12 Hyper-personalisation Statistics That Demonstrate Value
It’s no secret that hyper personalisation creates better digital experiences that drive better business outcomes. That includes more consumer interactions, more sales, and more revenue. McKinsey sang its praises way back in 2020, where they dubbed it “the new proving ground of customer care.” And today’s hyper-personalisation statistics only support its success as a strategy.
Companies that successfully create hyper-personalised experiences are giving consumers what they need — tailored shopping experiences that help them feel seen and known by the businesses they buy from.
Ironically, what makes this possible is the largely inhuman process of combining big data with automation, artificial intelligence, and machine learning. This requires a lot of back-end machinery in the form of a powerful hyper-personalisation solution. Sadly most only come as a platform, as assume you’re at liberty to integrate it to your software or for you to use an entirely alternate one. But there are solutions as advanced as SwiftERM, that merely need installing as a plugin, and you’re up and running immediately.
Understanding the growing trend of hyper-personalisation and what it means for business performance can help you plan a strategy that embraces it.
Hyper personalisation statistics to illustrate importance
Hyper-personalisation, as a marketing strategy, is important because it aligns with what consumers want from their digital interactions with brand-namely, relevancy. Hyper-personalisation delivers this in droves. If you want some statistical reassurance that this is the case, here you go:
- McKinsey says that over 70% of consumers expect personalisation and will get annoyed when it doesn’t manifest.
- Nielsen reports that 86% of shoppers purchase goods in-store and online, necessitating the need for personalised experiences across platforms and touchpoints.
- In Twilio’s most recent State of Personalisation report, 56% of 5000 consumers surveyed said they a personalised experience would motivate them to become repeat buyers (a 7% increase versus 2022).
12 Hyper personalisation statistics that prove its value
Hyper= delivers the kind of interactions that consumers crave — and when it’s implemented correctly, it works really well. Here are 12 h yper-personalisation statistics that demonstrate the effectiveness of it as a strategy.
How Hyper-personalisation Impacts Revenue Growth
#1: It lifts revenue by 10–15% on average, with company-specific revenue ranging from 5–25%. ( McKinsey)
#2: 77% of companies that personalise B2B experiences report increased market share. (McKinsey)
#3: Lowes increased their Q1 2023 website sales by 6% even though website traffic declined. Among top competitors like Home Depot and Ikea, Lowes was the only merchant that achieved this lift. They credited investments in upgrading legacy systems to enable better customer experiences, including personalisation across channels.
How Hyper-personalisation Impacts Customer Retention
#4: Nearly three-quarters of consumers won’t buy from you without personalisation. (Accenture)
#5: You risk losing customer loyalty if you deliver a generic experience, with 62% of consumers saying they won’t remain loyal after an un-personalised encounter.
#6: People want to hear from brands, but 58% say they get frustrated with messaging that’s generic or inconsistent. ( MoEngage Research)
How Hyper-personalisation Drives Customer Acquisition
#7: Personalisation can lower acquisition costs by as much as 50%. ( Adweek)
#8: Personalisation was a top trend among digital marketing decision makers in 2022 who cited it as a top driver of conversions, peer recommendations, and engagement. ( ROI Revolution)
#9: Personalised marketing increases conversions, according to nearly 50% of brands surveyed by eMarketer.
How Hyper-personalisation Software Improves ROI
#10: On average, personalisation boosts companies’ growth rates by 6–10%. ( BCG)
#11: Overall, it improves marketing efficiency, sales, and loyalty all of which contribute to ROI when investing in a personalisation tool. (BCG)
#12: Almost all marketers report improved business outcomes as a direct result of personalisation.
Conclusion
The future of customer experiences is undefined and full of promise. However, one thing is certain: being committed to delivering effective hyper-personalised customer experiences should be our compass in driving our businesses forward. If you embrace challenges and opportunities with a strategic blend of hyper-personalisation, AI and genuine engagement, you’ll be well on your way to succeeding beyond those without it.
Originally published at https://swifterm.com on April 30, 2024.
