Embracing a data-driven mind-set and discipline is a significant but necessary change for retailers.
Retailers must get forensic in their approach to data in order to gain a true picture of individual customers’ behaviors and motivations.
Customer insights should be woven throughout the entire business, with a focus on the behavior patterns of high-value customers that deliver profit.
For brands and retailers to identify their most profitable customers and be ready to serve them, they’ll need to combine world-class technologies with a deep understanding of customers’ behavior patterns—along with their un-articulated wants and needs. They must be able to communicate with warmth and humanity, and data mastery—all in real time.
A third of shoppers start shopping in the autumn period, whilst over a quarter randomly purchase gifts throughout the year.
By understanding behavior and assessing the impacts of decisions, retailers will have the insight to create new business models centered around the specific needs of shoppers.
Now is the time for retailers to invest in the analytics capabilities that will help them identify and cultivate the high-lifetime-value customers that drive growth. It is time to liberate the retail experience by enabling “ubiquitous shopping”—consumers buying anything they want, anytime, anywhere, in any way they choose.
Senior Managing Director – Global Retail Consulting Practice
Jill leads Accenture Retail and is responsible for business strategy, development and execution of strategy for retail clients.
Managing Director – Global Retail Technology Lead
Over 25 years in information technology, focusing in Retail, Wholesale/Distribution, CPG and Supply Chain industry segments.