The future is now. The ability to move from insight to action to measurable results exists today. A single view of integrated information and insights is at the fingertips of online merchandisers, product managers and marketers – and it is changing the way these teams work. Insights are richer and more actionable. Results are delivered faster. Collaboration is improved. And, most importantly, customer engagement is deeper and more personal than ever.
What is driving your decision-making process? Where is the data coming from? Is it exclusively internal – sales data, information about inventory and customer journey – or are you integrating data from external sources, too, for more informed and profitable decisions? These are questions smart retailers are asking themselves to compete effectively in today’s data-driven world. But here’s the real question: What if all of
the insight you needed could be obtained in one place – and you could drill down, and see detail when and where you want it. Wouldn’t you take advantage of this opportunity? With new capabilities in e-commerce technology, you can become insight driven.
By 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet.
The world is awash in data – and the volume is growing exponentially. With this rising tide, today’s challenge lies in curating data from an increasingly wide universe of sources and delivering insights to practitioners who can apply it intelligently to drive desired outcomes.
Nowhere is this truer than in the world of retail. Interconnected systems across sales channels – in-store, online, mobile and call centers – capture and retain vast amounts of structured and unstructured data. Each customer’s journey is a well-documented trip that leaves a long trail of data: Purchase information, lifetime value, where the buyer spends time on a website; how much is being spent in a channel; where and when customers prefer to buy – and what may have caused them to defect. Add external sources into the mix – think social, economic or environmental data – and what emerges is a vivid portrait of customers and market opportunities.
Insight infused in every interaction across the customer journey – from the start of a campaign to fulfillment –transforms customer relationships, and drives more sales, satisfaction and customer loyalty. And, it is why marketers who put data-driven personalisation at the centre of their efforts achieve greater returns on investment.