It might surprise some people to learn that in the retail industry at least, the concept of putting the customer at the heart of your business is anything but new. In fact, retailers have been building their businesses around customer behaviour since the concept of a ‘customer’ was born.
Go back a couple of generations, not even that, and the average storekeeper in the average high street knew more about the customers moving in and out of his shop than any retailer today does, even with the mass of data, systems and analytics that we have available. These days a combination of technology, declining customer loyalty, the need for instant gratification and an explosion in the number of choices we have as consumers means that relationships with customers are no longer personal. Understanding who customers are, what they want and how and where they want it has become perhaps the biggest challenge that retailers face today.
How do you build a long-term relationship with someone you may never meet? How do you priorities the customers that will have the most value to you over their lifetime? How do you maximise retention as well as acquisition? And how, in a world with an increasingly complex and interlinked landscape of channels and devices, do you ensure you have the capability to listen to what each customer is telling you?
Want to learn more about the role of data in driving competitive advantage for retailers? The white paper covers:
- Introduction: Innovative or die?
- Understanding the retail landscape today
- Getting off the back foot
- Getting on the front foot
- So what’s next?
Download full white paper here
Like to find out more of the issues retailers are facing in the industry and the solutions, including SCV, and how IMGROUP can help you, read here
