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Personalization is one of the building blocks for an Algorithmic Retail Enterprise – enabled by Customer Data Platforms, Data & Analytics, and Omnichannel Operating Models. According to a recent survey (McKinsey Next in Personalization 2021 customer survey), a large pool of customers spends more time and money when their experience is personalized – a stunning 76% of the customers get frustrated when their buying experience is not personalized.
Retail personalization is the process of providing every customer with a unique personal journey across every single touchpoint, based on historical real-time data, powered by product intelligence. In customer experience, personalization is a winning strategy that can help brands establish a lasting relationship with their customers and this POV explores the same.
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