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Monetate calls on retailers to offer an individual experience for customers or face a decline in customer loyalty and increased basket abandonment rates
LONDON, UK – Monetate, the leading experience marketing platform for brands worldwide, is urging retailers to provide customers with seamless, personalised experiences, or risk alienating them completely leading to a loss in revenue and customer loyalty.
This call comes as over 83 per cent of customers reported they expect brands to personalise experiences for them and is set to be just one of the many talking points among established brands such as Waitrose, JD Williams and Eurostar at this year’s annual European Summit, which takes place on Thursday.
According to Gartner, by the end of 2016, 89% of brands expect to compete primarily on customer experience rather than price and product as the key brand differentiator, and, with global online abandonment rates at their highest level since 2013 (68.63 per cent), retailers need to employ different online strategies to appeal to shoppers and help push them towards the final purchase.
Neil Roberts, Head of Digital at Eurostar, said: “With high levels of competition, businesses are constantly thinking of ways to stay ahead of the curve when it comes to customer experience and interaction. Our customers are no longer just expecting us to engage and satisfy them; they now want us to inspire them too.”
Mike Harris, VP EMEA at Monetate, said: “Brands need to be interacting with customers on an individual level, as opposed to simply grouping them into segments and coming up with a one-size-fits-all approach. To be successful, you need to connect with each customer, in every moment, through all touch points, based on everything they know about them.”
Harris continued, “In retail, you can differentiate and drive performance in two ways: one is through product, and the other through experience. If you don’t have clear competitive advantage with the first, experience becomes even more important. Brands need to deliver relevance to the customer, not just in one interaction, but over time.”
At a time when retaining customers has never been so important, Monetate’s most recent Ecommerce Quarterly (EQ4) report found that returning shoppers spent nearly twice as much as new visitors during the same timeframe.
For more about the annual summit, please visit: www.monetateeuropeansummit.com
 Online shopping cart abandonment rate worldwide from 2006 to 2015, Baymard Institute (2006-2016)
Monetate, the global leader in personalization software for consumer-facing brands, enables marketers to create experiences with improved relevance for every customer, increasing their engagement and boosting business outcomes. Powered by artificial intelligence, the Monetate Intelligent Personalization Engine makes it easy to test and optimize, segment and target, recommend products, and even create true 1-to-1 omnichannel experiences. The company was recognized as an industry leader by two leading analyst firms in June 2018 and August 2018. Founded in 2008, with offices in the U.S. and Europe, Monetate is used by leading brands around the world and influences billions of dollars in revenue every year for QVC, Newegg, Timberland, Carnival, The North Face, and hundreds of other market leaders. Learn more at www.monetate.com.