Get your data in shape
Retailers have a huge amount of data at their fingertips, but connecting the dots can be challenging. There’s still a major disconnect between online and offline data, legacy data management platforms pose challenges, and inconsistent and incomplete data can lead to huge gaps in customer insight.
But by building the right data foundation, you can understand or infer customer behaviour from the first online interaction to the most recent in-store visit. And every touchpoint in between.
Top tip: Getting your data into shape needn’t be difficult. Customer Data Platforms, such as Almanac, used by many of our retail clients, provides a next generation single customer view, quickly and easily.
Use actionable AI-driven insight
With the abundant data and self-learning nature of AI-powered algorithms, retailers can leverage the power of AI to cater to customers and drive sales.
AI models can make excellent predictions of crucial behaviours. Like the overall likelihood to make a purchase. The likelihood to buy each individual product or variant. And even precisely where a customer is in the buying journey. This allows retailers to devise adaptive communication strategies that can react dynamically to customer behaviour change.
Top tip: Jaywing’s award-winning AI product, Archetype, can generate fast and precise AI models for retailers without them requiring expert knowledge.
As shoppers take their time to investigate, compare and choose products, even for small purchases, there is a significant window to influence a lot of customer journeys with individually personalised communications. Overtime, across the customer lifecycle, you can learn more about the customer and improve communications. This insight then enables you to drive customers down the most optimal journey path.
Top tip: Start on your evolution to hyper-personalisation incrementally. We take our clients on the journey to predictive, hyper personalised marketing in stages, driving incremental performance improvements as each stage is passed. Working systematically optimises both efficiency and revenue growth as marketing automation becomes more sophisticated.
Optimise spend with data-driven attribution
In order to positively influence each customer journey, you need to understand the role each channel and touchpoint makes. Sophisticated models take in every click and impression, including those previously missed, for example social impressions and ATL or offline events. Something that will become even more important when Google Chrome phases out third-party cookies.
Top tip: Data-Driven Attribution illuminates and identifies the entire customer journey - allowing brands to identify and assign value to marketing touchpoints and brand interactions, replacing guesswork with clarity. So, you know which channels and campaigns work, and how to allocate your marketing spend to enhance the customer experience and positively affect the sales outcome.
Wrapping it up
Best practice data-driven marketing provides the foundation for the ultimate retail customer experience. It minimises friction, maximises speed and efficiency and maintains a human element. It leaves consumers feeling heard, seen and appreciated. And it has a tangible impact that can be measured through data-driven attribution and soaring service levels.
Channels are dissolving, and what matters now more than ever is a brand’s ability to provide frictionless brand experiences, wherever and whenever a consumer happens to interact with your brand.
Contact us to find out how Jaywing can help drive your customer engagement strategy to the next level.
You may also like a copy of our latest retail guide 'Retail in 2020: The year disruption wasn't a buzzword'.