Let’s Get Personal - The Future of Personalized Product Recommendations

Shall we address the elephant in the room? Retail has a problem. Most retailers don’t have a complete view of their shoppers and can only see an approximate demographic confined within the walls of the retailer. While this has been “good enough” in the past, it is not up to snuff in an age of ecommerce where consumers are spending more time shopping online. The solution lies in personalization and product recommendations, drawing from the customers’ shopping history, without mishandling or compromising their personal data. Serving shoppers with product recommendations based on what they’ve purchased before and are likely to purchase can mean the difference between making a sale and not.

The future is bright for retailers once shoppers’ needs are more fully understood, they are correctly identified across multiple devices, and they are provided personalized marketing offers. By working together to build a decentralized shopper database of style preferences and purchase history data that can only be accessed with a shoppers’ approval, retailers can tailor their most relevant products to each individual. Not only will this to lead to increased conversions, it also makes marketing efforts much more efficient.

Personalized product recommendations are better for the consumer as well. Shoppers can save serious time that’s usually spent comparison shopping between retailers, lowering the risk of shopper fatigue. By sharing their personal purchase history, shoppers can conveniently return to their favorite retailers to buy other products they want. Additionally, the benefits extend beyond an individual shopper to the shopper’s network. By sharing their shopper history with friends and family, they take the guesswork out of gift buying and avoid receiving gifts they may already have.

To boot, personalized product recommendations are mutually rewarding for both the retailer and the shopper. Retailers can use shopper data to better incentivize repeat customers through an optimized reward system, and shoppers get the satisfaction of feeling recognized, better understood, and offered the products they truly want.

The Shopin platform is the bridge into the future of retail, where disparate shopper data can be stored in one place for the betterment of product marketing and customer satisfaction. We believe the decentralization of data access, where shoppers retain full ownership and control over their data, is the safest and most efficient way for the retail industry to thrive.

Let’s imagine a future where retailers work together to better understand shoppers and connect with them on a more personal level. By fine-tuning the retailer-shopper relationship, we’re hopeful we can reinvigorate the retail industry as a vibrant, creative, and collaborative community.

Want to learn more about what Shopin is doing to create a sustainable retail economy? Visit our website and join our Telegram.