The future of retail - putting the customer experience first
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what their issues are. As well as making it impossible to offer
fully personalised offers that are tailored to everyone, this can mean any problems that arise take longer to solve and leave customers repeating themselves as they’re passed around from department to department.
Making the most of your data Data collection has been a key part of many businesses’ strategies for years, but this is only half the task. For many, the first question they will have when looking at the vast quantities of information they have collected is simply, “what now?” The challenge for brands is not just in
collecting data on their customers - an activity that comes with its own set of issues in the age of GDPR - but joining it all together. The more channels you add to your environment, the harder this becomes. Many brands believe the answer to this lies in
technology, and the latest generation of artificial intelligence (AI) and machine learning solutions. Analysts forecast that technology investments will be one of the biggest R&D expenditures this year, with Forrester predicting that in 2018 alone, there will be a 300% increase in spending on AI solutions. Retailers have developed many innovative
One key challenge is breaking free of older
ways of working that are optimised for the retailer rather than the customer. For example, often, each channel will have its own silo of data designed to manage a particular customer journey from end to end. But these may not necessarily integrate well with each other, which can cause problems when customers are moving between channels. According to figures from Dimension Data,
more than half of companies (52%) do not share customer intelligence data outside of their contact centre, which means key areas of the business, such as sales, marketing, and HR, may have no idea how their customers are feeling or
ways to use the vast amounts of structured and unstructured data they have on their customers, and much of this data-first approach will be devoted to improving customer experiences. For instance, AI and machine learning is being used in applications from improving understanding of customers to matching them with products and providing a more personalised experience. The use of applied big data analytics,
combined with powerful AI tools, offers almost endless opportunities. It can let retailers identify popular products, predict trends, forecast demand, optimise pricing, identify new customers, and apply specific and marketing strategies. All of this results in a much better overall
customer experience. But it takes more than just technology to turn this data into effective insight.
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