Modern consumers are more informed and demanding. Consumer-centric marketing has become critical for effective sales completion. Meanwhile, new data management platforms and tools are developing to support business methods and practices.
Customer Data Platforms(CDPs) are one such absolute necessity in the retail domain. Retailers had to close their businesses down mid-pandemic. But technological advancements are being used front and center for attracting modern-day consumers.
A hybrid set of problems are unfolding as retailers embrace CDPs for a better customer experience. Concerns such as insufficient data, data readability of available information, and lack of data experts are some of the retailers’ pain points.
If you are facing similar challenges, this is the article you need.
Go for Customer-centric Digital Transformation
Decreasing footfall at shop locations, being unable to adapt to technological changes, or increasing e-commerce services are overwhelming issues for retailers. But there is one aspect that shouldn’t be forgotten in the middle of everything – Customers.
Customers need attention. With personalized retention strategies, customers will be keen on learning more about your brand. Customer data platforms provide a business-friendly interface for the same. Retailers with new products have the benefit to cross-sell and increasing customer engagement.
Keeping a record of customers online and offline will aid in building proactive customer journeys. A more personalized approach to using existing data with CDPs can enhance retail businesses’ CLV(Customer Lifetime Value) and decrease CAC(Customer Acquisition Cost).
A personalized customer experience means mindboggling offers and desired products with CDP-backed data about specific demographics, behavior, lookalikes, and more. The disruption of customer data platforms into retail should reach across multiple brands, in-store locations, and web & mobile platforms.
Know Buyer Persona
Learning more about the buyer’s personality will get a hands-on personalized customer experience. But CDP can store a full breadth of customer data and use it for campaign and experience orchestration. It will provide massive precision to retail marketing.
On an apparel e-commerce site, the size chart and calculators make it easier for customers to buy. They don’t have to struggle with trials. But at a walk-in grocery shop, there is next to no information on what a customer will want to buy. It can cause unnecessary inventory filling and won’t guarantee customer retention.
Is it possible for retail businesses to give a phenomenal customer experience while they scale?
Yes. It is possible with CDP as one of the most influential features is customer analytics and that is why you can predict a 360 overview of your customers. All you need is to create a personalized and easy user interface.
Design a Framework
MartechCube’s article by Zack Wenthe, CDP Evangelist at Treasure Data on how companies can determine the right CDP for them gives an idea of why you need a thorough understanding of goals and available options. Retailers can use it for choosing the right option as well!
In an ongoing process of transformation, it is important to set your vision right. Find out the propensity of maximum sold items and leverage it to enhance customer engagement. Organize customer events that can help you connect to product features.
Retail is a business already behind time to catch up with technology. Reluctance to change will eventually turn into vanishing from the market. So while thinking about data management, it is best to keep an open mind.
CDPs are just the tip of the iceberg for innovations yet to happen. Constantly updating to new trends and taking benefit for your business is all that retail business should focus on!