“Online and e-commerce businesses have gained significant ground on traditional retailers over the past two decades. Covid-19 and the resulting lockdowns have accelerated this trend even more.
The competitive advantages of online businesses are mainly speed, range, price, simplicity – these are key attributes for me.
What has remained elusive until now is the ability to truly know your customers outside of what they do in your store or on your website. Yes, online tracking systems and analytics companies have been providing customer personas and insights for years. But it’s always lacked actionability or tradability. And with the rise of privacy awareness and concerns, the industry is shifting under our feet.
I’m really excited about the new possibilities that come with data like open banking data, and the insights that can be derived from it. Understanding not only CLTV per customer, but the size of their wallet in any given category, is a game changer. It will change how much firms invest to acquire customers, how much they invest to keep them, and helps the sector understand whether there is upsell or cross sell capacity.
In addition to this, being able to know your customers’ spending habits and wallet across different channels (online and in-store) is super helpful. Very few retailers have been able to achieve this level of understanding. As the world continues to shift online and in-store becomes an ‘experience’, understanding these patterns will become increasingly important.
All of this insight combined together within a simple to understand action point like the ‘tipping point of loyalty’ is very helpful.”
Download the report here: https://www.upsidesaving.com/the-tipping-point-of-loyalty/