Consolidating information in one single system makes it is easier to implement the improvements and scale with the growth of the business. Let us look at three such ways how unified data help retailers
Fremont, CA: As the consumer shopping habits are evolving with each passing day, retailers are facing bigger challenges than ever before. Retailers are finding it quite difficult to meet the rising demands of the consumers. In such a scenario, only the merchants who understand the importance of product and consumer data get a leap in the competition. The businesses that understand the importance of data, start with having it all in one place – a single source of truth.
Retailers need to have a holistic view of the business, which helps them to create a seamless unified commerce experience, which consumers expect these days. Sometimes the single view is also important as they help refine personalization for more sales and optimize operations for efficiency. Consolidating this information in one single system makes it is easier to implement the improvements and scale with the growth of the business. Let us look at three such ways how unified data help retailers.
Improves Customer Relationship through Personalization
Consolidating the customer data and unifying it will create a one-stop view for all browsing and shopping activities. Every customer expects a good shopping experience, and it comes through accurate and timely personalization done by the retailers. It also builds trust among the customers when they get a personalized experience. Sending a general marketing message won't have the intended impact than a personalized message. A study found out that 90 percent of internet users are annoyed by marketing messages, whereas 40 percent of users are more likely to respond to a personalized message.
Saves Time and Cost with Optimization of Operations
It is easier for the retailers to plan their inventory, enhance order management, and streamline logistics when all these elements are visible in one location. This is otherwise known as the unification of data. The unified data helps retailers to expand their fulfillment options. Unified data fixes a number of problems, for example, enables the retailer know if there is less stock and prevents them from making unfeasible promises such as same day delivery facility, to the customers.
While on a drive to provide an omnichannel experience to the customers, retailers usually don't focus on the gaps that these unified commerce experiences have. Consumers are looking for a more seamless transition between channels today. Around 57 percent of people say they have dropped a particular brand/company for a competitor that proffered them with a better experience. Hence, it is advised to bring all data to be orchestrated into one place so that it is readily available across all channels, anytime.
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