Personalisation: The Secret to Success in Retail in 2015 - Views by Lord MacLaurin

Having guided Tesco to become Britain’s number one supermarket and overseen huge growth as Chairman of Vodafone, Lord MacLaurin knows a thing or two about success.

With retail moving into some challenging times, Lord MacLaurin sees a new dawn in retail and one which will place the customer and technology at the centre of a retail revolution.

Lord MacLaurin gives his views on how retailers can get ahead in 2015:

“The key to being successful is providing customers with what they want in an environment that they want to shop in.”

“There’s no single formula over what sort of shop works and what doesn’t. You simply have to look at what’s successful now to see that. People will travel to the outskirts of towns to do what I call their ‘heavy’ shopping in big superstores, yet in town centres we are seeing a resurgence in independent retailers and specialists and a growing demand for convenience.

However, what is common in all shops and services that are proving successful is the fact that they are providing the customer with what they want. There has been a shift from consumers buying what shops offer them to shops providing what consumers want.

Customers will always want more and that was the driving factor behind the Clubcard. We looked at what other customer loyalty schemes were doing and worked out how to do it better. Knowing insight about our customers and being able to provide them with relevant offers was key to Tesco’s growth.

We now live in a digital age where information can be captured and interpreted in real time. This means if the right information is collected and used properly retailers can provide even more relevant services and products for their customers.

This is why I think eReceipts is so exciting and the way of the future. The platform provides so much more than taking away the hassle factor of physical receipts and not to mention the environmental benefits of cutting out billions of needless pieces of paper. Most importantly it provides retailers using the system the potential to build a more detailed profile of customers and their shopping habits than ever before.

This level of insight can only be good for both retailers and customers. With more accurate information about a customer’s shopping habits, retailers can in turn provide each shopper with a personalised range of products and services.

Booths in the North West of England are already reaping the benefits of offering eReceipts and using the technology to power their own loyalty scheme. They now have more insight than ever before, which has enabled them to increase sales and cut out pointless promotions.

Similarly Argos is now benefitting from the capture of millions of email addresses and with those individuals linked to their transactions, Argos has an understanding of its customers hereto never realised. In addition to the acquisition of these new customers and the ability to market to them on a one-to-one basis via eReceipts, the insight lends itself to improved customer communications and trading decisions.

Tech in retail is nothing new but what we’re starting to see is how tech and data can combine to give the power to the customer. The retailers that succeed in 2015 and beyond will be the ones that learn how to use data and tech best and to give customers the offers that they really want.”

Lord MacLaurin is Chairman of eReceipts, the world leading digital receipts solution. The eReceipts technology has been developed to work across any existing POS system and can be installed & integrated in a matter of days. Please get in touch if interested to learn more.

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