360-degree View: Engaging customers with right analytics

360-degree View: Engaging customers with right analytics

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Putting customers at the center of the business is vital for any retailer. Omnichannel retail — i.e. creating a 360-degree view of the customer based on purchase history, preferences, extended demographics, shopping behaviour and additional granular pieces of data to fuel an integrated, customer-centric experience — is the key to modern retail marketing success.

Engaging customers with right analytics
In the world of retail, it is probably easier to find out what Big Data analytics does not impact, rather than what it does

Today’s customers want to be treated as individuals. They want to receive individualised content and expect an experience that is personalised, tailored and delivered based on critical data elements such as location, purchase history and device — with quality service at each of these touch points. As a retailer, you need to be able to repeat that experience reliably across millions of interactions over multiple channels, while getting better at it all the time.

One Brand, Multiple Channels

Today, consumers experience a brand, not a channel within it. Successful retailers recognise and respond to that universal truth with personalised consumer experiences that resonate across channels. From smartphones to websites to in-store kiosks, today you are able to reach your consumers more effectively and efficiently than ever before. But consumers are in control of their experience, and they expect to be recognised regardless of how they choose to engage with you.

Seamless Cross-Channel Customer Experience

Getting to the heart of consumer activities and responding to them seamlessly and appropriately creates a deeper, richer experience for your customer — and a marketing opportunity for you. But with so many channels at consumers’ fingertips, many retailers struggle to offer a seamless Omnichannel experience due to lack of integration between these channels.

A Compelling Retail Experience

To continue understanding and improving the consumer experience, retailers must integrate their cross-channel data. This requires that revenue streams and channels be woven together in a comprehensive view so data analysts can study behaviour in and across channels. Once retail marketers understand consumer behaviour through analytics, they can use segmentation, personalization, and campaign management solutions to engage their customers at the right time, via the right channel, with the right message.

Another critical component of customer satisfaction lies in inventory forecasting. By using advanced technology to ensure the right inventory is available and by accurately forecasting consumer wants and needs, retailers can see multi-million dollar return on investment results.

With Teradata’s unique offerings, retailers can connect all data across the enterprise – in sales and marketing, within the warehouse, at individual store locations – to establish a 360-degree consumer view. Leveraging Teradata’s advanced analytic capabilities, retailers can then gain deeper insight into each consumer’s retail personality (e.g., path-to-purchase, abandoned basket history, browsing habits) and provide personalised, targeted, and relevant communications, thus increasing customer satisfaction and loyalty.

In the world of retail, it is probably easier to find out what big does not impact, rather than what it does! With the Omnichannel mode of retail here to stay, and the buyer becoming a connected consumer like never before, the explosion of social media and its role in impacting shopping preferences at the speed of light, it is not just enough to consider these changes and prepare for them, but also to match the pace at which it is doing so.