The consumer/brand relationship has evolved into a two-way partnership where consumers are willing to share their most personal details with trusted businesses in exchange for experiences that are unique to them. The onus is on brands to deliver. To gain greater insight into both sides, Econsultancy conducted two U.S. studies, the first with marketing professionals from 276 consumer companies, most with revenues in excess of $1 billion. The second study features direct responses from 1,135 consumers, the same people who are transforming the decade of digital into the decade of experiences.

The studies found that 80 percent of marketers strongly believe they have a holistic view of individual customers and segments across interactions and channels. In addition, this group also believes strongly in their ability to deliver superior experiences offline (75 percent), online (69 percent) and on mobile devices (57 percent).

Despite this agreement, only 47 percent of marketers stated that they are able to deliver relevant communications. In fact, even that figure may be too high. When consumers were asked if companies are personalizing the shopping experience (products, deals and other information) for them as an individual, the response was a resounding no, even when it comes to their most trusted brands. Specific findings include:

This lack of understanding and relevancy may explain why many shoppers leave a brand’s website without completing their purchase. According to IBM’s Digital Analytics Benchmark, shopping cart abandonment rate continues to rise, reaching 73.7 percent in March 2015.

One explanation for relevancy void may be a lack of innovation for the multi-channel lives we all lead. According to the study, only 34 percent of marketers said they do a good job of linking their online and offline customer experiences. With the vast majority of dollars spent offline and the majority of product research happening on the Internet, the two are already linked for consumers but this gulf must close for marketers if they are to advance. One issue is the technology of integration, with only 37 percent of marketers saying they have the tools to deliver exceptional customer experiences.