A new study by IBM shows consumers are willing to share their personal information with retailers if they get good value in exchange.
The number of consumers willing to share their current location via GPS and those providing their mobile numbers for the purpose of receiving text messages have increased.
While omnichannel retailing – the practice of providing consumers a connected, personalised experience across online, mobile and in-store channels – is the stated goal of nearly every retailer, consumers aren’t asking for it per se. They simply expect to be able to use their technology in all aspects of their life, including how they shop.
Omnichannel requires retailers to combine all customer interaction data – be it from the store, online or a mobile device – with external data from social media, video and sensors. The problem for many retailers is not only combining all this information together to form a consolidated view of a customer, but also reacting to it in a timely manner.
Consumers are expecting retailers to learn from their interaction so recommendations and offers are personalised. Retailers should look to cloud computing to support their omnichannel strategy as it provides retailers the fastest, most efficient way to bring broad sets of data together in a single, secure platform, IBM says.
Retailers should enact a big data and analytics strategy that ensures they use consumer information wisely, gaining their customers’ trust and loyalty by providing value in exchange, it says.