Apropos of the turn of the year, it is, as always, time to bring out the crystal ball and take a look into the future. Scenarios, changes, trends - what will happen in 2019? Everyone agrees on one development: Once again, this year will be characterized by data. Therefore, it is probably not a big surprise for many that this year's study "eCommerce Trends 2019" focuses on Business Intelligence (BI).
It's that time again! The next workshop of the Commerce Reporting Standard Initiative is just around the corner. This workshop focuses on the "Onsite Customer Journey Index", developed by project partner Akanoo.
The topic customer journey is omnipresent at the moment and every company talks about it. Nevertheless: For many commerce organizations it is still very difficult to make customer journeys measurable and controllable and thus to make data-driven decisions to optimize customer journeys.
As a specialist in onsite marketing intelligence, Akanoo has recognized this challenge and attempted to define workable KPIs to make customer journeys tangible and manageable – the result: The Onsite Customer Journey Index was developed.
This Onsite Customer Journey Index will be discussed at the next CRS workshop. In addition to questions on model premises, calculations and terminology, the focus is also on how the model can be used for strategic and operational applications.
The Commerce Reporting Standard Initiative has set itself the task of enabling brands and retail companies to build a data-driven organizational structure. After all, hardly any retail company has a clearly defined system of key figures on the basis of which a sustainable reporting and analytics infrastructure can be built and ultimately a data-driven work culture can be established – this empty space is exactly what the initiative with their partner Project A focuses on and wants to fill with a Commerce Reporting Standard.
In her talk at the TrendArena at this year's Internet World Expo, Anne Golombek, VP Marketing at minubo and initiator of the Commerce Reporting Standard Initiative, commented on why a data-driven organizational structure is an absolute must, especially in today's competitive environment within the retail industry. Her hypothesis: Good trade concepts can be successful even with Amazon in the picture – this applies not only to trade companies that compete directly with Amazon, but also to building a strong market position in general.
Watch her talk here and find out how exactly this might look like and what role the Commerce Reporting Standard plays in this process.
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.