The retail industry is undergoing a big transformation with new services and initiatives being launched every week. Walmart just announced “Mobile Express Returns”, a service to make the returns process more simpler and quicker for customers using the Walmart app.
With Amazon’s acquisition of Whole Foods and investments to grow its physical presence, Walmart is responding by going big on digital initiatives, including a partnership to sell products on Google Home. This will allow Walmart’s customers to place voice orders using the Google Express service – similar to making purchases using Amazon’s Alexa voice assistant.
As we see these big partnerships and initiatives unfold, it is becoming apparent that collaboration and access to large-scale data assets is increasingly important for brands and retailers to stay competitive.
The Benefits of Data Collaboration
Criteo’s study with Forbes Insights “The Commerce Data Opportunity: How Collaboration Levels the Retail Playing Field” reveals that brands and retailers are looking to differentiate by improving the customer shopping experience and offering more value to their customers.
The study surveyed 504 CMOs, heads of marketing, and other senior marketing executives of retailers and brands. A majority (67%) confirmed “the value they can offer customers” to be a top marketing driver for their business.
Most of those surveyed understand that data is the key to providing value. More than half (59%) confirmed their company was a member of data collaborations that pool non-personally identifiable customer data assets. This, they confirmed, was enabling them to offer more value to customers – and bringing benefits for them, including increased revenues and profits, and greater customer satisfaction.
Among those surveyed, the top three benefits brands and retailers believe they can offer customers with data collaboration are:
- Targeted offers – 68%
- Ease of purchase – 64%
- Personalized messaging – 58%
Importantly, 68% of respondents also believed that their customers were satisfied with how they are using data to deliver more targeted marketing. Retailers and brands with access to large amounts of customer data across different channels and stages of the buyer journey, are well positioned to dominate in commerce marketing.
Personalization in an Era of Saturation
Shoppers are overwhelmed by content and offers. Attention spans are limited and there are a lot of touchpoints in any shopper journey. And the more touchpoints, the more likely a conversion.
Data reveals how shoppers navigate those journeys. When retailers and brands collaborate to give more insight into behavior and intent, they can eliminate the friction that can result in abandoned carts and misspent budget.
Our Forbes Insights study shows how innovative marketing executives are adapting to a world where data doesn’t just build sales, it builds relationships.
For a complete look at the Forbes Insights Commerce Data Opportunity study, view the report at www.criteo.com/vibrantfuture/.