Value-Driven Loyalty - Executive Roundtable: Q3 2023

Retailer's Data Imperative

In 2023, retailers differentiate on customer experience (CX), and customer data is at the heart of modern CX initiatives. Our retail customers tell us proper data management is key to knowing your customer, unlocking customer insights with AI, and creating loyalty strategies personalized to a customer and a household while protecting privacy. On the surface, enterprise data management sounds simple, but in practice, retailers struggle with large volumes of disconnected, dirty, and duplicate data spread across hundreds of systems. Poor data management undermines customer loyalty strategies like Generative AI Chatbots trained on the wrong or bad data sets or personalized marketing offers using a faulty customer loyalty profile.

Scott Jennings

Chief Strategist, Retail & Consumer Products, Informatica

Customer Insights: Powering Loyalty Programs

07/06/2024 00:52:47

Value-Driven Loyalty

In 2023, retailers increasingly leverage customer insights to craft engaging loyalty strategies. Their focus lies in creating authentic, personalized interactions that resonate with customers. Understanding their needs to save on expenses, provide for their families, and enhance loyalty and customer lifetime value is crucial. Retailers are weaving these insights into loyalty programs that offer meaningful discounts, personalized recommendations, and exclusive offers, ensuring customers feel valued. Striking a balance between meeting consumer demands and maintaining brand integrity is key to providing a loyal customer base that finds genuine value in the retailer-customer relationship.

Sylvain Perrier

CEO & President, Mercatus

Customer Insights: Powering Loyalty Programs

07/05/2024 18:44:43

Data-Driven Loyalty

The more customer data points retailers can gather, the better — but data integration is truly the key to building loyalty. Today’s retailers use every digital and physical channel to gather data about their customers: amount spent, location of purchase, brand preference, age, etc. Without bringing these multi-source data points together into a central, well-managed repository, however, retailers can be left with an incomplete picture of customer activity. The retailers who successfully use customer insights to build customer loyalty are those who have integrated their data and use it to truly own the customer experience.

Eric Schoch

General Manager and SVP, Global Retail, NCR Voyix

Customer Insights: Powering Loyalty Programs

07/05/2024 18:31:12