Data Is King And Long Live The King
The overnight shift in buying behaviours due to the pandemic has bought on a very tangible possibility of becoming a nationwide or even international brand. Understanding these buying behaviours and other key areas of consumer data is, and will remain, key to retailers shifting focus online.
It sounds like the basics but many retailers have no understanding of their data. On the flip side, if you do, it can help with a range of key decisions, from which product ranges to push, to the best time to send an abandoned cart notification, helping to convert a previously indecisive store visitor.
Although you might think ASOS had the foundations to withstand anything the pandemic threw at it, it was faced with a very real challenge. It had always positioned itself as the go-to for party wear. With changing human behaviour, and everyone staying at home on a Friday and Saturday night, ASOS lost its core market instantly. It was able to pivot to casual wear, but only a thorough understanding of data, showing an upsurge in leisurewear sales, ensured this was anything other than a calculated gamble.
ASOS tripled its sales in 2020 despite losing the ability to sell what had been their bread and butter for years.
Only half of your marketing works, and you never know which half…
This old mantra is less true than ever in today’s world. Your data can give you a real insight into where you are best spending your advertising and marketing budgets. Although digital marketing is of course at the core of everything, it is not as cheap as it once was. Retailers need to be shrewd. Understanding what type of consumers click on what, when, is key to squeezing every drop from your ads spend, and planning future campaigns.
Value your consumer...
It costs an awful lot more to reel in a new customer than retain an existing one. Data enables you to build a more personalised experience. It gives you knowledge such as what certain consumers tend to need or want with certain items, and you can work this into on-site recommendations and offers. This type of information is key to making individual consumers feel understood and valued, in a world where they have platforms to express themselves at the drop of a hat.
It is key that all levels of your operation have access to, and the ability to implement data. This can remove delays in decision making that make your data outdated in an ever-evolving marketplace.
Tech solutions enable seamless, instantaneous access and implementation of your data, which is driving a shift in the way decisions are made.
Software exposes brands to real-time, specific answers to specific questions. If you want to know what length of delay in abandoned cart notifications works for a certain consumer profile, you can just ask, and get an answer in moments. This can be utilised to form the basis of a simple, but effective, re-engagement email marketing campaign.
Although it may seem more robotic from the brand’s side, tech makes it easy to ensure a more human feel to a consumer’s experience. This is a scary thought for those concerned with the development of humans as we know them into, well…whatever comes next.