Retailers are currently grappling with the challenges of catering to hyperadoptive consumers in the fast-paced modern market. In a recent study conducted by Forrester Consulting and released by Bluecore, it was revealed that many retailers are prioritizing customer-centric initiatives, but are still struggling to effectively meet the ever-evolving needs of today’s consumers.
The study found that 39% of brands consider customer experience to be a top priority, almost on par with customer acquisition at 45%. However, a mere 21% of respondents believe that they are successful in delivering a captivating customer experience. This lack of success could be attributed to the fact that half of the retailers surveyed admit to spending only a fraction of their time on their top priorities.
A significant challenge highlighted in the study is the difficulty in offering personalized customer experiences at scale, with just 12% of retailers claiming effectiveness in this area. As consumer demand for tailored experiences continues to surge, retailers are finding it challenging to provide seamless omnichannel experiences consistently.
Insufficient data capabilities emerged as a major hurdle, with over 40% of respondents pointing to organizational structure as a barrier to effective data management. Moreover, delays in data technology present obstacles, as 36% of retailers reported waiting up to a week to receive campaign or audience data.
Despite the increasing emphasis on real-time data in the retail and marketing sectors, only a paltry 10% of survey participants have access to real-time or near real-time data. This stark lack of immediate insights underscores the pressing need for retailers to revamp their marketing and IT infrastructures to stay aligned with shifting consumer preferences and demands.
With a focus on 307 marketing and technology decision-makers at retailers in the U.S. and Europe, particularly in categories such as apparel, footwear, home goods, health and beauty, and luxury goods, Bluecore’s research underscores the critical importance of retailers adapting to the demands of hyperadoptive consumers to stay competitive in today’s rapidly evolving retail landscape.
For more information on how retailers can improve their data management practices to better meet the needs of modern consumers, check out this article from Retail Dive here. Additionally, learn more about the evolving retail landscape and the importance of adapting to consumer preferences in this insightful piece from Forbes here.
