Retailer’s Guide to Customer Data Platform
Technology presents a pool of opportunities for retailers. Meanwhile, new data management platforms and tools are developing to support business methods and practices. With increasing competition and smart consumers, what do retail businesses need to know about CDPs? Modern consumers are more informed and demanding. Guide to Customer Data Platform (CDPs) are one such absolute necessity in the retail domain. But technological advancements are being used front and center for attracting modern-day consumers.
A hybrid set of problems are unfolding as retailers embrace CDPs for a better customer experience. Customer data platforms provide a business-friendly interface for the same. Concerns such as insufficient data, data readability of available information, and lack of data experts are some of the retailers’ pain points. If you are facing similar challenges, this is the article you need.
Go for Customer-centric Digital Transformation
Decreasing footfall at shop locations, being unable to adapt to technological changes, or increasing e-commerce services are overwhelming issues for retailers. But there is one aspect that shouldn’t be forgotten in the middle of everything – Customers. Customers need attention. Retailers with new products have the benefit to cross-sell and increasing customer engagement. Keeping a record of customers online and offline will aid in building proactive customer journeys.
A personalized customer experience means mindboggling offers and desired products with CDP-backed data about specific demographics, behavior, lookalikes, and more. A more personalized approach to using existing data with CDPs can enhance retail businesses’ CLV(Customer Lifetime Value) and decrease CAC(Customer Acquisition Cost). Consumer-centric marketing has become critical for effective sales completion. The disruption of customer data platforms into retail should reach across multiple brands, in-store locations, and web mobile platforms.
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