When it comes to analyzing big data generated at retail, one emerging trend is abundantly clear: the customer experience has evolved.
During the forum, James House, group head and subsidiary chief executive officer of 5one and Jason Korosec, group head of business intelligence at MasterCard Advisors discussed how the retail landscape has changed — and how the shopper’s experience has shifted, thanks to evolving technology.
As a result, retailers need to “put the customer at the center of your business,” House said, adding that in a customer-centric model, the customer experience informs the strategy. “But the customer experience means different things” to different units of a company. For example, the marketing team likely has a different definition than the sales staff, which is why better integration and breaking down silos can strengthen efforts.
“Customer experience is the cumulative impact of all the interactions that an individual has with a brand, its products or services, whenever and wherever,” House said, adding that the “customer is in charge now.”
Subsequently, reams of data collected about the shopper can help meet their expectations and improve the shopping experience. But it can also be an albatross hanging on the neck of a company. “There are multiple data sources, but you should really think about what is most relevant,” House told attendees.
With 2.2 billion credit cards in the market generating 43 billion transactions per year, Korosec said the company is a vast storehouse of data. “And each of those transactions generate hundreds of attributes,” Korosec said, adding that trends can be identified nearly in real-time as well as over a period of time. And retailers can use the data to better inform their strategies and campaigns.
Korosec said it is global market intelligence that also includes forecasting, which is especially critical in a sector where fast-evolving retail markets.