Marketing & CXThought Leadership Insights
Joe Wheeler on Data Monetization & Personalization
September 28, 2023
Joe Wheeler, CEO of CX Digital, highlights the immense value of first-party data collected within retail stores, noting that this data is particularly valuable to brands. Retailers who understand this can leverage digital media channels to create more opportunities for customer engagement and gain deeper insights into customer behavior. By providing customers with more control and choice in their shopping experience, retailers can initiate a cycle of learning and improvement.
Joe points out that while giving customers more control might seem daunting, it ultimately benefits retailers. Increased customer choice leads to better understanding of customer preferences, allowing for more personalized and relevant experiences. This, in turn, raises customer expectations, pushing retailers to compete not only with traditional competitors but also with companies like Amazon and Spotify that excel in personalized customer experiences.
He emphasizes that as customers experience high levels of personalization, such as with Spotify's tailored listening experiences, they will begin to expect the same from retail brands. This shift in expectations means that retailers must continuously enhance their ability to deliver personalized and relevant experiences to meet and exceed customer demands.
In conclusion, Joe underscores the importance of leveraging first-party data and providing customers with greater control over their shopping experiences. By doing so, retailers can gain valuable insights, improve personalization, and stay competitive in an environment where customer expectations constantly evolve.
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Transcript
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Read the Transcript
It's a great opportunity, especially for retailers who understand that, that first-party data, that they are able to collect within the store itself is incredibly valuable to brands. And understanding how they'll create those digital media channels will be a wonderful opportunity to create more adjacencies and create better insight around the customers. The good news is, is once you start to give customers more control and choice in the experience, it could be a little bit scary. But the power of that is that, you learn more about those customers.
And so it's a virtuous cycle. The more you kind of give up control and create more choice, the more you learn, the better you're able to be more personalized and more importantly, that more relevant. It's going to drive up expectations with customers so you don't just compete against, your like retail competitor, you compete against Amazon, you compete against Spotify in some ways from a customer experience standpoint. So when Spotify is able to personalize my listening experience so dramatically, it feels like they know me better than I know myself.
I'm going to start to have the expectations of the retail brands that I care about.
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