IBS Journal March 2017
29
produces curated shopping experiences. It can serve up 1.2 million different versions of its website, dictated by
telling shoppers how many other have looked at or bought that product in the last couple of hours. The travel site
Booking.com does similar, encouraging users to convert by showing how many others are looking at a specific hotel at the same time.
Retailers and travel agents are often selling a finite amount of product, so these prompts remind customers that if they don’t buy it now they might not be able to make the purchase later. However, even where the product is not limited or the purchase not completed online, prompts give consumers confidence that they are making good purchasing decisions that others have also recently made.
Do customers trust your use of data?
Trust and security remains a significant barrier for banks looking to leverage the customer data they have available. Retail customers have largely accepted that the data they give to their favourite retail brands will help refine the experience they receive (and ultimately lead to them spending more).
the historical behaviour and whims of its customer. The larger the range of products or services that you sell, the more important offering a better customer experience through personalisation will become.
In banking, with different expectations of service, the move to a more digitally-focused offering has fostered a feeling of impersonality for customers. So far, banks have been unable to leverage customer data effectively enough to produce a customer-centric level of service that replicates the personalised experience of visiting a local bank.
Social selling
Another tactic that retailers, and other businesses selling online, have been able to deploy is using anonymous customer data to create a buzz around products online and as a subtle push to encourage customers to convert and click the buy button.
Shop Direct Group deployed technology on its site that aggregates site analytics data and pops-up messaging
The attitudes of banking customers differ considerably with 73% of respondents willing to change banks if they perceived their bank to be exploiting their personal data for commercial gain, according to research from Capco.
Despite this there are still opportunities available. 79% of banking customers agree that using data to enhance product or service offerings is acceptable and 67% agree that it is OK to use data to offer personally relevant products or services.
With personalised product recommendations that acknowledge a customer’s buying behaviour, or tailored online and email content in sync with an individual’s financial position, banks will be able to leverage their data to build stronger relationships with their customers. By incorporating the customer-centric focus of retail and effectively balancing revenue generation and integrity, they can help their customers rather than just sell to them.
Will Dymott is Head of Data & CRM at Practicology
www.ibsintelligence.com
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