PYMNTS’ Daily Data Dive: Retailers Missing Out On $150B

In today’s fast-paced world, it’s not enough to provide friendly service to customers in-store. With connected devices allowing consumers to order anything they want or find any piece of information instantly, a culture of instant gratification has been created.

As such, it should come as no surprise that TimeTrade’s State of Retail 2017 Survey found retailers are missing out on a large piece of the puzzle with lack of providing personalized experiences.

Here are the numbers:

$150 billion | Amount retailers are missing out on due to lack of personalized experiences

4.7 percent | Percentage of consumers who would increase in-store shopping if personalized experiences were provided

70 percent | Percentage of consumers never approached by any sales staff

88 percent | Percentage of consumers more likely to purchase if assisted by employees

75 percent | Percentage of consumers who prefer to buy at physical stores