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Insight of the Day: Report Shows 85% of Shoppers are Flying Under the Radar

Summary:

Bluecore's 2024 Customer Growth Benchmark report reveals that many retailers and brands are missing out on a significant opportunity to increase customer engagement and repeat purchases. The report highlights that most retailers only identify a small percentage of their website visitors, leaving a vast majority of potential customers unrecognized. This lack of identification hinders personalized marketing efforts and limits the ability to drive long-term customer relationships.

Key Takeaways:

  • Shopper Identification is Crucial: Identifying website visitors allows retailers to personalize the shopping experience and drive repeat purchases.

  • Repeat Shoppers Spend More: Customers who make subsequent purchases spend significantly more than first-time buyers.

  • Reactivating Inactive Customers is an Untapped Opportunity:  Retailers struggle to reactivate inactive customers, despite their potential to generate additional revenue.

  • Customer Survivorship Declines Over Time: Retailers experience a significant drop-off in customer engagement after three years.

Trend:

The trend is towards increasing the identification of website visitors to personalize marketing efforts and drive customer loyalty and repeat purchases.

Consumer Motivation:

Consumers respond positively to personalized shopping experiences and relevant offers.

Driving the Trend:

  • The deprecation of third-party cookies: Retailers need alternative ways to identify and track customer behavior.

  • Rising acquisition costs: Focusing on retaining and reactivating existing customers is becoming more cost-effective than acquiring new ones.

  • Increased competition: Personalization is a key differentiator for brands looking to stand out in a crowded market.

Target Audience:

The report primarily targets retailers and DTC brands across various verticals, emphasizing the importance of customer identification and personalization for driving growth.

Product/Service:

The report focuses on Bluecore's retail technology solutions that enable shopper identification and personalized marketing strategies.

Consumer Age:

The report doesn't specifically mention consumer age, but the focus on personalization and digital engagement suggests a relevance for a wide range of age groups.

Conclusions:

  • Retailers need to prioritize customer identification to drive repeat purchases and long-term customer relationships.

  • Investing in personalization strategies can lead to significant increases in sales and customer lifetime value.

  • Reactivating inactive customers and focusing on customer retention are critical for sustainable growth.

Implications for Brands:

  • Brands should invest in technology solutions that enable shopper identification and personalized marketing.

  • Focus on building strong customer relationships and loyalty programs.

  • Develop strategies to reactivate inactive customers and prevent customer churn.

Implications for Society:

  • Improved customer identification and personalization can lead to more relevant and enjoyable shopping experiences for consumers.

  • Retailers' focus on customer retention and reactivation can contribute to a more sustainable and less wasteful retail environment.

Big Trend Implied:

The big trend implied in the report is the shift towards customer-centric marketing strategies that prioritize personalization, relevance, and long-term customer relationships over mass marketing and acquisition-focused approaches.

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