In this age of ever-evolving needs, tastes, and behavior of customers, how do retailers ensure they stay connected with customers? With everything going digital, this problem seems to be accentuated.
But wait…therein lies the opportunity!
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With this mass exodus to digital, every customer touchpoint is a data point. Stitch them all together to get the full picture and the story as it unfolds. Is it beginning to sound like Jason Bourne’s attempt to discover his identity?
Honestly, this is more exciting.
Every day, retailers gather customer data from different sources which is a treasure trove of deep customer insights. The value of this data is in leveraging it to understand and address customer needs. Customer Data Platform (CDP) does exactly that: brings customer data from across sources into one place, cleans it up for analysis that throws up deep insights which is then used to engage with customers at an individual level, meeting their tastes and preferences of products, brands, channels, time & more.
Taking it to the next level is a real-time CDP – one that does all of the above in real-time as the customer engages with the brand. CDP is the cornerstone for retailers to drive personalized engagement and connect with customers ‘in the moment’.
This has enhanced the popularity of CDPs among marketers in the last year and the crisis has only accelerated the need. CDPs empower marketers with the speed, agility, and intelligence required to survive and thrive in this new world of digital.
The Hype for CDPs is Real and Here is Why
Customer Data Platforms are a marketer’s best friend. Once fully integrated, it can capture customer interaction data across multiple channels, unifies data, and translates that into meaningful, snackable information for marketers.
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Data can be collected from any source be it CRMs, vendor and partner information, offline store purchases, social media, and more. This is done in a timely manner to facilitate quick decisions and can be done in real-time. The built-in capabilities (personalization, real-time activation, campaign orchestration) are one of the main allures of CDP, everything you might be looking for can be found in one place.
Advanced AI has the ability to quantify human needs into predictable patterns. By deriving information from customer intent and behavior across channels, it is possible for AI to segment audiences, customer attributes, and personas to provide deep insight into the lifetime value that each category brings in so that marketers can drive relevant engagement.
CDP today comes with in-built AI and ML functionalities that provide intelligent recommendations that align with business goals. Over time, AI and ML will only get better at predicting future behavior and understanding customer relations and their journeys.
Real-Time Processing is the need of the minute.
What this means is that CDP helps marketers manage large volumes of data flows with seamless ingress and egress integrations. CDP then analyses data with minimal lag and provides prescriptive intelligence for the marketing team to make decisions. In today’s world where customer demands are ever-changing, a CDP helps marketers act quickly and accurately with decisions that are based on calculations.
Data privacy is a huge issue we face in today’s highly digitized world. A good Customer Data Platform will help businesses adhere to data privacy laws and manage consent while also enhancing the customer experience at more personal levels.
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Data reveals that 90% of customers are willing to share their data for ease of experience. It is then up to businesses to be mindful of the use of this data and doing so can only lead to building trust between business and customers.
The Future is Data-Driven
CDPs are shedding new light on how vast amounts of data can be utilized by businesses with ease. Businesses and marketers alike are seeing the value it brings to a company’s growth. It is of little wonder that the global CDP market is said to grow from 2.4 billion USD in 2020 to 10.3 billion USD in 2025.
Now seems like the right time to invest. It is telling that, in 2020, while many industries experienced an economic slump due to the outbreak of the novel coronavirus, growth in the CDP sector surged. Reach out a ‘Real-time CDP’ provider, if you haven’t already.
[To share your insights with us, please write to sghosh@martechseries.com]
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