March 04, 2014
By: Marjan Baghaie

As promised, we are delving into six possible areas of traditional value delivery in retail—and how social data can be used to enhance those values. The first pillar we discuss is convenience, which is a major differentiator for some retailers. For example, customers might choose to shop at a store that has a more limited range of items at more expensive prices, simply because of the convenience of that store being open 24/7 and nearby. Vending machines are examples of one such business model.

Knowing customers and becoming familiar with their social backgrounds and activities can enable retailers to create a more convenient shopping experience by addressing the needs of the individual customers or appropriate segments of customers. For example, a sports retailer could learn which hockey team a specific customer favors or whether the same customer is planning an upcoming ski trip. Then the retailer could use this information to create a more convenient shopping experience—say by recommending team-branded sports gear or scheduling delivery of a new pair of skis to the resort where the customer is staying.

How are you using your company’s social data to increase customer convenience?

For more information about how convenience and other areas of value can be enhanced through social data, see Accenture’s point of view, “Unlocking Value from Social Data.”

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