If customers have a preferred payment method and it’s not available, they could easily abandon the website without completing their purchase.

Brands that are expanding their personalization efforts are reaping benefits. According to BCG’s Personalization Maturity Index, retailers that scale advanced personalization capabilities earn on average four times the revenue compared to those with less advanced features.

How to act on this:
Scale personalization efforts by offering product recommendations and exclusive offers.
Consider offering modern payment methods, like Apple Pay, or buy now, pay later services like Klarna.
Prioritize improving customer care across your social media channels.
With the rise of custom shopping experiences, artificial intelligence (AI) is growing quickly. AI can collect data on customers’ shopping behaviors. This can include how a customer shops, their preferences when browsing for a product/service and time of purchase. Brands can use this information to offer a personalized shopping experience.