What will the American retail landscape look like in six months? What will it look like in 12 months — or in a couple of years? At this point, these are unanswerable macro questions for an industry that has been rocked by the COVID-19 pandemic.
Retail was already reeling from a gigantic wave of brick-and-mortar closures foretelling some kind of retail-pocalypse, and the coronavirus made the situation even worse. In the last month, U.S. retail sales were battered by the biggest single-month drop ever, dipping more than 8 percent than the previous month. This has left economists giving their best guesses to predict a deep recession that could sink GDP by a shocking 24 percent in the second quarter of this year.
While multi-floored department stores and well-stocked storefronts may still try to inch back to reality — let’s face it, they’ll most likely be around in one way or another — brands are being forced to rapidly adapt to the current and future challenges of doing business in the age of the coronavirus — or go extinct. The key to that level of adaptation will be how well brands can rally around digital personalization.
Targeted solutions can accurately map a comprehensive and highly probable view of a customer’s potential future purchases. This also provides a broad range of personalized discounting opportunities for brands to keep customer connections and gain actionable insights about the consumer journey across omni-channel strategies. It’s the key to maintaining customer lifetime value in an economically uncertain time such as this.
RevTrax has always relentlessly pursued innovation at every corner, and that is why we’ve leveraged technology and data that is able to deliver the right offer to the right person on their preferred channel at the right time.
Using data science, RevTrax offers its client partners the ability to leverage insights from billions of consumer engagement data points. This determines ideal pricing and promotion in a privacy-by-design framework that uses state-of-the-art modeling techniques and an AI-based methodology that recommends and changes offer-values for brands across consumer segments with various engagement levels.
These ensure that our platform can determine which consumers are most likely to convert to create audiences that are more likely to engage and make a purchase, or target engaged buyers that are more likely to be valuable long-term customers. What’s more, the potential grows through personalized smart offers that can be delivered in any format — print-at-home, mobile wallet, eCommerce, direct mail, and many more — that are connected to any purchase, which enhances your brand’s customer intelligence while maintaining consistency.
These Predictive Consumer Data services are based on over a decade of experience studying consumer response to offers and state of the art machine learning algorithms, and will feed into brand strategies targeted at current and future COVID-19 responses to increase the sophistication of their marketing efforts.
In this new unstable economy, offers are currency – brands absolutely must protect them, and ensure that they only go to targeted individuals. The difference between keeping a customer and letting them slip away may be the difference between weathering this storm or Chapter 11. It’s easy to run a one-size-fits-all approach to discount offers, but it’s much more important to run smarter personalized offers to drive more value from your digital marketing efforts. It may save retail brands in the long-run.
Wondering how to gain actionable insights about the consumer journey across digital channels? Check out what RevTrax can do by clicking here.