Companies must employ new and sophisticated tactics to capture customer attention online while ensuring their physical stores remain relevant.
Pandemic has dramatically shifted consumer behaviour and retail over the past 18 months. More than 35% of UK retail sales now occur online. With modern consumers focusing heavily on convenience and speed, retailers need to achieve data supremacy using analytics and machine learning.
In these uncertain times, clean data sets, real-time insights and automated decision-making can help companies deliver a strong customer experience and true business value. They need to focus on modern data platforms that ensure long-term success through hyper-personalisation, omnichannel customer experience strategies and machine learning.
Businesses should also ensure that their crucial customer information is safely governed, distributed and easily accessible by all relevant team members. Accurate and relevant customer information-enabled companies effectively segment customers based on demographics, behaviour, purchase information, and preferred channel and provide them with intelligent recommendations.
Leveraging machine learning can further help companies reduce customer churn and improve fraud detection. It can also help marketers process images faster by automating processes and making more accurate demand predictions and product recommendations, enhancing customer experiences and overall performance.
[3 minute read]