Christmas is not just the time of mulled wine, cookie baking and decorated city centers, but also the time when retailers are fighting more than ever and more visibly than ever for each and every customer. A tried and tested remedy, above all others today as well as ten years ago seems to be: discounts. But where is the line drawn between meaningful acquisition (a.k.a. persuasion) strategy and dangerous margin mutilation? We look at what methods are available to you, as a seller, to tip the scales in favor of the first.
In a couple of weeks, we will start the implementation of the next generation of minubo’s data model – providing more clarity and completeness in regards to measure names than ever before.
The challenges for Commerce Intelligence have evolved rapidly in the past years. And so did the minubo data model. Now, we have modernized, streamlined and restructured the model to perfectly cover today's analytical challanges of online and omni-channel brands and retailers. At the same time we are able to make the user experience easier and more intuitive.
When data-driven work is discussed in the media or in specific magazines, the primary focus is on enabling strategic and operational roles in the corporate centers of commerce organizations, but employees who work every day in the stores and deliver the goods to the customer, are not included.
In fact, data-driven decisions are made almost exclusively in the management departments and at the management levels of departments within a commerce organization. The individual employees in the stores generally do not have access to their store data. This means that those employees are neither able to establish data-driven work and decision-making processes, nor can they understand the interdependencies and relationships within their stores and directly monitor or influence the performance of their products – until today!
Omni-Channel, Beacon Technology, Curated Shopping – in almost no other industry is progress moving at such a fast pace as in commerce. However, an elementary building block for success is still missing: a clearly defined system of key figures and KPIs for commerce, which are required for data-driven business optimization, in particular, with the new digital and digitally-supported business models. As a BI provider that specializes in commerce, we often feel this gap – just like Project A, which also faces similar challenges when managing their ventures. That is exactly why we have joined together: to fill this gap with life!
The term "data-driven work" is on everyone's lips. We are confronted with this issue from all sides and we have repeatedly drawn attention to the importance of this strategic orientation within an organization.
The importance of data for business success and company growth is now foremost in many people’s minds. But still, the entrepreneurial practice looks completely different: According to a study by McKinsey in 2016, very few companies profitably exploit the potential and value of their data – although the topic has been around for so long. This study has also shown that data and analytics change the fundamentals of competition in the commercial sector, and that they are essential for business success. And yet, data-driven work has so far only been performed by a few commerce organizations. How can this be if the understanding has already arrived at so many companies?
"Omni-Channel" has grown from an abstract buzzword to a serious development – omni-channel commerce has come to stay! For many commerce organizations, this means they now have to deal in detail with the processes and meaning that this topic brings.
With the arrival of the term omni-channel in the minds of many strategic, but also operational, roles in a commerce organization, there is a growing awareness of the focus on the customer. Especially in the omni-channel context, it is important to understand how your customers behave between, and within, the various channels, to offer them an intensive and individual shopping experience across the channels. However, companies often do not have the option to visualize this Omni-Channel Customer Journey in any way – the information required for this is contained in separate data silos and is not freely accessible per se.
But the ability to acquire this image becomes a turning point when it comes to being able to fully unlock your existing customers' purchasing potential. So far, however, there has been no solution that models the customer's journey across all touchpoints and thus across all channels. For commerce organizations, it is still difficult, in this age of omni-channel, to take advantage of the dynamics between the individual channels.
This is a guest blog post contributed by our partner DataVirtuality.
Big data is the key to success. While big data is not a new topic to talk about, many companies just start realizing its full potential and improving their data integration and analysis.
This is how you can beat your competitors by speeding up and serving customers and future customers according to their needs. You should transform your big data into smart data. And we will show you how.
Yes, the new year has long been getting busy again, but still, we want to take a look at the previous year und share the major facts and numbers of 2016 with you. But we do not want to do this in the form of a traditional year-end reporting or packed in a simple blog post with incomprehensible numbers and diagrams. For our 2016 annual review, we’ve decided to use another form of presentation – we've combined all major facts and numbers within this infographic.
You can expect a great mixture of internal company information and data regarding the minubo customers. Thereby, questions will be answered like in which industries our customers operate and from which countries they come from. Furthermore, the infographic contains technical data regarding the minubo Analytics & Insights App and a glimpse behind the scenes of our company. But at the forefront we present the performance-based figures of the minubo customers – average growth rate, average mobile impact on revenue and the average campaign ROI.
But see for yourself!
One can now say with a clear conscience that decision-makers in commerce organizations know exactly how important their own data is: Only those who use their data correctly can manage their own commerce organization and reach their growth targets.
This is exactly what Business Intelligence does. The basis for this is a data warehouse, in which data from the systems used in the company are merged and modeled. However, as with many applications in the software industry, most commerce organizations also ask themselves: "Buy or do-it-yourself?"
The customer is king – this is general knowledge in the commerce world. But simply knowing about that is not enough to actually meet the needs and requirements of the customers. To cope with the demands of today’s customers, the task of establishing a personalized communication is of top priority – this is the only way customers truly feel treated like kings. To achieve that, it’s key to establish a conclusive and effective customer segmentation.