With expendable income being scarce in today’s economy, consumers have become highly skilled at comparison shopping. While shopping for the best deal once required serious effort — driving from store to store and/or comparing catalogs — it’s an easy process now. With just a few clicks, consumers can typically (and quickly) find the best price or sale available. It’s not as though consumers even need to be at home in front of a computer. Smartphones, now almost ubiquitous, allow consumers to have access to this information in their pocket. As a result, consumers are more fickle than ever and cultivating loyalty is a real challenge for retailers.
To meet this challenge, retailers need to deliver value and personalization as consumers go through each stage of the buying cycle — e.g., price comparison, coupon search, checkout, etc. But there’s never a one-size-fits-all approach for consumers. They come with different budgets, purchasing habits, locations and shopping lists. Where do retailers begin?