This holiday season, savvy retailers will connect with value-focused shoppers through an omnichannel coupon strategy powered by personalization. Heading into the holidays, households are keeping an eye on budgets due to ongoing inflation and, for many, the resumption of student loan repayments. Shoppers also expect seamless brand experiences across channels. To be successful, retailers must remove friction and enable savings anytime, anywhere.
Personalized promotions resonate with today’s holiday shoppers who are short on time and attention. The more contextual and customized the offer, the higher the engagement and redemption rate. Personalized coupons are an opportunity for retailers to demonstrate how well they know their customers while providing them tailored savings. Our research shows 59 percent of consumers are more likely to purchase a certain brand if they receive personalized content. Examples of personalized promotions include:
Meeting shoppers in the moments that matter most with relevant offers is only part of the equation for getting items into baskets. While consumers shop across different channels for different purposes, our research shows that 67 percent of omnichannel shoppers expect coupons to be the same/similar between in-store and online shopping.
To meet this expectation for personalized omnichannel offers, retailers must find ways to deliver personalized coupons at scale across channels. Here are four key components to scaling personalized offers in an omnichannel approach:
Use algorithms to dynamically generate coupon details such as products, values, expiration dates, etc., based on real-time data and other data, including purchase histories, to automate scaling.
Try various channel and coupon combinations to determine optimal matches based on engagement and redemptions. Refine them over time. An email message plus a BOGO deal could be one winning mix, for example.
Break down channel silos by having teams collaborate to harmonize marketing efforts. This ensures cohesion in delivering a personalized experience at each touchpoint.
Track coupon metrics across channels and by customer segment to identify new personalization and channel opportunities. Different groups may have unique needs.
With the right technology, processes and teams in place, retailers can show holiday shoppers that they know them with personalized offers in an omnichannel world. And with testing and optimization, brands and retailers can continually refine coupon targeting and provide maximum value. Coupon personalization takes a correlation of data insights and experimentation to perfect, but the effort pays dividends in customer satisfaction and loyalty.
Becky Eldredge is vice president, business development consulting, 84.51°, a retail data science, insights and media company.
VP, Business Development Consulting, 84.51°
As VP of Business Development Consulting, Becky Eldredge is responsible for driving accelerated growth for Kroger’s industry-leading commercial loyalty portfolio.
Since joining 84.51°, formerly dunnhumbyUSA, in 2004, Becky has held various leadership positions driving growth with our CPG partners using our proprietary insights and media portfolios and partnering with Kroger on evolving our formats and loyalty strategy. She founded the company’s Consulting function and turned its loyalty marketing business to a growth business for the company.
Prior to 84.51°, she held category management and sales roles at KAO Brands – most notably leading category management work at Walmart. She began her career at IRI.
Becky has an MBA from Xavier University and a Bachelor of Science in Marketing from Miami University. Her accolades include: Cincinnati Chamber WE LEAD Member (2019), Kroger Convenience Store Make a Difference Award (2014), Network of Executive Women’s National Best of the Best Team Award (2013), and Network of Executive Women-Cincinnati Region Ambassador of the Year Award (2011).
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Win Shoppers With Personalized Omnichannel Coupons This … – Total Retail
