“Boo!” Is that a ghost or ghoul? No—it’s something much spookier: bad customer contact data. Did you know that less than half of retailers trust their data to make important business decisions? In fact, 57 percent of retailers say that they rely on educated guesses or gut feelings to make decisions based on their data. While blood and guts may have a place in horror movies, gut feelings are simply not enough to go on for important business decisions. Accurate, reliable data to drive decision-making is a far stronger retail strategy.
A single customer view is a consolidated, consistent, and holistic representation of the data a business possesses about each of its individual customers. It’s often discussed as a marketing tool, frequently in the context of retail customers or consumers. Yet having a robust single customer view has value to most medium or large businesses – those whose customer base is too large for any single person to know and understand. And it has value beyond the marketing department...
In the world of Ecommerce, customer loyalty has never been more important. There are so many different options for a consumer when it comes to buying a product that price generally becomes the deciding factor. If you aren’t effectively building trust and maintaining a great brand reputation, you would want to make sure you have the most competitive prices. A little trust and a great reputation, however, can go a long way.
This year’s Experian Marketing Suite (EMS) Client Summit was one of many celebrations. This marked the tenth anniversary of Client Summit. There were many exciting announcements at the event including the news surrounding the finalization of the divestiture from Experian announced in November. There was also a bit of anticipation of what the new company and EMS experience would look like.
This week I had the opportunity to join leading marketing and Ecommerce professionals at the Internet Retail Conference & Exhibition (IRCE) show in Chicago, Illinois. While the windy city may be known for its beloved Cubs, Blackhawks, and deep dish pizza, this week it became the pinnacle of Ecommerce. Thousands of industry professionals attended to collaborate and discuss some of the problems they face and some of the innovative things they’re working on. While this show had a multitude of businesses attending, it was clear that consumer-centric organizations were king.
After collecting email addresses through various channels and validating only the form and syntax of those collected through their Ecommerce channel, Cabela’s had amassed a large number of suspected “bad” email addresses over the years. Experian Data Quality's batch email cleansing solution helped them recover a significant portion of email addresses to include in email marketing communications.
Reading the statistics on cart abandonment rates can be quite sobering. Sixty-seven percent of online carts are abandoned before a purchase is made and, apparently, about 97 percent of mobile carts are abandoned. The reasons oft quoted are myriad but one of the bigger issues is simply the time it takes to check out; the longer it takes, the more likely that your customer will become distracted. Plus, when the shopping process requires any significant amount of typing on a mobile, forget it! Although you have to find a way to enable accurate address capture and to collect other important information, requiring customers to input too much is surely one reason that the mobile abandonment rate is so high.
The digital economy is coming, says IDC, and traditional organizations will need to adapt in order to stay relevant—and fast! This new economy, which is facilitated by technologies such as the cloud, artificial intelligence, the Internet of Things, and augmented and virtual reality, is rapidly changing the way business is done both here in the U.S. and abroad. According to IDC’s research, 33 percent of the current U.S. economy is digitized, and by 2020 (just three years away) they predict that 50 percent of the global 2,000 will see a majority of their businesses digitized.
In my role, I frequently talk to retailers and I find that many are facing challenges with disparate, sometimes outdated systems. Oftentimes they are using multiple vendors for their necessary technology solutions. This can create a headache when retailers have data initiatives that span these multiple platforms.