1、1Sponsored bySeize the Data!The 2023 Retail Data Collection&Satisfaction Survey2As the only retail growth automation solution,our fundamental purpose at Bluecore is to provide leading enterprise retailers with the ability to identify and close the seams in their customer experience so that customers

2、 and revenue can flow more freely.Over the past decade,weve seen retailers struggle to do this as they face challenges turning customer signals into conversions,operating with agility to uncover incremental revenue to oust competition,and,ultimately,get ROI from customer data,which are pitfalls only

3、 amplified in the current environment.When reading this report,youll see these themes reflected in the responses of marketing leaders across all retail industries.The brands hitting and exceeding their revenue targets are transcending these challenges and redefining their data-driven strategies to i

4、ncrease relevance across their customer experience,even in the face of economic pressures.Our research should provide you with an opportunity to have conversations with your teams that will allow you to focus your efforts in the places that will help you unlock customer potential and revenue quickly

5、.Jason GrunbergCMOBluecoreA NOTE FROM BLUECORE3EXECUTIVE SUMMARYIntroductionUnderstanding and effectively using customer data remains a significant challenge for many organizations.Former Walmart CEO Mike Duke once said,“most of us in the business are still struggling to understand what data means f

6、or us.”Our survey showed that retailers consistently struggle to measure and activate data effectively,as well as its impact on marketing success and ROI.CommerceNext partnered with Bluecore to poll over 100 digital marketing and e-commerce retailers spanning thirteen different industries to delve d

7、eeper into these issues,explore the potential steps organizations can take to overcome these challenges and capitalize on the opportunities presented through effective data management:How retailers grade their efforts to gain,measure,and apply marketing dataThe major challenges and barriers to retai

8、l data collection and analysisApproaches retailers are adopting to tackle challenges and optimize their return What Our Survey RevealedWe thought 2022 was all about data-driven marketing,but 2023 has taken it to a whole new level!New sources of information like mobile devices,social media,customer r

9、eviews,and in-store POS,are making it extremely difficult for retailers to gather,process and pull useful insights from an ever-expanding amount of data thats growing in real time.Regular updates of privacy regulations like GDPR and CCPA and are forcing marketers to balance regulatory compliance and

10、 customer trust while delivering personalized experiences.The overwhelming amount of data and the pace of new advances in gathering and analyzing it are frustrating retailers.Some key takeaways drawn from over 100 digital marketing and e-commerce executives surveyed include:Retailers struggle to rea

11、p the benefits from an abundance of data in real-time.The sheer volume of data overwhelms retailers,making it challenging to analyze and implement data-driven strategies effectively,ultimately hindering potential sales and profit growth.4Approaches to measuring and quantifying data ROI continue to b

12、e elusive.Despite the growing recognition of data value,accurately measuring and quantifying the ROI of data-driven initiatives remains a complex challenge because of the vast range of factors involved and the rapidly developing data landscape.While large retailers command greater access to more cap

13、able technology and resources,small-to mid-sized retailers can profit from their strategies.Smaller retailers can adopt the successful strategies of their larger counterparts,such as leveraging technology,targeted marketing,focusing on customer experience,and niche specialization,strengthening their

14、 ability to compete.A void in internal and external analytic talent limits opportunities for P&L success.The lack of skilled analytic professionals within the company,third-party providers,and available for recruitment hinders effective decision-making and strategy implementation,ultimately affectin

15、g profit-and-loss outcomes.Weve organized this benchmark report into three sections:SECTION ONE How Retailers Rate Their Data Proficiency.We asked retailers to share their approaches toward marketing data collection and analysis and how they feel those efforts affect their bottom line.SECTION TWO Co

16、nfronting Challenges Blocking the Path to Profitability.This section provides an exploration of current analytic methods and tools and how to score and evaluate performance.SECTION THREE Getting the Most out of Data Investment.The last section examines the key challenges and obstacles that retailers

17、 believe they must address to gain the full benefit from their data and analytic efforts.5CommerceNext and Bluecore surveyed 109 digital marketing and e-commerce executives spanning various retail models and annual sales volume(see breakdowns below).The respondents represent a large spectrum of indu

18、stries,including:METHODOLOGYApparel,footwear&accessories Beauty&cosmeticsConsumer electronics&technology Digital products(subscriptions,music,etc.)Food&CPG Healthcare,wellness&pharmacyHome&furnitureHome Improvement JewelryLuxury Goods MarketplaceSporting&recreational equipment Toys,books&gamesPet su

19、ppliesTable 1:Participants by TypeTable 2:Participants by Online RevenueSource:CommerceNext Retailer Data Collection&Satisfaction Survey,March 2023In this report,we refer to sub-segments of the total retailer sample based on retail model:DTC&Wholesale(n=44),DTC-Only(n=42),Multibrand Retail(n=20),Mar

20、ketplace(n=3),Wholesale Only(n=1).6IHow Retailers Rate Their Data Proficiency7“Are we ready from a quantity and availability of data as well as the usability of the data?I think thats something,frankly,that a lot of companies struggle with.”-Fiona Tan,CTO of Wayfair1According to the survey results,r

21、etailers must prioritize evaluating their marketing investments efficacy through enhanced data analysis and implementing processes for regular updates.Large online retailers show a successful model that traditional retailers can use to optimize their ROI measurements.Retailers expressed moderate sat

22、isfaction with their capacity to execute data.However,their dissatisfaction lies with assessing data effectiveness,achieving a viable return on investment from data expenses,and using data to enhance customer retention and boost purchase frequency for long-term value.Organizations surveyed rate thei

23、r ability to use customer data for enhancing customer experience as average to good.However,they face challenges in measuring the return on investment(ROI),with only 54%of them expressing satisfaction with the impact of customer data on their results.Notably,large online retailers report a higher sa

24、tisfaction rate(65%),suggesting a better understanding of their collected data.Only 48%of surveyed retailers have assessed the effectiveness of investments in customer retention,purchase frequency,and lifetime value.A mere 4%have established processes for regular and dynamic rule updates,suggesting

25、that organizations adopt a“set it and forget it”strategy.In the current economic environment,consumers are likely to be careful with their spending while retailers need to maintain their growth.Therefore,it is crucial to focus on enhancing customer retention and integrating retention and acquisition

26、 data for better optimization,ultimately resulting in stronger retention IHow Retailers Rate Their Data ProficiencyRetailers Expressed Dissatisfaction with Effectiveness of Data MeasurementTable 3:Measurement Effectiveness SatisfactionSource:CommerceNext Retailer Data Collection&Satisfaction Survey,

27、March 20238Several major brands have used customer data to create successful marketing campaigns in recent years.In 2020,Nike used customer data to launch a marketing campaign called“You Cant Stop Us,”featuring videos of athletes overcoming obstacles and achieving their goals.The campaign was based

28、on customer data that showed Nikes target audience was interested in content that inspired and motivated them.As a result,Nikes online sales increased by 82%.By understanding customers needs,preferences,and behaviors,brands can create personalized and targeted campaigns that speak directly to their

29、audience,resulting in increased engagement and revenue.To tackle this issue,retailers will need to create novel strategies and instruments that accurately evaluate the effects of their customer-centric initiatives,enabling improved decision-making and effective resource allocation.The challenges man

30、y retailers face in measuring customer retention and lifetime value are not unusual.Macys,for example,reported in 2021 that it was struggling to measure customer lifetime value because of a lack of unified data.The company had data spread across multiple systems and channels,making it difficult to g

31、et a complete view of the customer.To address this challenge,Macys began investing in a unified customer data platform that could bring together all of its customer data into one place.High Satisfaction in Data-Driven Actioning,Yet Significant Sales Potential Remains Untapped“Our customers expect a

32、seamless experience across all channels,and personalization is just one piece of the puzzle.To create a truly engaging customer experience,we need to focus on everything from the instore experience to online interactions and beyond.”-Brian Cornell,CEO of Target 2The good news is most organizations h

33、ave reached a satisfactory level of maturity in leveraging data to generate individualized experiences for their customers.A majority of respondents,encompassing both emerging and established retailers,rated their capabilities as either FAIR or GOOD,supporting a sound foundation in implementing data

34、-driven triggered campaign messages.Respondents acknowledge the value of using data to make customer experiences more personal and relevant,and strive to increase customer engagement and provide additional services that build strong relationships.However,only 4%of the retailers surveyed are committi

35、ng to frequently and dynamically updating their rules and strategies for personalized engagements.9Table 4:Actioning SatisfactionCustomers are engaged in shopping activities for less than 3%of the day,providing marketers with a limited window of opportunity to connect with them.3 In a business envir

36、onment centered on cost reduction,technology consolidation,and smaller teams,reaching customers at the precise moment they are considering a purchase becomes even more challenging.Further complicating matters are pressures such as inflation,increased acquisition costs,and inventory instability,which

37、 make achieving daily and weekly revenue targets difficult.In 2021,luxury fashion retailer Burberry acknowledged that their personalized marketing campaigns were no longer resonating with customers as well as they had in the past.They recognized that consumer behavior had dramatically shifted during

38、 the pandemic and that they were struggling to keep up.To address this challenge,they launched the Burberry Apollo Program.The program gathers data and insights on customer behaviors,preferences,and experiences both in-store and online to offer personalized products,services,and marketing communicat

39、ion.By leveraging data and technology,Burberry aims to build stronger connections with its customers and remain at the forefront of the luxury fashion industry.Source:CommerceNext Retailer Data Collection&Satisfaction Survey,March 202310When it comes to data satisfaction,Retailer size matters“Larger

40、 retailers are generally better resourced with both talent and budget,but have the disadvantage of bureaucracy and multiple levels of management.”-David Kepron,Vice President of Global Design Strategies at Marriott International 4Our survey results show a moderate satisfaction level among respondent

41、s in utilizing customer data for new customer acquisition,with an overall satisfaction grade of 54%.Large retailers with sales exceeding$500M expressed a higher satisfaction rate of 65%,possibly due to better data sets and internal capabilities.In contrast,small and mid-size retailers reported a low

42、er satisfaction level of 50%,which may be because of smaller budgets,issues in data quality,and the cost and complexity of integrating innovative technologies in less sophisticated systems.Table 5:Use of Customer Satisfaction DataLarge retailers have a significant advantage over smaller retailers in

43、 the breadth and diversity of data they have access to.This is because of their broader customer base,larger geographic footprint,more comprehensive supply chain networks,and greater resources.This wealth of data provides large retailers with valuable insights and opportunities for growth that small

44、er retailers may struggle to replicate.For instance,large retailers have access to a vast array of customer data,including demographics,buying habits,preferences,and historical purchase data.This information can be used to develop personalized marketing strategies,targeted promotions,and more precis

45、e customer segmentation.Their more sophisticated inventory management systems and extensive supply chains enable them to collect granular data about product availability,sales and order patterns,and supplier performance.Source:CommerceNext Retailer Data Collection&Satisfaction Survey,March 202354%av

46、erage rate of satisfaction50%Average Satisfaction$500M11The advanced point-of-sale(POS)systems used by large retailers allow them to capture transaction details,customer feedback,promotional effectiveness,and sales patterns across various store locations and regions.This data can identify trends and

47、 make strategic adjustments in their retail operations.Having a stronger online presence enables large retailers to collect and analyze data from social media interactions,customer reviews,and website traffic,giving them valuable insights into customer sentiment,emerging trends,and the effectiveness

48、 of digital marketing campaigns.Large retailers also operate stores in multiple locations or countries,which allows them to analyze regional trends,compare store performance,and identify opportunities for growth or optimization.Their resources also enable them to invest in market research and collec

49、t competitive intelligence data,helping them better understand industry trends,opportunities,and threats and make more informed business decisions.12IIConfronting Challenges Blocking the Path to Profitability13Talent has become more complicated as the lines are blurring between data scientists and m

50、odern software engineers,with all major players competing for these highly sought-after resources.”Stephanie Nashawaty,SVP,SAP North America 5 The findings suggest organizations face multiple challenges in managing data analysis and marketing in todays market.The key challenges include talent acquis

51、ition and retention,lack of internal skill-sets and funding for external support,insufficient resources,and time constraints.These challenges result in difficulties in capturing and analyzing the right data effectively.Marketing costs are increasing while the efficacy of marketing efforts is declini

52、ng,making customer acquisition even more challenging.The recent changes in iOS 14 have further exacerbated these challenges,with a significant proportion of organizations reporting cost increases.Organizations must invest in talent and the resources necessary to manage data analysis and marketing ef

53、fectively in the current market.IIConfronting Challenges Blocking the Path to ProfitabilityRetailers Face a Shortage of Talent,Resources,and Time as Costs RiseTable 6:Measurement ChallengesSource:CommerceNext Retailer Data Collection&Satisfaction Survey,March 202314When it comes to understanding con

54、sumer behavior,Retailers are barely scratching the surface“Were just scratching the surface on understanding consumer behavior,and theres so much more that we can do.Its about leveraging data in a way that allows us to truly understand our customers,their preferences,and their behaviors.And then,usi

55、ng that information to create more personalized experiences and better meet their needs.”-Brad Baer,Director of Digital Marketing at The Container Store 6Retailers are increasingly relying on various data sources to optimize their performance and enhance customer experience.According to respondents,

56、retailers commonly use purchase history,core web analytics,and behavioral analytics,such as data from abandoned carts,to inform their decision-making processes.However,a low number of retailers are using unstructured data from customer service interactions or their point of sale(POS)systems.Further

57、analysis reveals that,for retailers with brick-and-mortar stores,approximately 40-45%of them are not using their POS data in their marketing campaigns or information strategies.This omission of valuable data shows potential untapped opportunities for retailers to better understand their customers pr

58、eferences and behaviors.By leveraging these additional data sources,retailers could significantly improve their targeting and overall performance,increasing their competitiveness and profitability.in less sophisticated systems.Table 7:Data Used to Measure Customer ValueAdidas,for example,is working

59、to create a more holistic view of the customer experience,one that analyzes both structured and unstructured data.In 2020,the company announced a partnership with Google Cloud to leverage the tech giants machine learning and data analytics capabilities.Adidas is using Google Clouds data processing a

60、nd machine learning tools to analyze data from various sources,including social media and customer feedback,to gain insights into customer preferences and optimize its supply chain.Source:CommerceNext Retailer Data Collection&Satisfaction Survey,March 202315Through this partnership,Adidas is able to

61、 analyze large amounts of data and develop a more complete view of its customers,enabling it to tailor its products and services to meet their needs.This includes optimizing its product design,pricing,and distribution strategies to ensure that it can deliver the right products to the right customers

62、 at the right time.Overall,Adidas partnership with Google Cloud has enabled it to make data-driven decisions and improve its overall business operations.By leveraging the power of machine learning and data analytics,the company is able to gain a competitive advantage in the market and stay ahead of

63、evolving customer needs and preferences.Retail marketers prioritize incrementality testing over customer onboarding“Incrementality testing has been a game-changer for our marketing team.By testing the effectiveness ofour campaigns on customer behavior,were able to optimize our marketing spend and ma

64、ximize ROI.Itsnot always easy,but the insights we gain are invaluable.”-Kristin Smith,Director of Marketing at Warby Parker 7It was surprising to find that 64%of retailers surveyed prioritize incrementality testing,even above customer onboarding,highlighting the significance of measuring new custome

65、r success.Incrementality testing has emerged as a go-to approach to quantify the effectiveness of campaigns and initiatives,optimizing marketing spend by distinguishing between organic and incremental sales.Our research shows that implementing incrementality testing in retail marketing can lead to i

66、mproved marketing performance and cost-efficiency.At the core of incrementality testing lies the concept of counterfactual analysis,involving the comparison of observed outcomes with an estimate of the results that would have occurred in the absence of a specific marketing intervention.By using rand

67、omized control trials(RCTs),marketers can more accurately evaluate the impact of their campaigns by creating ideal experimental conditions and comparing target groups to control groups.However,third-party data and predictive scoring ranked quite low,pointing to a potential growth opportunity for bus

68、inesses not using these tools.16Table 8:New Customer Data CollectedIn 2020,Dollar Shave Club used incrementality testing to measure the true incremental impact of their Facebook and Instagram campaigns on their customer acquisition efforts.By randomly assigning customers to a treatment group(who wer

69、e shown ads)and a control group(who were not shown ads),they were able to measure the true incremental lift of their campaigns on sales.The results showed that Dollar Shave Clubs Facebook and Instagram campaigns had a significant impact on sales,driving a 5.5%increase in incremental lift and a 2.2x

70、return on ad spend.Using these insights,Dollar Shave Club was able to optimize their targeting strategies and allocate their marketing resources more effectively.By avoiding wasted investment in shoppers who were unlikely to convert and creating a more timely and seamless product discovery experienc

71、e for customers,Dollar Shave Club was able to improve the efficiency of their marketing efforts and drive more effective results.8Source:CommerceNext Retailer Data Collection&Satisfaction Survey,March 202317Table 9:Data Set UtilizationUsing predictive analytics,retailers can effectively prioritize i

72、nteractions and anticipate customer behavior,saving time and money.At iconic footwear company,Steve Madden,predictive analytics pinpoint each customers best possible next purchase within their affinity category-an approach that has led to 37%more conversion,22%increased repeat purchases and an impre

73、ssive 87.5%cut in production time.10Predictive scoring and data augmentation can reveal future opportunities“Predictive scoring and data augmentation have become critical components of our marketing strategy.By leveraging machine learning and data analytics,were able to better understand our custome

74、rs preferences and anticipate their needs,which allows us to deliver more personalized experiences and increase customer loyalty.Its a powerful tool that has helped us stay ahead of the competition and drive business growth.”-Sarah Martinez,Director of E-commerce at Sephora 9It surprised us to see t

75、hat the respondents did not widely use predictive scoring and data augmentation with third-party appends to keep pace with shifts in consumer trends and behavior.This suggests that many companies are missing out on valuable insights that could help them stay ahead of fast-paced consumer trends and d

76、rive repeat purchases.The frequency with which retailers monitor and evaluate this data was also surprising.Only a small subset of respondents said they look at predictive scores annually,while the majority assess these metrics either weekly or monthly.More than 50%of respondents failed to take adva

77、ntage of valuable data sets.Source:CommerceNext Retailer Data Collection&Satisfaction Survey,March 202318Retention falls short despite emphasis on lifecycle and purchase history“Its very important to understand the user journey and that means understanding context.Its not just about,I know this pers

78、ons pattern of browsing or purchasing.To really understand whats going on,you need telescopic and microscopic data.”-Mike Fisher,Chief Technology Officer of Etsy 12In terms of customer retention,the focus continues to be on transaction purchase history and frequency.However,(72%)prefer to focus on h

79、istorical purchases as the leading indicator for retention success.While data can be a powerful tool in helping retailers understand their customers,it is not a panacea for all of the challenges that retailers face in building strong,lasting relationships with their customers.Table 10:Behavioral Dat

80、a UsageFor example,J.C.Penney filed for bankruptcy in 2020 after years of declining sales and customer retention rates,despite investing heavily in data analytics and customer insights.Similarly,Nordstrom reported declining customer retention rates in 2019,despite investing in personalization and da

81、ta analytics.Macys has also reported declining customer retention rates in recent years,despite having better access to lifecycle and purchase history data.In the face of declining customer retention rates,Retailers must push beyond passive,transactional data in favor of more experiential,cause-and-

82、effect information gleaned from tracking consumers in both the digital and physical shopping world.Zara has effectively used data augmentation and predictive scoring to optimize its supply chain and efficiently manage inventory.By analyzing large volumes of sales data,Zara can predict which clothing

83、 items will be in high demand and which will not.This allows them to adjust production quickly,reducing inventory waste and ensuring that stores have the items customers most desire.11The company also uses predictive analytics to forecast future fashion trends,enabling them to create new products th

84、at are in high demand.This helps them stay ahead of the competition and maintain their position as a leading fashion retailer.Source:CommerceNext Retailer Data Collection&Satisfaction Survey,March 202319IIIGetting the Most Out of Data Investment20“Data-driven insights give retailers the power to tra

85、nsform customer experiences,turning shopping into a personalized and efficient journey.”-Shelley Bransten,Corporate Vice President of Worldwide Retail and Consumer Goods at Microsoft 13Respondents consistently cited better use of existing data as a missed opportunity for retailers,as leveraging exis

86、ting data can lead to top-and-bottom-line growth.By analyzing POS data,retailers can better understand which items sell best and adjust their assortments accordingly.They can also optimize pricing strategies and inventory levels based on sales data,reducing costs and improving margins.Using customer

87、 care data,such as calls or chats,retailers can identify areas for improvement,such as product descriptions,delivery times,or return policies.This can lead to increased customer satisfaction,loyalty,and lifetime value.Multi-touch identification can also provide a more holistic view of the customer j

88、ourney,allowing retailers to better understand the impact of different touchpoints,such as social media,email campaigns,or in-store experiences,on customer behavior and purchase decisions.Finally,advanced data enrichment,such as predictive scoring or 3rd party appends,can help retailers identify hig

89、h-value customers and personalize their marketing and promotions accordingly.IIIGetting the Most Out of Data InvestmentExisting Data Offers Significant Opportunity for Increased Revenue Table 11:Use of Core DatasetsSource:CommerceNext Retailer Data Collection&Satisfaction Survey,March 202321Segmente

90、d sales data boosts ROI“Retail is an industry in constant change.We are focused on anticipating what our customers want and adapting our offerings and experiences to meet those needs.”-Michelle Gass,CEO of Kohls Corporation 14 62%of companies have adopted strategies for attracting new customers and

91、retaining existing ones and 51%of these firms have incorporated segmented sales reporting,showcasing a significant focus on analyzing the performance and revenue generated from both new and existing clients.Experts believe that a daily assessment of the sales generated from these customer segments i

92、s vital for understanding the organizations overall performance.What was surprising was that only 23%of companies set specific profit targets and that comprehensive P&L analysis rarely used to determine the value of new customers compared to that of existing customers.Despite these limitations,sever

93、al are looking to invest in developing a full ROI analysis of their marketing spend tied to both new and existing customer data.Table 12:New Vs.Existing Customers StrategiesNOBULL Case Studyby BluecoreNOBULLs unique business model featuring limited product releases with no discounts was creating fru

94、stration among their shoppers if their limited products sold out quickly after receiving advertisements.To address this concern,NOBULL and Bluecore developed an email,website and advertising channels strategy in response.They collected back-in-stock sign-ups on its website,used these sign-ups as dat

95、a points to understand which styles should be developed and restocked before sending triggered emails notifying customers it had returned into stock,and efficiently created customized campaigns for both anonymous and known site visitors.NOBULL successfully expanded their product-focused audiences fr

96、om owned channels such as Facebook and Google into paid media such as Facebook and Google,leading to a 92%lift in conversion rates for the program.Source:CommerceNext Retailer Data Collection&Satisfaction Survey,March 202322Privacy compliance is driving up the cost of customer acquisition“P&Gs leade

97、rship has been clear that privacy and data protection are top priorities,and as part of that,we acknowledge that regulatory and industry changes will increase the costs associated with customer acquisition.”-Jon Moeller,Vice Chairman,COO,and CFO,P&G 15Our survey found that 86%of respondents experien

98、ced increased spending to achieve the same acquisition results after Apples iOS 14 update,with almost half(47%)witnessing over 15%growth in expenditure for comparable outcomes.With Apple iOS devices claiming 58.5%of the US smartphone market share in 2021 vs.just 16.9%for Android devices,privacy-enha

99、ncing features like those introduced in iOS 14 have gained significant traction,prompting users to opt-out of third-party tracking with their Apple IDs.This shift has created substantial challenges for platforms such as Meta(formerly Facebook).15Major retailers dependent on targeted advertising are

100、encountering increased financial pressure because of these privacy changes,accompanied by waning effectiveness of paid channels beyond Facebook.Although the precise impact on businesses is yet to be quantified,studies show that 96%of US users opted out of app tracking following the iOS 14.5 update.A

101、dding to the complexity,retail businesses focused on customer acquisition are grappling with reduced returns amid recessionary spending and escalating expenses.The latter not only stems from compliance costs but also the curbs on behavioral data usage,impairing customization of promotional offers.Bu

102、sinesses are turning to generic proposals that yield lower response rates and compromise the precision of messaging.These developments collectively pose challenges for businesses to shrink profit margins and revenues,stirring apprehension among industry leaders as they endeavor to adjust to an incre

103、asingly privacy-oriented consumer landscape.Table 13:Increase In Acquisition Cost(Post iOS 14)Source:CommerceNext Retailer Data Collection&Satisfaction Survey,March 202323It was reported in April 2019 that someone had leaked sensitive customer information from Amazons advertising platform,compromisi

104、ng the effectiveness of their targeted advertising efforts.The leaked data made it difficult for Amazon to accurately measure customer data,resulting in the company being unable to optimize its ad targeting and potentially hindering marketing success and ROI.24The volume of data you face daily is in

105、creasing rapidly.However,by employing the appropriate tools and expertise,you can effectively utilize its potential and leverage it to your advantage.These recommendations may help:Drive acquisition and return on ad spend(ROAS)Utilize data to pinpoint and engage customers with the highest potential

106、for conversion to paid usersAnalyze historical behavior patterns to predict future demand trendsEstablish budget limitations based on previous historical performance milestonesContinuously track and adapt to customer preferences in real-timeFocus on acquiring new customers according to their retenti

107、on and repurchase characteristicsStrengthen analysisInvest in better data analysis tools and processes to help measure the effectiveness of marketing investments in customer retention,purchase frequency,and lifetime value.Leverage existing product catalog data for enhanced recommendationsUtilize SKU

108、-level data(price,stock status,color,etc.)to tie into shopper preferences and alert them of relevant changes.Adopt segmented sales reporting and analysis to guide resource allocation and marketing strategies for new and existing customers.Score,Analyze,Update,RepeatRegularly update rules and strateg

109、ies for personalized customer engagements to effectively adapt to the constantly evolving consumer trends and preferences,ensuring a competitive edge in the market.Invest in predictive scoring and data augmentation tools to better anticipate customer needs and preferences,and to create personalized

110、marketing campaigns.Prioritize and invest in a seamless and personalized customer onboarding experience to enhance customer satisfaction,loyalty,and lifetime value.Build Your BenchFocus on acquiring and retaining talent in data analysis and data science fields,and create extensive training programs

111、to develop and maintain internal expertise.Partner with reputable third-party data analytics firms to fill gaps in in-house expertise.Optimize spendConcentrate on incorporating incrementality testing in marketing campaigns to enhance budget allocation and boost marketing resultsAdjust and ComplyEval

112、uate and adjust your customer acquisition strategies in response to increased privacy regulations like Apples iOS 14 updates,and factor in the increased costs of compliance.A tsunami of data from digital and traditional sources,as well as new insights from innovative technologies,is besetting todays

113、 retail environment and engaging customers at the point of purchase.Getting your arms around it all may seem insurmountable,but with the right tools and talent in place,retailers of all sizes can harness its power.Nows the time to seize the data!HOW RETAILERS CAN SEIZE THE DATA!25SOURCES1 MITSloan M

114、anagement Review,Digital First,Physical Second:Wayfairs Fiona Tan(November 2022)2 F,Target CIO Mike McNamara Reveals The Retailers Roadmap For Digital Transformation(March 2019)3 Walker Sands Communications,The Future of Retail(June 2021)4 Business Insider,Marriotts VP of global design says bigger s

115、tores have an advantage over smaller ones in one key way(February 2019)5 HRDrive,Talent,upskilling gaps threaten enterprise data aspirations(May 2022)6 Blake Morgan,Forbes,Why Data Is The Key To Unlocking Personalized Customer Experiences(June 2019)7 The Seattle Times,Nordstroms financials beat expe

116、ctations,but retailer warns of trouble ahead(November 2019)8 Facebook,Dollar Shave Club drives incremental lift and value with Facebook and Instagram ads(August 2020)9 F,How Sephora Is Using AI And Machine Learning To Drive Growth And Improve The Customer Experience(August 2019)10 Bluecore;How Shopp

117、ers Find Love at First Fit with Steven Madden11 Stephanie Nikolopoulous,;H&M,Zara,Fast Fashion Turn to Artificial Intelligence to Transform the Suppy Chain(November 2022)12 Forbes,Etsys CTO On The Power Of Data,Empathy And Experimentation(June 2017)13 Shelly Bransten,The Official Microsoft Blog,How

118、data and AI are transforming the retail industry(January 2019)14 Lauren Thomas,Khols Newsroom,Kohls CEO on transforming the department store chain into a best-in-class retailer(January 2020)15 The Motley Fool,P&G Q3 2021 Earnings Call Transcript(April 2021)26About CommerceNext CommerceNext is a comm

119、unity,event series and conference for marketers at retail and direct-to-consumer brands.In addition to the annual CommerceNext Ecommerce Growth Show and the esteemed CommerceNexty Awards program,CommerceNext also produces and hosts podcasts,webinars,industry research,an executive dinner series and a

120、n online community.Inc.Magazine named CommerceNext to the Inc.5000 list of fastest-growing private companies in 2022 and also included the CommerceNext Ecommerce Growth Show in their list of the Top 5 e-commerce conferences for 2019/2020.The next CommerceNext summit takes place June 20-21,2023,at th

121、e New York Hilton Midtown.To learn more about CommerceNext,visit .About BluecoreBluecore is a retail marketing platform that enables marketers to turn shopper and product data into revenue-generating campaigns,in minutes.With data built directly into campaign workflows alongside point-and-click pred

122、ictive models,retail marketers can bypass manual processes to trigger any communication and automate the who,what,when,where of every email,mobile,site,and paid media message for each individual shopper.More than 400 brands trust Bluecore to rapidly increase customer retention and drive predictable

123、revenue,including Express,Bass Pro Shops,Lenovo,Steve Madden,Alo Yoga,and Lulu&Georgia.For more information,visit B.AcknowledgementsCommerceNext would like to thank the 109 retailers who took the survey.Another special thanks to Charlie Sayers for his copy writing,and to Chris Hardisty for helping develop the survey and for his expert analysis of the key findings.