Truly, data does reign supreme in the present era of competitive commerce, when no other marketing strategy works as well as personalisation. This new trend encompasses delivery of user-centric offers to the consumers based on demographics, shopping preferences, and browsing history. Such offers are likely to engage customers and drive them to convert. But this is possible only if businesses have access to adequate consumer data across the various online and offline selling channels. Combined with machine learning, it can serve as a phenomenal business aid.
However, marketers and businesses alike need to realize that data alone will not suffice. They have to think out of the box and harness the power of collaboration. Specifically speaking, data is bound to become even more powerful when it is pooled together with human touch points and intelligent use of user behaviour, meaning tailoring user experience based on their preferences, which is something only a few brands have been able to do successfully.
This unique user experience based on the approach of what user actually wants and not what we think they want can fuel huge growth for enterprises by the means of creating unmatched shopping experiences.
However, data ecosystems, and strategic collaboration with third parties, has the potential to level the playing field. Our report, 'The Commerce Data Opportunity: How Collaboration Levels the Retail Playing Field' revealed that brands and retailers recognise data as the key to differentiating their offers in an increasingly competitive world. With data reigning supreme, companies recognise that pooling non-personally identifiable customer data leads to more satisfied shoppers and improved sales. This type of collaboration addresses some of the very fears they have about how the physical-digital titans will impact their business. In fact, almost four out of five global marketers include customer data as a part of their business strategy—and are successfully collecting and using data across channels and phases of the buyer journey.