Are personalized offers really working?
- Personalization sits atop the priority list for both consumers and merchants, however, many merchants are unable to convert their customer data into actionable insights.
- The key to success lies in precision — delving deep to accurately understand and cater to the unique preferences of each individual in the target audience.
Throughout 2023, one of the central themes across banking, shopping, and credit card rewards was the implementation of personalized offerings. This trend is anticipated to increasingly remain a high-priority focus for merchants and businesses in 2024.
Trish Mosconi, EVP, chief strategy officer, and corporate development leader at Synchrony, told Tearsheet that technology, convenience, and personalization with a human touch are emerging to be key factors in creating a connected, curated, and convenient customer experience while driving customer loyalty and retention in the phygital world (a combination of physical and digital experiences).
While personalization sits atop the priority list for both consumers and merchants, many merchants are unable to convert their customer data into actionable insights, which increases the likelihood of consumers considering a switch to alternative merchants, according to a new report by PYMNTS.
