The eCommerce industry in the country has witnessed a boom in recent years. According to an analysisÂ by the India Brand Equity Foundation (IBEF), the eCommerce industry in India is expected to become the second largest in the world by 2034. Due to such growth, marketers constantly find themselves trying to develop new strategies and techniques to stay ahead of competition.
One effective way to do so is by catering to individual customer needs in a more personalized, timely, and relevant manner. Hence, it becomes necessary to have a thorough understanding of your customers â€“ who they are and how they respond to your brand. This becomes possible by adopting a unified customer view strategy.
A unified customer view, also known as a â€˜360-degreeâ€™- or â€˜single customerâ€™ view, involves consolidating data for a customer. This includes various details about the customer, right from demographic details to purchase history to interaction with the website, and more. Bringing together data from a number of different touch points in one place helps e-commerce businesses to have accurate insights about the customer. This information may then be used to create marketing campaigns that maximize every customerâ€™s lifetime value.
Benefits of having a unified view
Having a unified view of customers plays a pivotal role in transforming business growth. It is a powerful method of achieving your end goal of customer satisfaction. Following are the six major benefits of having a single customer view.
1. Gives 360-degree view of customers
Having a unified view of customers helps you obtain relevant information about them. You become aware of their browsing behavioral patterns, which products they add to their cart and which they abandon, among others. You may also collectÂ their demographic detailsâ€“ their gender, age, and location. Through cookies, you may identify the device that they use to browse your store, either through mobile, tablet, or desktop.
2. Enhanced customer shopping experience
With the available information in hand, you may understand the customerâ€™s preferences, which include their likes and dislikes. You may, therefore, create effective marketing campaigns that offer personalization. This helps enhance their shopping experience.
3. Improved productivity
Having a unified view of customers can help in improved productivity of the business. Due to consolidated data, you may identify key areas of improvement, and may work towards increasing overall productivity.
4. Ability to act quickly
Unified view of customers provides real-time visibility to your e-commerce business. You may, therefore, make quick data-driven decisions andÂ take action as and when required.
5. Real-time access of information
Information about customers is generally stored in a single database. This allows teams in different locations to access information on a real-time basis. Your business may, therefore, have the data when needed, andÂ make decisions based on this.
6. Personalized recommendations to customers
A 360-degree view helps your business to understand what its customer base is buying and from where. It also helps in identifying what prices and promotions the customers are receiving. You may, therefore, create effective loyalty programs, and Â offer personalized recommendations to your customers. This in turn, will help in more effective and engaging customer experiences.
Having a unified view helps in sending the right marketing messages at the right time to your customers. This helps in maximizing revenue, thereby transforming business growth.
The world of retail continues to grow at an incredible rate. Ecommerce businesses need to develop strategies to stay ahead of the competition. Having a unified view of customers is a perfect way for Ecommerce businesses to address theirÂ needs and enhance their shopping experience.Â A unified customer view leads to improved overall customer lifetime value, which is the key to sustainable profit and business growth.
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