Personalizing Consumer-Buying Experience with a Unified Sales Data Platform
The demand for personalized brand experience is on the rise. More than half of the consumers expect special treatment for their brand loyalty, and nearly 80% of them are more likely to buy from a brand that personalizes the customer buying experience. In this light, data becomes an instrumental tool in curating customer experiences. While retailers might be already sitting on a pile of valuable data, they are unaware of how to maximize its impact. The issue? Too much retailer data is unstructured, siloed, and unusable. Retailers should be able to blend internal and external data to gain real-time insights that translate into better customer interactions. This is where a unified sales model comes into the picture to transform the customer experience by integrating all the data into one place and helping businesses to derive valuable insights using intelligent tools.
So, let us delve deeper into the nuances of a unified sales data platform to know further about the impact it creates on reshaping customer journeys.
Understanding Unified Sales Data Platform and How It Works
Traditionally, the CPG industry relied on retailers to understand consumer preferences to sell their products. However, companies today seek first-party data to gain insights into customer behaviors like browsing history, in-app preferences, sales history, service engagement, and in-store activity to enhance the brand experience by driving meaningful actions. Luckily, a unified sales model can provide a competitive advantage by designing ways to offer consumer information- directly and indirectly. Let us further explore how a unified-sales data platform functions to add value and meaning to customer experiences.
- Unifies Data: A unified sales data platform, also known as a Customer Data Platform (CDP), allows enterprises to build CX programs faster and at a lower incremental cost. It unifies business data across marketing, commerce, service, and beyond to provide a centralized, unified view of customer data. Retailers use this extracted information from different sources to understand what customers want and how to market their products and services in a better way.
- Personalizes in the Next Step: How does a unified sales data platform transform data and emerging insights into opportunities for action? A CDP integrated natively across commerce platforms leverage e-commerce and external data sources like Point of Sales and Loyalty to drive a personalized brand experience. Merchandisers can leverage the power of data to look at customer behavior and engagements across e-commerce, physical, third-party, and social platforms and apply analytics at each step for product recommendations and discounts that improve customer satisfaction and loyalty. In essence, the brands deliver more value to consumers by letting the consumers decide what they prefer.
- Then, Engages: When it comes to customer engagement, the one-size-fits-all formula doesn’t work. With different consumer personas within the CDP, brands need to segment customer identities to power relevant shopping journeys for building a customer-centric immersive experience. Here the creativity of the brand marketing team comes into play to serve each customer better and tailor experiences in each micro-moment to invoke different calls to action.
- Continues to Evolve: The more information you have about your consumers, the more captivating brand experiences you can offer to build a long-lasting relationship, enhance brand equity, and generate more value. For instance, marketers and merchandisers can leverage AI-powered, data-rich insights to identify trends and popular items, understand the efficacy of current campaigns and improve accordingly to increase the consumer propensity to buy.
How a Unified Sales Data Platform Affects Customer-Buying Experience
As digitization continues, optimizing customer journeys across multiple touchpoints will become a top priority for brands. It is essential to learn how a unified sales model affects consumer experience and implement it at the right time for a competitive edge.
- Tracking Customer Journey: After analyzing customer data across different touchpoints, a CDP traces customer journeys across every step they take to optimize and engage them in myriad ways to drive better customer satisfaction and loyalty.
- Customizing Experiences: CDP collects and unifies information from a range of siloed data systems such as CRMs, emails, and websites to create personalized target messages that appeal to an individual, gets their attention, and result in a conversion.
- Real-Time Interactions: As per Salesforce, 64% of consumers expect brands to respond and interact in real time. A unified data platform drives real-time customer interactions by providing them with offers and content at the right time to generate sales at the critical moment by knowing their personas and expectations.
Consumer Buying-Experience Personalization- A Roadmap to Success
To provide a memorable experience, brands need to strike the right chord with consumers, which is only possible if you have access to their data. Wipro, in collaboration with a leading global cosmetic company demonstrates how a robust AI/ML framework solution consolidates data from all retailers establishing a single data repository that serves as a single source of truth. In addition, Wipro developed NLP algorithms to categorize consumer feedback by sentiments, provide real-time alerts to sales analysts, and use advanced forecasting models for merchandise planning and assortment. With an 85% increase in forecast accuracy, the product out-of-stock scenarios were a rare event. A better understanding of customer pain points through reviews and ratings improved customer satisfaction, boosting POS reporting by 25%.
Consumers lie at the heart of every brand. To avoid stumbling blocks on the road to success, leverage Wipro’s unified sales model with feedback-based persona development and target-based commercial sales execution to observe positive buying trends, higher product demand, and improved customer satisfaction and loyalty.