5 Things To Know About Analytics in the World of Commerce
LindaMay 12000078DK Visits (6176)
The customer - thanks to advances in technology (digital, social, and mobile) - has become the center of the commerce universe. In order for enterprises to attract and retain customers they must provide access to their product information across multiple channels. The real trick is truly knowing the customer and customizing communication with that customer to their particular needs and wants. That is where the power of analytics comes in.
1. Customer satisfaction is very important
2. Sellers want to provide customers with the best of mom and pop shops
Sellers want to return to the roots of retailing. Fifty years ago everyone shopped at their locally owned stores where the shop owners and their employees knew the shoppers intimately. And more importantly the shop owners and their employees knew what each customer normally bought and what new goods might be of interest. Times changed and the high volume and big box stores brought more variety, lower prices, and other efficiencies to the marketplace. The cost of these benefits was the reduction in personalized service and the personalized attention that the local store provided.
Today sellers are trying to recapture that personalized service to the customer by leveraging technology, data, and analytics. Using these resources the sellers can get to know each individual customer and deliver an exceptional and highly personalized experience.
3. Commerce has four key domains
The IBM Smarter Commerce approach to commerce focuses on four domains, which are:
All of these domains must appeal to and satisfy customer and business partner needs. Competitive advantages comes down to how well the enterprise knows and delights the customer. The hidden ingredient to making this happen is often analytics.
4. IBM has solutions that cover the commerce domains
The IBM Smarter Commerce approach puts the customer at the center of commerce. These solutions help you organize your business operations around the customer, so you can deliver a personalized, highly relevant, and seamless experience across multiple channels in order to increase customer loyalty. IBM Smarter Commerce solutions support the four domains with targeted capabilities.
5. The IBM Smarter Commerce solutions include and integrate with analytics
In many cases the IBM Smarter Commerce solutions have analytics embedded in the solutions. These analytics target particular needs within each of the domains. For example in the market domain the IBM Marketing Center combines digital analytics with real-time marketing execution. You can explore customer behavior by examining (via analytics) an interaction history across web and mobile sites, define customer segments, and then design personalized communications for the customer. Marketing Center makes it possible to better understand your customer and provide them with information and offers that fit their needs.
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LindaMay Patterson is an IBM Redbooks Technical Writer. She works with thought leaders from across IBM to create books, papers, blog posts, and videos.