Brands risk almost half of their customer base if they fail to tailor their experience using new technology, a new study has revealed.
The research, published by Adobe and Goldsmiths University, also found that 61 per cent of consumers admit they would “happily” buy products from an unknown brand that provided a superior client experience.
A further 46 per cent said their purchasing habits were driven by choice, while 53 per cent were looking for convenience.
The study also highlights that consistency across online and physical platforms was the key to winning return business.
And while internet privacy is rapidly becoming a contentious issue, some 46 per cent of consumers say that a brand’s clever use of personal information, such as automatically filling in forms and suggesting products, is more likely to win their business.
However, an overwhelming 83 per cent want transparency on how their data will be used.
David Burnand, enterprise marketing director for Adobe EMEA, said: “Digital has changed the game forever, no brand denies that data holds the key to providing consistent, relevant and exciting experiences, but the next iteration of data insight and action – AI – will move this story on even further in the experience era.
“AI means brands can turn data and content into true, personalised experiences based on customer relationships – and at scale. As time goes on, the algorithms will continue to learn and adapt, allowing us to not only surprise and delight customers, but also help to solve their problems quickly and easily. AI will be critical to providing the personalised experiences that will keep consumers coming back.”
Dr Chris Brauer, director of innovation at the institute of management studies (IMS) at Goldsmiths, added: “The proliferation of digital tools and the use of AI have re-written the rules of consumer loyalty. The new model of loyalty embeds available consumer data at the core of a consumer’s journey, and allows brands to present their audiences with personalised and relevant offerings that not only satisfy their needs but relate to them in a deeper more personal way.”
