Are You Aware of Who Your Consumer Is?
" Brands and retailers now have the potential to track consumer interactions across any device, anywhere in the world, creating a ‘single view’ of their customers across multiple touchpoints. But it isn’t easy...
According to Bain’s 2014 Global Luxury Study, more than 50 percent of all luxury goods spending takes place outside the home countries of consumers. Meanwhile, according to a recent report by McKinsey, nearly half of luxury goods buying decisions are influenced by what consumers hear or see online, on retailer sites and beyond. And in the data trails left by consumer interactions, brands and retailers are trying to piece together a unified ‘single view’ of individual customers across devices and geographies.
“All the digital activity going on has created an avalanche of data out there,” says Maher Masri, partner and co-leader of McKinsey's digital marketing practice for North America, citing sources like “purchase history, service interaction, website navigation behaviour and social media conversations.” If companies can combine this kind of ‘first-party’ data with insights gleaned from third-party sources — and make sense of it all — they can, in theory, much more effectively target their marketing and customer service..."
Read the full article at Business of Fashion.
Image Credit: Amal Hatmi