Looking ahead to the new era, we expect to see global retailers continue to grow their analytics initiatives.
These initiatives are beginning to drive competitive advantages for data-driven organizations, from customers in large global entities to smaller shop retailers. For retailers, digitalization and omni-channel strategies have driven much-needed technology investments that are focused on the customer. The retail industry as a whole is transforming from being product-focused to being customer-focused. The evolution is long overdue—and with it, there’s a need for a renewed focus on customer metrics.
In 2019, we saw various customer metrics begin to take center stage. Customer retention, churn, enterprise voice of the customer, digital reach, growth, lifetime value, sentiment, and emotional scoring, digital engagement, customer satisfaction, and net promoter score are some of the metrics that became commonplace at various levels of the organization.
For all these years, every customer with a smartphone has proven to be a source of data. However, the new frontier in personalization will analyze eye movements, emotional data, and DNA in addition to searches, purchases, and views to pinpoint precisely what customers need in real-time. Hyper personalization is the very next step in our fixation with data.
In 2020, we will get to see retailers tapping into real-time behavioral data to understand consumers on an emotional level and take analytics technologies to the next level. AI, image recognition, and mood analysis provide in-depth and detailed understandings of consumer attitudes, reactions, and patterns.
These evolving capabilities can solely generate more opportunities to research and learn, to experiment, to innovate, and to fulfill the requirements of our customers as we tend to move toward analytics ubiquity. A culture driven by data is a must, and with data volumes growing exponentially, the competitive advantage for people who do embrace data analytics will continue to grow.
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