According to the findings of the survey of 130 C-suite retail executives from North America, Europe and Asia, despite spending billions each year on loyalty programmes, retailers are struggling to effectively use their data to differentiate customer experience and retain sales.
While a majority of retail leaders surveyed -- 87 per cent -- said a loyalty strategy is critical to their business success, just 27 per cent are confident that their current loyalty initiatives have a positive effect.
Companies in India need to carefully monitor loyalty programme metrics, retention rates, analytics and targeted marketing campaign outcomes to see the true value of such programmes and thereby, meet customer expectations at every turn, Mishra said.
The survey found that just 19 per cent of retailers are able to leverage their data and systems to understand individual customer needs; only 35 per cent can capture real- time insights frequently and a mere 30 per cent have the ability to use technology to personalise the offer and experience for a customer every time.