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Retailers losing big bucks by not getting personal, reveals survey

March 21, 2017

Retailers could boost revenue by 5 percent if they stepped up their game when it comes to customer experience and providing personalized service.

In fact, as a new TimeTrade survey reveals, millennials are willing to pay up to 20 percent more for a better retail experience. The survey states retailers missed out on $150 billion in 2016 revenue due to poor personalization.

Those polled would boost their in-store spend by 4.7 percent if they got a more personalized service. When it comes to retailers providing a personal shopping experience just 15.1 percent are hitting the mark, according to shoppers.

The data reveals 71 percent of consumers said they sometimes or always abandon dressing rooms and leave stores if they can't obtain help with sizes, color, etc.

"Just imagine the positive financial impact on brick-and-mortar retailers if revenue jumped by 5 percent," Gary Ambrosino, CEO of TimeTrade, said in a press release on the survey.

"Right now, retailers' revenue projections and stock prices are under pressure as the landscape continues to change. A renewed focus on providing shoppers with a better, more personal in-store experience would go a long way toward stemming the tide of defection to competitors and online sellers."