Why you should move to the new age of the consumer?
The emergence of global economies has created an openness towards new technologies which integrate all the aspects of consumer’s lives. The development of big data and IoT has forged new opportunities for businesses to harness customer data and create value.
Given the speed of the digital transformation across the globe, it’s not surprising that traditional companies have been slow to create a digital store platform that connects the enterprise systems across all the customer touchpoints and provides a superior experience in the online store.
Furthermore, shifting trends in the global markets have threatened the existence of every company who hasn’t modernized their digital presence to serve their clients:
- Pureplays (Online-only retailers) – For some time now, web-only retailers like Amazon, eBay (USA), ASOS (UK), Zalando (Germany), OZON (Russia) and Rakuten (Japan) have fostered customer data to create new business opportunities and gone leap forward in the customer service (through features like global access 24/7, faster delivery and cost savings).
- Omnichannel Growth – Following the robust omnichannel presence of the pureplays, an increasing number organizations have developed their eCommerce presence and made a successful omnichannel strategy a top priority in a sustained effort to remain competitive and relevant in the eyes of their customers.
- The Emergence of Mobile – As the smartphone penetration increases in the global markets and the mobile technology (and applications) become more advanced and customer-focused, enterprises have streamlined their operations to fit this growing channel and support the increasing number of sales from mobile platforms.
- B2C e-commerce for global brands – With the stagnation of mature markets like Europe and America, global brands have targeted rapidly growing economies such as China and India and are expanding their direct-to-consumer online presence with a tailored product catalog and customer service.
As the focus on improving the customer relationship through engagement across marketing, sales, customer service and customer-facing omnichannel increases, one of the key requirements for a customer-centric business is to have a complete, accurate and standardized “single view” of their clients.
Most organizations are unable to provide a smooth customer experience because their application systems manage product portfolios and brand instead of customers. More often than not, they lack a single, shared view of the client data. As a result, the staff cannot adequately serve their clients because they would require a complete picture of the customer’s relationship with the firm and the products they have already purchased.
A “Golden Record” of Customer Data provides the necessary foundation for the companies to build an excellent brand experience. Customer Master Data Management provides the underlying competitive advantage to employ consumer information to know the audience better, gather actionable insights and offer better product choices. The Customer MDM continues to be one of the foundational blocks for an optimized customer relationship management (CRM).