Market Trends of Multichannel Campaign Management Industry
This section covers the major market trends shaping the Multichannel Campaign Management Market according to our research experts:
Retail Industry Vertical to Dominate the Mrket
- Multi-channel retailing gives target customers the choice of where to buy, optimizing experience on the most relevant sales channels based on shopping behavior. It also integrates marketing and retailing strategies. As the retail industry increasingly goes digital owing to the proliferation of mobile devices and the explosion of social media channels, customers have come to expect personalized shopping experiences, with messages delivered to them through their preferred channels.
- However, delivering consistent and efficient customer experiences across channels is complicated, with so many digital platforms continually emerging and evolving. Campaign management software such as Adobe Campaign helps brands engage customers in one-to-one communications and retain customers by delivering timely and personalized content throughout the customer lifecycle.
- According to Eagle Operating Corp., in 2020, more than half of grocery retailers in the United States offered mobile shopping app services for their stores, doing it the most common omnichannel service in grocery stores that year. Third-party vendor home delivery and drive-up collection site services were also commonly provided. Just under 20% of grocery stores did not offer any omnichannel service for consumers to make use of.
- In Europe, multinational retailers from Germany, France, and the Netherlands were at the forefront of providing shoppers with excellent retail experience based on their omnichannel performance. According to a benchmark report issued by Google, the Dutch outdoor sports retailer Bever ranked as the leading European omnichannel retailer, having fulfilled 67% of omnichannel CX criteria.
- Today’s customer, with access to a variety of retail outlets (websites, brick-and-mortar stores, social platforms, mail order catalog, direct mail, mobile, email, etc.), expects individually catered communications. By adopting a 360-degree view of the customer, retailers can determine how customers choose to communicate and be ready to respond accordingly. According to a survey by SAP SE, 74% of businesses increased sales with a multichannel strategy, 64% increased consumer loyalty/acquisition, 57% reported better customer experience.
- For example, UK-based Halfords employed a campaign management approach when the growing retailer recognized it needed a more engaging email strategy to interact with its customers. Instead of using customer data to create personalized, targeted messages, Halfords investigated why customers were abandoning their shopping carts at various stages of the purchasing process, thus showing a jump in open rates and click-through rates.
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North America to Dominate the Market
- The adoption rate of multichannel campaign management solutions is increasing in the North America region due to the expansion of business operations and awareness among businesses to manage the marketing campaigns and the need to control the customers across all the channels.
- Multichannel campaign management market in the United States is expected to dominate during the forecast period because of the support by increasing penetration of BFSI, IT and telecommunication companies, and an increasing number of digital marketing start-ups in the region. Moreover, owing to the substantial advancement in network and technology in North America, this region held the largest share of the Multichannel Campaign Management market.
- Some of the prominent players in the field of multichannel campaign management market in the North American region include Salesforce.com Inc., Oracle Corporation, International Business Machines (IBM) Corporation, Adobe Systems Inc., SAS Institute, Inc., and Teradata Corporation, among others.
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