The Power of Digital Intelligence: How Retailers Can Get Big Results Using ‘Big Data’
Guest Blog by Martin Doettling
We are living in an age of infinite information – a time when data is not just informative, it’s empowering. With recent advancements in the technology used to analyze customer data, retailers have more power than ever to gain insight into shoppers’ intent and behavior. For retailers, the big question regarding Big Data is how to derive the insights that ultimately generate sales.
Traditionally, businesses have had a great deal of success applying data analytics to garner digital intelligence and improve customer insight. At its core, this data helps retailers understand everything from customer demographic segments to shopper purchase preferences. By delving deeper into the data, key trends in customer purchase behavior become apparent. As a result, retailers can make better-informed, more strategic merchandising and digital marketing decisions that not only enhance the online customer experience, but ultimately increase the potential for conversion.
As the e-commerce market continues to expand and Big Data technology continues to advance, the potential and pressure for retailers to capitalize on the power of digital intelligence increases dramatically. In particular, the recent developments in right-time (not just real-time) data collection and reporting are allowing online retailers to become more agile and adaptable than ever.
The latest data technology allows online businesses to gain digital intelligence by viewing how their customers interact with their websites, understanding how they got there, and even the seeing the contents of their shopping carts, all as it happens.
Access to this right-time digital intelligence opens a new realm of possibilities for online retailers to enhance the online customer experience and potential for conversion. They can adjust their digital marketing campaigns the same moment that they launch to optimize the results. Online retailers can also use up-to-the-moment customer data to tailor featured products and website messaging on the fly. This new digital intelligence empowers retailers to engage with their customer as they are browsing their websites to pass along the most relevant promotions and offers.
Knowledge truly is power, and by fostering digital intelligence “as-it-happens,” retailers’ opportunities for driving customer engagement and cementing conversion are limitless.
Martin Doettling is CMO of Webtrends.