Billions of retailers are leveraging or relying solely on e-commerce right now, while struggling with how best to identify their customer’s needs and present personalized suggestions and experiences. Fragmented and impersonal data is costing retailers millions per year, and frustrating consumers at an alarming rate. Retail customer expectations are at an all-time high, despite the current environment. Today’s online shoppers are more tech-savvy than ever before and demand a seamless, tailored virtual shopping experience.
To meet those expectations and stay ahead of the competition, brands must deliver by integrating artificial intelligence and machine learning, as well as the latest in data analytics and mobile technologies.
It’s no surprise that in our first blog of the year, Top 4 Trends Leading Digital Transformation in 2020, customer personalization was high on the list. Furthermore, 93% of executives surveyed by Forbes in 2018 predicted that using more customer data in their campaigns will “create a noticeable shift in their ability to meet disruptive and competitive challenges.”
In recent weeks, retailers have been forced to make many unexpected critical business decisions. Implementing a Customer Data Platform (CDP) may not be on the top of their to-do lists, but it should rank high to ensure resilience in a world that will continue to value-efficient, helpful online experiences.
CDPs harness data from customer touchpoints, presenting it all in one place. The platforms help companies achieve 1:1 personalization, improve logistics with custom mapping solutions, and more. By embedding machine learning-driven recommendations and adding marketing automation and budget scalability, retailers can ensure they are sending highly relevant messages to the right audiences. CDPs offer powerful recommendations such as:
- Media spend optimization based on predicted lifetime value
- Advanced audience segmentation through machine learning
- AI-driven advanced product suggestions
On top of all the aforementioned benefits, a CDP solution can also automate the activation of recommendations through integration with Google Ads and content management systems, maximizing sales teams’ opportunities. Deploying this solution results in transformative outcomes for the world’s leading retailers, combining a customer data warehouse with first-party and other marketing data sources to get an accurate single view to drive personalization at scale.
This flexible platform further enables retailers to boost customer acquisition efforts while easily optimizing sales and marketing budgets. Additionally, it empowers them to connect with loyal customers via personalized recommendations while navigating and complying with strict GDPR, CCPA, and other data protection and privacy roadblocks.
To take a deeper dive with us and learn how your company can gain substantial benefits from integrating a CDP into your strategy, stream our on-demand webinar, Future-Proof Retail Marketing with a Customer Data Platform.
In the webinar, we highlight:
- The basics of a Marketing Data Warehouse
- The differences between a Customer Data Platform and Marketing Data Warehouse
- How a CDP can help you analyze currently siloed data
- How a CDP enables greater personalization
- The first steps in creating a CDP
Grow the lifetime value of your customers and see how this explosive technology is the key to your successful omnichannel approach. Create a fully integrated shopping experience that your customers deserve and the competitive advantage that you need to move into the future.
MARKETING ANALYTICS
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