How Business Data Can Drive Long-Term E-Commerce Growth | flowering litter | Open mic

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Customer data has a moment.

As the pandemic sent the last of the digital holdouts into e-commerce, businesses suddenly had a new cohort of buyers and a new problem to grapple with – how to understand exactly who those customers were and how to retain them. This has given increasing importance to customer data, important information such as when a customer was shopping, what device they were using, if they abandoned their cart, etc. As a result, the past year has seen a growing number of companies adopting Customer Data Platforms (CDPs) to unify and make sense of that data, an essential first step to building more lasting digital relationships with new and old. clients.

Yet with all the focus on customer data, it seems another critical piece of the data puzzle has gotten lost in the mess: product data. And more importantly, what these two data sources can accomplish together.

After all, customer data gives you the “who”, but product data gives you the “what”. Combined, they can help a brand take customers from inspiration, to engagement, to conversion, and then to lasting loyalty. Together, customer and product data becomes business data, data that not only strengthens customer relationships, but also drives business results.

Business data in motion

Suppose you are shopping for a dress for an upcoming black tie event. You entered your size, your preferred length, your colors and your style. Because the brand you’re shopping with applies their product data to your search, they’re able to find dresses that fit those criteria. Because the brand combines your preferences (customer data) with their knowledge of inventory (product data), you are presented with dresses that are both in stock and available in your preferred criteria.

In this case, without the two types of data working in tandem, knowing a shopper’s dress size or the availability of certain dresses only gets a mark so far. In fact, separating these two data sources often leads to disconnected customer journeys, which you’ve probably experienced if you’ve ever clicked on a targeted ad for a product only to see it’s out of stock in your size. Once. you arrive at the site. For dress shoppers, they may have been shown cocktail dresses but not dresses, dresses that weren’t available in their size, or dresses in the wrong color. It’s a hugely frustrating experience for the customer, one that robs a brand of loyalty that can drive sustainable e-commerce growth.

When you work together, however, customer and product data makes shopping seamless, personalized, and even enjoyable. By combining the two most critical elements of the purchase journey, commerce data can usher in the next evolution of e-commerce, an era of real growth.

Beyond brand loyalty

And this growth is a key point. Often brands consider the immediate benefits that data can provide, but business data allows you to envision the longer customer journey ahead. It can provide meaningful insight into future needs, allowing you to deliver the right product to the right customer at the right time, even if that right time is two months or three years away.

Consider a shopper who purchases a pair of sneakers specifically designed for runners. It goes without saying that they will use these shoes often, which can be confirmed when that same customer makes a second purchase for a similar pair of shoes a year later. Assuming you’re a brand that has many similar customers, this can now be rolled into a dedicated segment – a group of customers who you know fall into the “runner” category and will likely be looking to purchase a new pair of sneakers every year. or. Now you can plan ahead, automating the annual marketing release that showcases the best of your new sneaker assortment. The client feels understood as a runner and you build a relationship that lasts for a long time.

A nuanced look at the consumer

Data conversations can seem pervasive and over-discussed across industries, but it’s important to understand why they aren’t going anywhere. Total e-commerce spending is expected to surpass $7 trillion by 2025, meaning understanding the digital consumer will only become more critical to a brand’s enduring success.

The key to this understanding is to look outside of the consumer, to consider not just who they are, but also what they are buying and even why they are buying it. This is only made possible through business data – the supercharged combination of customer and product data, brought into action seamlessly across digital channels. Without both, you have the choice between a dress that is out of stock or a dress that is the wrong color. Whether you think as a consumer or a brand, you need to know that a better solution exists. Now is the time for brands to find out.

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