5 things that retailers and brands need to know about data in 2019
From：Taiwan Trade Center, Kyiv
Currently, each of us has a smart device and, at times, not one. Such a number of devices radically changes the way consumers perceive and share information, which retailers then receive and use to promote themselves on social networks and beyond. They have unlimited access to data to understand consumer preferences. Here are 5 key things that retailers and brands need to know about data in 2019.
Retailers are overloaded with data
Despite access to an unlimited amount of data, retailers and brands often still do not know what to do with this information and how to use it correctly.
Now, thanks to predictive analytics, retailers can use this unstructured data to create a structured format, using the actions of buyers in the past to anticipate their behavior in the future. The predictive model can predict the expected result of how products will work, predict the price during their life cycle and help retailers to segment consumers in detail.
Retail merges with financial sector to improve business experience
When it comes to collecting data on transactions and payments, retailers need to expand customer knowledge, including loan applications or fraud cases. Although there was no direct relationship between the retail and financial institution supporting the transaction, the situation is changing.
Data that shows a financial transaction, such as a request to refuse payment of late payment, can also be transferred to the retailer, and often very important in making a better decision on how to customize and personalize the purchase process.
Mapping a buying path also includes financial elements such as loans, helping retailers create a shopping experience that takes into account the application process and opens up new opportunities for additional purchases. Even fraud can be counteracted by machine learning algorithms that quickly recognize such transactions.
Retailers are distracted by new technologies.
In an environment where the media too often illuminates the latest technological developments, such as drones and blockchains and their transformative influence on the industry, retailers are trying to understand how these new technologies will transform their own business. They lose sight of the fact that technology should help to achieve the desired result right now. Retailers must return to reality in order to understand and support data sources with a customer-oriented model. It is necessary to introduce technologies that allow the store employee to collect and transfer this data or allow the customer to transfer it to himself.
Clients will share data with bots if this means the best experience.
The question of whether a person would like to answer the bot or share his data with him, and not with a store employee, also got on the agenda. But the point is no longer whether the machine can beat a person. Consumers are already using chat bots to share information every day. Consumers are willing to reliably share data if they know that they will get something good from it. Technology only improves customer experience until it is done in an unethical or intrusive way.
No need to chase Amazon
The retailer who has the most information and uses it most effectively wins. Amazon can have half a billion products and almost as many customers. But 95% of retailers in the US do not occur on the marketplace. In addition, Google may even have more data than Amazon, but retailers do not always use them in the right direction.
It is necessary to concentrate on data processing and combining all the experience accumulated by consumers, while extending this experience outside the store and to financial third parties. It is important to continue to concentrate on being one step ahead and find new opportunities for collecting and actually using all data to improve customer service. Forecasting customer desires and turning data into effective information is the main direction for each retailer and brand.