Better Understanding Your Customer
It is very important that retail businesses both online and in-store are not left behind in the race to understand customers better. Behemoths like Amazon are entering more and more markets and with deep pockets, talent and an insatiable appetite for data businesses of all sizes need the ability to see data and turn it into actionable insights in near real time.
Retail analytics is predicted to rise to $5.1 billion by 2020 so it would appear that customer data and the associated management will certainly be high on the agenda of most if not all businesses. With such a big investment retailers really need to provide shareholders a demonstrable return on what can be a significant investment.
Next generation technologies with new business models and lower overheads are allowing retailers to plug into technology that can drive real results and deliver strategic advantage helping on the path to delivering the nirvana of a customer-centric organisation.
Some of the areas that businesses are looking at are:
Personalized 121 communication with a cross platform strategy
In a recent survey 75% of customers agree or strongly agree that they like it when brands send them a personalized message or offer.
Linking data from multiple sources allowing a single view of the truth and the infamous 360 degree view of the customer
Too many disparate systems create disconnects within the business, this one issue can be the major cause of not delivering on the customer centricity that the business desires. Digital Timelines can support the delivery of a single version of the truth, having global experience with clients wishing to deliver this exact requirement.
Product recommendations engines
Our solutions include the implementations of recommendation engines with recent product recommendations ideas including, trending products…NOW, social product recommendations……time sensitive products.
Managing basket abandonment
According to online sources the average documented online shopping cart abandonment rate is 69.23%, now to be honest this is an extraordinary number and can be put down to just browsing/not ready to buy, however if you do remove this segment from the statistics according to the Baymard Institute other reasons for abandonment include:
- 61% Extra costs/shipping too high
- 27% Checkout process to complicated
- 24% didn’t see the costs upfront
Digital Timeline solutions are helping clients overcome these issues with technology that helps manage the abandonment process. Now we will never remove totally this issue but if we can reduce it by 5%-10% could this have a positive effect on your business?