A Single Customer View: The cornerstone to growing retail revenue

Mastering omnichannel retail with a single customer view is the cornerstone to growing retail revenue.

Fri Mar 16 14:51:24 EDT 2018
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A key advantage Amazon has over most retailers is its single customer view. Amazon knows every purchase you make both online and in their new physical stores, they have a complete offer history with insights into how you responded to different offers and finally, Amazon has your complete service history, including details of products you returned and how you rated other products.

Maintaining a purchase, offer and service history is relatively easy for online retailers, but physical retail outlets struggle to associate this data with each individual customer. Therefore, they often lack the ability to cross sell and grow repeat sales.  For example, growing repeat online sales of consumable products originally purchased in-store is a huge opportunity that Amazon is taking advantage of but most retailers struggle to implement.

Mastering omnichannel retailing with a single customer view is the cornerstone to growing retail revenue.  The results speaks for themselves.

Let’s just look at how Amazon is doing in the US compared to most retailers. In 2015, Amazon already had 17% of the total US market for consumer electronics. While the overall market shrank by 3% year on year, Amazon saw its consumer electronics sales grow by 20%.  And it’s not just consumer electronics either. The numbers for apparel, office products, shoes and healthcare products are even more dramatic.

An omnichannel Single Customer View can help retailers grow.

An omnichannel single customer view integrates all your customer interaction channels to provide customer centricity which will increase cross selling opportunities and increase repeat sales across all your channels.  Here are three steps to achieving an omnichannel Single Customer View:

  1. Discover where your customer contact, offer, purchase, service and payment data resides.
  2. Prepare a single customer view of this data in a way that you can apply machine learning.
  3. Act with a platform that can deliver omnichannel context aware customer interactions in a natural conversational manner.  This is the final key to unlock the growth in customer lifetime value.

Experience omnichannel for retail.

So how does your customer’s omnichannel retail experience change after you are able to discover, prepare and act on your customer data?

You could invite in-store customers to scan the barcode of any product and send it to your engagement system via Facebook Messenger to receive special offers. Receiving a message on Facebook messenger implicitly gives you permission to message the customer back. Furthermore, the customer’s Facebook Messenger ID gives you a handle by which to identify the customer, the product they are interested in and the products they actually purchase.

Upon receiving the scanned barcode your engagement system would respond back with a personalized “2 for 1” style offer including a QR code to use the offer at checkout. Or if it is a consumable product offer a discount in return for permission to message the customer with an online refill offer in 3 months’ time.  

How about that for integrated offline/online retail experience that grows customer lifetime value?

Another approach could be to invite customers to scan a QR code and send it to your engagement system via Facebook Messenger to receive special in store offers.  

In addition to the benefits I already mentioned, receiving this message on Facebook Messenger allows you to know which store the customer has just entered without the need for your customer to have installed your mobile app and given it permission to track their location in the background – even when the app is not being used.

This is a great way to engage in conversational commerce with your customers while they’re in your store. It also allows you to present personalized offers that take account of their recent online purchases too!

What about sending customer’s receipts via Facebook Messenger or email with opt-in possibilities for personalized offers when items they viewed in store go into sale and are still available in their size?

We would love to enable you to engage with your customers in an omnichannel retail experience that’ll grow customer lifetime value with our three-step approach: Discover, prepare and act with a single platform.  To find out more, visit us online.