This PSFK Guide is a digital transformation strategy report for the effective use of data in new channels, models & experiences to curate insights, enhance CX and optimize operations
With the growing demand and necessity for digital commerce channels and capabilities, retailers have been quickly transforming their business goals, operations and strategies to go beyond the convenience and utility of eCommerce to offer customer experiences that deliver personalized support, entertainment, and a great sense of community. As the online world continues to become more inclusive, retailers are meeting their customers on the virtual platforms and tools of their choice, no longer limiting who, where, when, or how a consumer can transact.
In order to meet the unique challenges of omnichannel selling to ever changing needs in a rapidly shifting consumer landscape, organizations are also actively exploring the business processes to best provide improved customer service assistance, and foster loyal customers in third-party environments beyond the retailer’s digital store. To do so, brands and retailers are looking to social media, streaming platforms, and mobile app leaders for innovative commerce practices. As a result, brands are cultivating an engaged consumer base and designing customer data integration strategies based on actual customer feedback, from disparate sources and single source real-time data, plus comprehensive customer data-driven insights.
In this report on customer data integration, PSFK researchers explore how retailers and brands are gathering customer insights and gaining deeper understanding of customer activities through customer data integration strategies and value-driven incentives. Supported by best in class examples of innovation from across the marketplace, learn how retailers and brands are then activating around this business intelligence to improve customer experience and implement data-backed initiatives.
PSFK has identified three steps for brands and retailers to consider as they build their own customer data strategies and customer relationship management infrastructure:
1. How to establish new touchpoints to collect data from potential customers
2. How to improve customer experiences and make informed decisions.
3. Why customer data integration strategies need to rely on a fair exchange model
This marketplace strategy research paper has been developed by the same researchers and analysts who help the world’s leading companies (inc. Nike, Google & Samsung) understand and activate trends. They help companies that include Nike, Google & Samsung with their sector-leading market research platform and bespoke trends research and innovation consulting.
Immersive and interactive product trial and recommendation programs are moving customer participation from passive to active, while highlighting consumers’ new and emerging needs. These game-inspired activations double as both a tool for consumers, providing them with the ability to meet personal goals or complete a project, while simultaneously gathering insights into how retailers can better meet consumers, support their needs, and provide greater experiences.Informed Personalization
Alongside consumers' growing awareness of the value of data, retailers are providing clear benefits in exchange for shoppers’ participation in surveys, quizzes or product selection funnels and the sharing of sensitive or personal information. Applying these insights to the end-to-end shopper journey, retailers are better equipped to not only deliver more tailored product recommendations on a 1:1 basis, but also meet customers with relevant messaging and offers based on their individual needs and preferences.Data As Decider
Retailers are leveraging customer insights to make informed decisions. Beyond marketing messaging and product R&D, retailers are utilizing first-party customer data to test and optimize their merchandising mix, brand partnerships and even store locations, meeting demand on a localized level.
IBM is bringing an innovative suite of next-gen Automated Order Taking (AOT) technology to the McDonald’s drive-thru experience by leveraging customer data to enhance and optimize the shopper journey.Shein’s AI Program Matches Local Demand at Scale
Shein’s AI engine can quickly pick up a change in demand or interest in new trends, and its supply chain can react in real-time, giving consumers more value and the brand much cheaper operating costs.Lowe's Virtual Project Hub Provides Digital Test Setting