Customer Information Management
Think Tank: Using data-driven technology to meet consumer demand for ‘buy now’
a byline article from Navin Sharma, Vice President, Data Management and Analytics, Pitney Bowes
Women's Wear Daily on Single Customer View
Just a few years ago, the average product turnover within the industry was as long as 20 months, but with consumers’ sense of instant gratification going more mainstream with fast-fashion stores, the need to deliver what customers want and when they want it has become a major competitive advantage among retailers.
A data-driven approach to understand a customer extends far beyond just the customer experience. It also enables intelligent forecasting, and informs product development teams because after all, product develop is not, and should not, be a guessing game; it is the result of business insight gleaned from customer-generated data.
The answer to the speed-to-market challenge begins by understanding your customer, and just like with any industry, in order to understand your customer, you have to know who they are and how they behave. By creating a detailed, analytical customer profile with real-time customer data, retailers can begin to develop a single customer view that offers a complete view of a customer across channels - both digital and physical. Armed with this information, multichannel retailers can deliver a rich and informed customer experience, engaging with customers at relevant points, regardless of what channel they’re using during the buying process.