“Walmart, The Home Depot and Macy’s fiscal Q4 2016 earnings painted a mixed picture Tuesday, but they all highlight one common theme: Physical stores are still important, and online sales and digital strategies are key to bringing traffic and sales to stores.”
That’s the opening sentence from an article in eMarketer last week. We agree.
Much of Teradata’s recent announcements around our Customer Journey capabilities and vision highlight how important it is to make the connection between your customers’ online interactions and the rest of their engagements with your brand. But all too often, different groups hold their “relevant” data in disparate sources.
Fortunately, over the past few years we’ve seen more of these disparate data sources being fed into corporate data lakes, where connections can be made across corporate siloes and channels. At the same time, Teradata has significantly improved the ability of business users to visually analyze multi-channel paths and patterns to better understand how customers flow across various channels.
If you are trying to figure out what is – and isn’t – working in your efforts to drive physical store sales through digital engagements, here are a few steps to follow.
1) Integrate data from multiple sources in your data lake. We have experience in hundreds of data lake deployments, so we are happy to help. We have a variety of techniques to help you match customers across channels, depending on how good of a job you are already doing to identify your customers.
2) Apply our Path Analysis Guided Analytics Interface to that data. This makes it easy to see which paths are and are not leading to revenue. No more guessing whether all those Twitter clicks are driving customers with open wallets to your stores.
The Path Analysis Guided Analytics Interface makes it easy to recognize which digital strategies are driving physical store sales.
3) Adjust accordingly. There are many different strategies you can apply based on the results you see. Perhaps you identify one path or a handful of paths that begin online and turn into substantial in-store revenue – then maybe you want to shift investments from other digital strategies to the strategies that support those successful paths. Or perhaps you identify a new path that seems to show promise, so you will increase investment there for a quarter to see whether it pays off. Or maybe the data shows that it’s time to invest in new paths.
Digital engagements will likely drive in-store activity for years. The retailers who survive and thrive will be the ones who figure out how to make these channels work together.
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