Today’s retail has nothing to do with what it was 20 years ago, nor with what it was 5 years ago. Due to the advances and changes that have taken place in this sector, companies have had to adapt to this new situation and many are still in the process of doing so. Therefore, one of the most recurrent questions is still: How can my company adapt to these changes in the most efficient way?
Putting the customer at the centre is essential. ROPO, Showrooming… each customer has specific needs and expectations of your company that you must meet. Failure to do so would certainly result in your customer going to your competitor. Therefore, it is no longer enough to have a powerful product, you also need to meet the specific demands of each of your customers if you want to retain them.
How does the rise of omnichannel affect the way I sell?
Retail companies are living in a world of constant change, to which they must adapt. The rise of Omnichannel as a new key trend in this sector is leaving behind many companies unable to practice omnichannel in a real way.
The fact that a company sells products in a physical shop and on its website is not enough to consider your company an omnichannel company, as this requires a comprehensive strategy in which you can control all of your channels as if they were only one.
If John buys in your physical shop on a recurring basis, why, when he accesses your website, you don’t consider him the same John who buys every month in the physical store?
By concentrating all your customer’s data on a single platform, you will be able to compare them and unify that customer as John, and not as three different customers. This will allow your company to be truly Customer Centric, as your customers will no longer be a number, or even several different ones, but a person who likes your brand and wants to continue buying your products.
The unification of your customer data in a single platform is a great advance for your company, but today’s technology allows us to do even more. Following on from the previous point, having that customer who navigates through your different channels unified and with knowledge of all their contacts with your company, will allow you to segment those customers in a way you had never imagined.
Segmenting by age, gender, and income is useful, but insufficient in 2022. The use of an Intelligent CDP, apart from unifying customer data, will also allow you to hyper-segment these customers. This accumulation and unification of data on one platform will allow you to analyse and drill down into your customers’ trends, in terms of attitude and behaviour towards your brand and their buying preferences.
If you know how each of your customers tends to shop, you will be able to make customer journeys based on real-time data, and see how campaigns, promotions, or new collections affect this customer journey. This understanding of your customers’ behaviour will allow you to hyper-segment in a much more effective and realistic way.
The hyper-segmentation plus the 360-degree view of the customer achievable with the use of an Intelligent CDP, will allow your company to offer one of the most valuebale needs of today’s customers. The real personalization of the experience and the products that your company offers.
If you know that an specific customer wants T-shirts because that’s what they always buy, why would you send them a promotional code for a shirt? With a 360-degree view of your customer and a marketing team guided by this data, you can offer your customers personalization in real time, varying according to their latest preferences.
If John has been looking for trousers on your website, but he tends to buy them in the physical shop, you can expect him to go to the physical shop he usually goes to (due to proximity), and have those trousers in stock there, as it is highly likely that he will go there in a short period of time.
Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximise the potential of your data and grow your business. Working like the big multinationals in the market, which already have this type of software, and having control over all your data is now very simple.
Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.
Start taking control of your data today.
Schedule a meeting with one of our experts and discover how FLYDE can help your company achieve its goals.