The whitepaper by Mastercard released at NRF 2023 explores how business experimentation can enhance retailers’ ability to measure and optimize personalization and loyalty initiatives
Travel restrictions spurred many consumers to shift their budgets from travelling to shopping amid the pandemic. But as the world seeks the new normal, consumers’ interest is shifting back to services. It suggests ideas of business experimentation that can enhance retailers’ digital advertisements, personalization tactics and loyalty programs along with exploring answers to the following questions:
- What is the overall incremental impact of the initiative?
- Which aspects of the initiative work best?
- Which types of customers or markets changed their behavior due to the initiative?
- How can we target rollout of the initiative to maximize profitability?
The paper also reflects on how the shift back to spending on experiences, coupled with rising inflation and shortages caused by supply chain issues, has challenged retailers’ ability to retain customers gained during the pandemic. Download the full paper here.