How Business can have better customer experience through Digital Medium
In recent years as there is an overlap between online Stores and In-Stores continued there is a significant change which can be seen in these days. The competition has also increased with the technology standards which also gave new opportunities to innovators due to which all the retail sector is now totally unpredictable.
In today's time, consumer are running behind technological innovation. According to the Office for National Statistics the average weekly sales have been tripled between November 2010 and 2017. Utilising of data opens the door to providing the kind of personalisation that consumers expect in today’s time, therefore all the companies or business must take this opportunity for providing better services and reaching to the right consumer with the technology available to keep up with the competition in the market, but they should also follow the consumer data laws if they are to build trust in their brands.
In the Retail sector as the consumer data is increasing day by day so personalization growth is also increasing rapidly. Many customers believe personalised promotions would encourage them to purchase relevant products they’ve never purchased before. Retailers who ignore the link between personalisation and customer loyalty will see their customers lost to competitors.
Getting into digitalization for Traditional business will be little problematic because they are habituated with traditional marketing and sales but the opportunity to gather and working on customer data so to better understand consumer behaviours and their desires will be much more beneficial. Relevant customers can be achieved through content creation, personalised offers and recommendations using algorithms that are informed by customer preferences.
Customer’s data is the key for the retailers which will help them to improve customer retention and advance customer lifetime value. Businesses should build their entire sales strategies to harness as much data as possible to help them to take decision for growth in the market.
Consumer Data should not be stopped at one section, it should be collected and recorded on a regular basis because in times consumers change their preferences. Contextual marketing from data has proved effective in the past, wherein brands can personalise content to the customer’s circumstances at the exact moment they engage with them.
Building Consumer Trust
Data should be flexible and transferable in order to drive your own marketing channels, which can even help increase consumer engagement with a brand and help drive sales. With the General Data Protection Regulation customer, data security is more vital and in the public eye than ever before. Google’s recent GDPR fine of 50 million euros by the French data regulator CNIL for a breach of the regulation is a key example of how failure to meet regulation standards can diminish consumer trust and can damage a company’s reputational and fiscal value.
Using and storing data responsibly and harnessing it as a building block for personalisation, could provide the opportunity for retailers to increase customer loyalty through a more streamlined, targeted experience for consumers.