Mark Lewis: Why Retailers Should Hand Consumers Their Data
The quantified self movement will likely extend to retail establishments as consumers expect more from analytics.
Big data, advanced analytics, and predictive marketing — all are huge opportunities for brands to more accurately analyze complex consumer behavior, and retailers stand to benefit more than most brands. Because they offer multiple products or SKUs under one brand, retailers can make consumers more personalized offers or recommendations, thereby (hopefully) increasing basket size and profitability.
But is that really the best way to use this data?
To paraphrase Andreas Weigend, former Chief Scientist at Amazon and Director of Stanford’s Social Data lab, “(consumers) are beginning to expect more in exchange for their data.” So, in a world where we are increasingly seeing that more messaging is not necessarily more effective, why use data to bombard people with offers or emails, however personalized they are?