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Big Data’s Role In The Loyalty Equation
This is Part 3 of Retail TouchPoints’ three-part Customer Loyalty Report. This feature spotlights the rise of the SoLoMo shopper and how today’s retailers are keeping pace with educated and hyper-connected consumers. Part 3 identifies how Big Data offers a challenge and unique opportunity for merchants to better connect with shoppers and garner long-term loyalty.
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Shoppers are growing more comfortable using digital tools to research potential purchases, price compare and share ratings and reviews. As a result, the overall dynamic and relationship between retailers and their customers is shifting. Retailers are seeking ideal strategies to not only offer the best prices and merchandise, but also create memorable shopping experiences, tailored to shoppers’ preferences.
Due to the variety channels at consumers’ fingertips — including mobile, social media and the web — merchants are facing a daunting sea of data. This sea, according to Chris Cunnane, Research Analyst for Retail and Hospitality at Aberdeen Group, is becoming more difficult to manage, largely due to obstacles in overall data collection and analysis processes.
“Retailers are pulling customer data from myriad sources — online, social, mobile, call center, and in-store,” Cunnane told Retail TouchPoints. “While collecting this information is important, without appropriate data collection guidelines in place, retailers will be sitting on disjointed data streams without a way to make sense of anything.”
Read the entire Retail Touch Points article
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