Retailers must adapt to the ever-changing demands brought on by new technological advancements, or be forced to close their doors. It used to be that the customer is always right. However, with real-time notifications and 24-hour social media, we are in the era of the customer is always right now.
Data Magic Secrets Revealed
Companies in retail have a unique and demanding challenge of understanding what their customers want before the customers even knows themselves. With every company raising the technological bar, and thereby raising the stakes in business competition, it is not enough to hope consumers find you. The old techniques of word-of-mouth and paper ads have become completely digitized to social media and mobile marketing. Even these new practices are starting to become old hat with the advent of machine learning and the future of artificial intelligence.
The demand for retailers to understand who their customers are, what have they wanted in the past, and predicting what they want in the future isn’t some elaborate magic trick. Having a single view of customer behavior to analyze the plethora of data for any given customer allows any business to provide customers what they want, when they want it. Instead of pulling a rabbit out of a hat, retailers have to get customer interaction and purchase data out of siloes.
360 Degrees for 365 Days
When systems are integrated across an enterprise, businesses are able to analyze the right data in order to make confident observations about a buyer’s purchase habits. Connected Data Platforms significantly reduce the costs of capturing, ingesting, storing and analyzing data to make it easier to glean patterns from customer behavior.
The question of where focus should lie, either it be brick-and-mortar online retail, doesn’t exist anymore. The future of retail doesn’t exclude any channel or interaction point. The focus is now understanding the 360-degree view of the customer. Pushing real-time notifications to shoppers in stores before they make their final purchases is how businesses are capitalizing on revenue opportunities that were never there before. Targeted social media campaigns keep people engaged on a daily basis, even when they are miles away from the nearest store.
The art of any great magic trick is ensuring the audience never sees the strings. In this case, all of the answers lie in the data. Bringing the data to life is the real trick for retailers. Learn how Hortonworks empowers businesses to transform their data into magical customer experiences.