The Smarter Consumer

The single greatest change in retailing today

is happening not with retailers, but with consumers.

They are increasingly connected, accessing information

from multiple sources and interacting with retailers in myriad ways.

In 2010, there were over 5 billion mobile phone subscriptions.

Today, nearly 2 billion people are online

with this number continuing to grow at an astounding rate.

Tech-savvy consumers all over the world have quickly learned

to use these tools to research products, prices and availability

and tap into broad social networks of consumers

who share ratings, views, shopping experiences and other information.

Many shoppers today use two or more technologies

to shop and make purchases.

This could mean getting a personalized offer sent to one's mobile phone and

accessing the retailer's website to make a purchase.

Or, maybe discovering a new product on television, researching it over time

and completing the transaction a few days later by sending a text.

Shopping is no longer confined to the physical walls of a store.

Consumers are shopping on their own terms.

Watch the video

The Smarter Retailer

Clearly, retailers must become smarter too.

This means enabling consumers to shop seamlessly

and easily across touch points and brands.

It means making sure customer interactions are timely and relevant

– always delivering on a brand promise

to consistently meet customers' expectations.

And it means connecting with customers on an emotional level.

In other words, an open dialogue between customer and retailer

is at the heart of designing a smarter shopping experience.

By tapping into the power of sophisticated analytics,

retailers can collaborate with customers more effectively,

understand customer preferences,

personalize offers and deliver a seamless shopping experience.

Watch the video

The Power of Customer Insight

Say you're a major online gift retailer.

When a loyal customer's child is about to have a birthday,

you are able to offer personalized product recommendations

– for instance, balloons and a game to go along with that teddy bear.

In essence, you can create an overall "gift experience"

based on profile, preferences, and past purchase behavior

allowing you to have a relevant one-on-one dialogue with your customer.

In order to deliver timely and relevant experiences,

retailers must know who their customers are and what they want.

Thanks to the proliferation of technology on our smarter planet,

there is no lack of consumer data.

Retailers can measure not only the declared preferences

of customers but their revealed preferences

as demonstrated in their actual behavior.

Watch the video

Knowing the Customer

Building this customer insight into the fabric

of how the business operates allows retailers to generate

a single view of each unique customer

and what he or she really values.

When retailers unlock new insights about their customers,

they can transform from product-centric

to truly customer-focused enterprises.

For example: Say you're a beauty and cosmetics company.

By developing a loyalty program

that monitors individual sales data in real time,

you can offer promotions at checkout based on individual buying patterns.

And by better understanding your customers,

you can not only meet their needs – you can predict what they want next.

By gathering consumer data and tapping into powerful analytics,

retailers can make better decisions about how to attract

and keep today's smarter consumers.

Watch the video