As we take a look back at the last ten years in the industry, retailers have attempted to keep pace with digital disruptors and evolving customer expectations. They have hastily expanded their reach albeit store foot print, number of digital channels and/or tech solutions with the hopes of regaining control. Our Managing Director of EMEA, Michael Patterson, was tapped by leading industry outlets Internet Retailing & Emerce for his thoughts around shifting approaches to convert multi-channel data into holistic insights and the importance of shifting a mindset in order to empower a business to make the necessary changes based on this information.
“The phrase “the high street is dying” has been commonplace for a number of years now, but with 86% of consumers continuing to make most of their purchases through brick and mortar stores, this premonition has not yet become a full-blown reality. But there remains a lot of work to be done. For retailers to continue attracting customers in-store in 2020, they need to establish a truly customer-centric business model, and the key to this is data. By connecting a consumer’s digital trail – left online via each interaction – with offline insight, retailers can build a clearer picture of each individual’s multi-channel journey, and therefore drive a better-understanding of consumers’ shopping habits.
“However, although it’s universally accepted that data is paramount for driving retail success, it is only as useful as the insights retailers extract from it. Going into the next decade, retailers must use intelligent tech to turn multichannel data into holistic insight, and undertake a shift in mindset that empowers the translation of this information into the actions that deliver. In this way, retailers can achieve a deep-set understanding of the factors that motivate consumers, in turn fueling more effective marketing, driving profitability, and nurturing stronger relationships with consumers and clients alike.”
“The shift to a data-driven business model is continuing in every sector, including in retail. Data gives companies more insight into consumer buying behavior and supports a customer-focused business model. However, it is very important that retailers understand that data is only as useful as the insights you can get from it.
In 2020 - and the next decade - retailers must use intelligent technology to convert multi-channel data into holistic insights. In addition, it is important that they change their mentality so that they can make the necessary changes based on this information. Only then can retailers gain in-depth individual insight and convert this into more relevant marketing and services. This will ultimately lead to greater profitability and better relationships. "