Have you lost touch with your customer?

In the retail sector alone more than 40 well known brands in the US filed for bankruptcy in 2020. Others continue to struggle as droves of consumers. Pre Pandemic if you ordered groceries you could expect them within 48 hours, now some supermarkets have over a week delay in delivery.

Poor digital experiences have resulted in customer frustration and brand abandonment. The CMO Council found that consumers are getting so frustrated with brands that 73% are considering spending their dollars elsewhere. McKinsey says consumers are switching brands at unprecedented rates, with competitors only a click away in a digital environment.

However as a report by the CMO council describes, retailers need to make better us of their data to predict  the digital footprint of their customers, stock shortage, to predicting customer behaviours.

Have you lost touch with your customer?

Do you have the data to understand your customer?

"More so than other industries, retailers need to know their customers through the lens of data. Human intuition alone no longer suffices." Do you make intuitive hunches about what customers will do next?

Who is doing it well?

For example, Nike enjoyed 70% year-over-year growth in its digital channels, thanks in part to data insights.
The athletic apparel giant learned that consumers wanted to lose weight and be more active during COVID-19. Nike capitalized on the trend by using data insights to craft the right messages and send the right products to consumers.

Steps for being more data savvy and understanding your customers.

1. Start with showing the value of leveraging customer data, such as tracking customer browsing behavior and serving up product recommendations.

2. Unify your data so you get a total picture of your customer's interaction with your brand. This means all data.

3. Use the data to create special points of understanding and suggestion for your customers, showing that you understand their needs.