Boosting Profitability through Personalization: Insights from Coveo Retailer Survey on Black Friday - Cyber Week Evolution
Coveo, the leading provider of enterprise AI platforms, has released a research report shedding light on retailers' strategies and expectations as the holiday season approaches. The report, titled "Black Friday to Cyber Week Evolution: What Are the Winning Strategies, Now?" features findings from a survey conducted by RSR Research with qualified U.S.-based retail respondents. The survey reveals that winning brands are focusing on personalization to boost profitability during the holiday season.
According to the survey, 90% of retailers believe that personalization will transform industry-wide special sales events within the next three years. The top performers are adopting better strategies to increase average transaction value through relevant and personalized offers, strategic inventory sell-through, and proactive technology decisions.
The report emphasizes that industry-wide events like Black Friday and Cyber Monday are no longer just about mass marketing and one-size-fits-all sales. Retailers are now focusing on personalized offers and deals to create brand excitement and enhance the shopping experience for customers.
The survey also highlights the importance of getting the basics right during holiday peaks, such as easy returns, price and product availability, and social proof badging. High-performing retailers are fine-tuning loyalty-building experiences by extending return periods and optimizing online search categories to make product discoverability easier for shoppers.
In terms of technology, the survey reveals that retailers are proactively embracing generative AI and implementing automated capabilities to handle increased call center volume during the holiday season. Planning and engaging IT with formal service level agreements (SLAs) are critical for successful technology implementation.
Overall, the survey underscores the growing significance of personalization in driving profitability during special sales events. Retailers need to prioritize personalized offers, optimize the shopping experience, and leverage technology to stay competitive and meet customer expectations.
To access the full report, visit the Coveo website.
The Power of Personalization: A Game-Changer for New Businesses
The findings from Coveo's recent retailer survey offer a compelling insight into the future of retail, particularly for new businesses. The survey reveals a significant shift in focus towards personalization, with 90% of retailers believing that it will transform industry-wide special sales events within the next three years. This shift has significant implications for new businesses looking to carve out a niche in a competitive market.
Personalization: The New Norm
The days of mass marketing and one-size-fits-all sales are fading. Retailers are now focusing on personalized offers and deals to create brand excitement and enhance the shopping experience for customers. For new businesses, this means that understanding and catering to individual customer needs is not just an advantage, but a necessity.
Getting the Basics Right
The survey also highlights the importance of getting the basics right during holiday peaks, such as easy returns, price and product availability, and social proof badging. These fundamental aspects of retail operations can make or break a customer's shopping experience and ultimately determine a business's success.
Leveraging Technology
In terms of technology, the survey reveals that retailers are proactively embracing generative AI and implementing automated capabilities to handle increased call center volume during the holiday season. For new businesses, this underscores the importance of leveraging technology to stay competitive and meet customer expectations.
In conclusion, the survey underscores the growing significance of personalization in driving profitability during special sales events. New businesses need to prioritize personalized offers, optimize the shopping experience, and leverage technology to stay competitive in the rapidly evolving retail landscape.
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