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Today’s digital age has fostered new and exciting technologies, forcing businesses to adapt their marketing and sales campaign strategies.
In our 2022 Data & Analytics Trends, we asserted that the traditional multichannel approach is moving to a new omnichannel approach, featuring innovative data and analytic approaches enabled by technologies such as the Data Cloud, AI/ML in ELT/ETL and Advanced Analytics, Decision Intelligence, and Data Science. Since 2020, global retail sales have experienced a continuously positive growth trajectory, with 2023 expected to reach $30.3 trillion in sales. This sustained growth demonstrates a critical necessity for today’s retail businesses: a robust omnichannel strategy backed by real-time data collection, analysis, and application.
What is an Omnichannel Strategy?
An omnichannel strategy is defined as a method that creates a seamless experience for customers across all channels through which sales are made. The new customer experience dynamics that technology has enabled, coupled with new data analytics capabilities, have led to a significant shift in priorities for many businesses towards omnichannel positioning both on and offline - and it’s not just for retailers anymore.
This approach allows for ultra-personalized products and services that provide customer-centric experiences, rather than an outdated product-centric focus. Modern technologies also facilitate the implementation of data and analytics strategies, transforming the way businesses previously thought about their customer experience.
How Can Data Impact an Omnichannel Strategy?
Through our research and developed use cases, we’ve observed that the most effective omnichannel strategies have taken advantage of a “data explosion” in the field of business analytics. This data explosion features a combination of AI and Machine Learning modalities that are leveraged to create tailored experiences for increasingly targeted customers.
By collecting data across a variety of channels, businesses can extract more relevant information about the customer journey. Through the combination of advanced analytics and intelligent process automation, businesses can then identify trends in the data to optimize processes and improve services. The result is more personalized products and services while utilizing minimal resources.
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Business Use Cases for Analytics x Omnichannel
Our 2022 Data & Analytics Trends cover three unique use cases where analytics had a positive impact on the omnichannel strategy, ultimately increasing return on investment (ROI) by 27% on all digital campaigns. A modern approach to data and analytics generated new business opportunities that evaluated the business model, identified how to attract new customers, and increase brand loyalty.
Business use cases continue to expand as the market gains a better understanding of the continuously evolving list of benefits omnichannel strategies can offer with accompanying Data & Analytics implementations that help drive results.
Contact us today to learn more about how our customers are implementing data and analytics as the cornerstone to their data-driven omnichannel strategies.
