Xerox study: Offers must be better tailored to consumers
At 91 percent, the vast majority of European retailers surveyed in a study by Xerox and Forrester Consulting believe that the use of big data analytics will lead to stronger customer loyalty within the next two years.
The findings are based on responses from 70 major retailers surveyed by Xerox as part of the wider Big Data in Western Europe Today study. The study analyzes the opportunities that arise when companies incorporate big data strategies into their marketing mix to make more offers available that shoppers want. Due to the growing competition in online and brick-and-mortar retail, more and more retailers are looking at ways to make their business more customer-oriented. According to a study conducted by Forrester Consulting on behalf of Xerox, almost two thirds of retailers (60 percent) are therefore looking for new, customer-centric solutions. In order to focus even more on customers, 43 percent of retailers and retail companies intend to use big data strategies to address customers in a personalized, targeted and real-time manner. Within the next twelve months, 41% of those surveyed will also use the data obtained in this way to improve online shopping.
This is where big data will be used in the future:
The precise observation of customer behavior across different platforms should help to gain a better understanding of customer needs and thus also enable a more precise customer approach. More than half of those surveyed (53%) intend to optimize customer service in the call center by integrating customer data more closely. A similar number (51%) of study participants would like to use big data in the future to provide customers with the same information and offers across all platforms - whether in-store, in the online store or on social networks.
"Retailers and retailers are recognizing the benefits that good data analytics can bring to both the customer and their bottom line," comments Craig Saunders, Director of Analytics Resource Center at Xerox Consulting and Analytics Services. "Big data plays a critical role in providing key insights into the purchasing behavior of each individual consumer. These insights are what ultimately determine whether a company is successful in the marketplace or not."
About the study
Definition: Forrester defines big data as a series of methodologies, processes, architectures and technologies. In addition to special hardware, algorithms and knowledge, these also require processes that go beyond standard data analysis techniques in order to be able to process the large volumes of diverse data and deliver results.
Forrester conducted an online survey of 330 senior business (CEO, HR, finance and marketing) and IT decision-makers in retail, high-tech, industrial and financial services companies in Belgium, France, Germany, the Netherlands and the UK for the study "Big Data in today's Western Europe". The study was completed in January 2015.
The study refers to three groups based on their "data maturity": the "datarati", the "data discoverers" and the "data laggards". The survey participants were categorized into the individual groups based on their level of agreement with certain statements about big data and analysis capabilities.
Xerox is a global provider of business services, technologies and document management.
