Brands Leveraging Omnichannel Insights To Drive Competitive Advantage

Our take: Brands would do well to adopt and/or expand their personalization strategies as part of overall marketing efforts. Aligning messaging and CX (customer experience) inititatives across marketing channels and physical locations paying signifcant dividends.

According to Harvard Business Review, 73 percent of customer journeys occur across multiple channels, and omnichannel customers spent 4 percent more on every in-store shopping occasion and 10 percent more online than single-channel customers.

Whereas the mentality five years ago focused on brick-and-mortar being replaced by cloud services, the current mentality focuses on using digital and physical channels as complements to differentiate and drive better customer engagement.

As a result, businesses are in a race to shift from the “digital first” organization to the “data first” organization, using real-time data insights to directly affect customer engagement and create a 360-degree customer view across all channels.

The time is now. Just a few years ago, consumers were more concerned about privacy than they were about personalization.

Now, according to Salesforce, 64 percent of consumers want personalized offers from retail brands—and this is growing.

In this new world, businesses need to translate massive volumes of complex data at unparalleled speed into omnichannel insight, with streaming data analysis, visual foresight and streamlined machine learning.

As we see the growing importance of data across the omnichannel, a new mentality and foundation is required.

This new approach must weave data into a unified strategy that consolidates customer experiences and translates them into out-of-the-box...

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