Retailers need to develop ever-closer relationships with their customers in order to win their spend and improve loyalty. Many are increasing investment in personalised retail efforts and structured loyalty programmes to help to achieve these goals.
By better identifying their customers, as well as their individual needs, retailers are able to target them more specifically, boosting their propensity to spend in the process. Yet it’s become harder than ever to meet these goals. Privacy changes have impacted how retailers collect and store data, while consumer awareness over the role of data is also making them more aware of the value of the data that they can choose, or refuse, to share. Protecting personal data is key.
We examine the challenges of collecting and storing data, explore how retailers are interacting with their data, look at what this means in a commercial operation and ask where retailers need to go next.