Personalization Is Not a Technology Problem—It’s an Insight Challenge

Personalized shopping experience

Retailers that can’t deliver a personalized experience are at serious risk of becoming irrelevant soon. According to a study from Accenture, 75% of shoppers are more likely to do business with companies that recognize them by name, offer relevant recommendations and remember their purchase history.

This study highlights that we’re in the midst of a paradigm shift in the shopper-retailer relationship. With mobile technology and a wealth of information at their fingertips, shoppers want an experience that’s tailored to their individual needs and desires. They crave a one-to-one relationship with the retailers they do business with—and they’ll happily switch brands if that expectation isn’t met.

In the race for personalization, digital natives have an early lead. That’s because they’ve built infrastructure and business models that enable the real-time collection of data and the delivery of customer needs. But both incumbents and newcomers in retail need to realize that personalization isn’t simply a technology problem—it’s an insight problem that revolves around the customer journey.

To get personalization right, retailers need to take a step back, start from the beginning and look at the big picture. It requires understanding not just the logical aspect of purchases, but also the emotional triggers that convince shoppers to buy.

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Mega Plans Turning to Managed Accounts for Greater Personalization

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Tailor_ImageMega plans, which often serve as industry trendsetters, have tripled their reliance on managed accounts, according to the newly released DC Investment Manager Brandscape™ study.

The proportion of Mega plan sponsors offering these customized allocation solutions has increased from 5% in 2014 to 18% in 2015. While target date funds continue to serve as the most widely preferred default investment option among most plans, this increased usage of managed accounts among Mega plans signals a growing desire in the industry to offer even more personalization to participants. Continue reading