The evolving expectations and demands of the consumer – this is the greatest challenge retailers are faced with today. We have become hyper-connected, time-poor, mobile and social, which impacts heavily on how retailers must market, attract and retain their customers.
The explosive rise of Cyber Week has also put even greater pressure on profit margins. Discount and promotional periods are extending; competition is getting fiercer on a product-by-product level.
In a constantly disruptive retail environment, the key to success lies in harnessing the power of customer-centric data in order to stay ahead.
Why do retailers fail to turn data into profit?
A key hindrance often comes from not having the right data sources to inform decision making. A prime example of this is the “retailer black box”. Brands rely on retailers and third parties to drive sales but often lack the visibility of their true performance on these sites.
A second hindrance comes from having too much data, such as CRM, social media and external research. Without strong processes, there can be little cohesion across the various data sets, therefore businesses struggle to leverage it.
The Amazon challenge
Rising consumer demands are also driven, in part, by Amazon. The e-commerce giant accounts for 25 per cent of all online retail traffic in the UK. Amazon has pushed the boundaries in terms of personalisation, pricing and delivery and continues to build a presence across different retail categories.
But not all retail businesses have taken the hit. The likes of Ocado, Charlotte Tilbury and John Lewis have instead grown rapidly and outpaced the market. Despite their differing categories, these businesses are aligned on using customer-centric data as the foundation of decision making.
Hitwise’s solution – audience-based insights
Hitwise is part of the solution of connecting businesses with audience-based data that is actionable. Our platform provides clients with almost real-time insights into their current (or potential) customers and their digital behaviours.
The richness and frequency of our data allows clients to profile their target audience, understand their needs, and devise ways to acquire them. This allows us to feed into numerous functions, from digital marketing, to channel management to e-commerce teams.