Companies that offer the most personal experiences ultimately have higher revenue growth. According to a new report from KPMG, these retailers also have the best brand loyalty.
The report ranked 250 brands in terms of customer experience, and retailers that made the top 10 include H-E-B, Publix, Wegmans and Amazon.
According to Julio Hernandez, HPMG's global customer center of excellence and U.S. customer advisory lead, consumers know that their personal data has value. So in return, they want to be engaged by brands. And ultimately, higher engagement leads to happier customer and more sales.
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While there are several ways in which retailers can invest in personalization to lift revenue, one guaranteed investment is improving the employee experience.
"Retailers, such as In-N-Out (Burger), recognize that investing in the workforce is critical to create a customer-focused workforce engaged on serving customers on a personal level. This engagement translates into revenue and long-term value," Jeff Mango, advisory managing director, customer experience lead, at KPMG, told FierceRetail.
The brands in the survey were ranked by six identifying features: personalization, integrity, expectations, resolution, time and effort, and empathy.
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Amazon made the top 10 due in large part to its strong pull in personalization and trust.
Mango does warn retailers, however, that there is such a thing as “too personal.”
"We call this the personalization paradox," he told FierceRetail. "Managed well, personalization and trust operate in a virtuous circle providing an opportunity in a world of mistrust and cynicism, to build an ever-improving relationship founded on integrity. Managed poorly, a vicious cycle emerges where the customer takes his or her personal data and shops elsewhere."