Insights For All: Data-Driven Innovation And The Retail Ecosystem
By Jonathan Cherki, ContentSquare
The benchmark for digital experience is constantly shifting, as a new generation of disruptors compete for uniqueness while simultaneously raising the bar on convenience. As a result, consumers have grown addicted to exceptional online journeys, and developed a low tolerance for sites and apps that don’t help them achieve their digital goals quickly and painlessly.
The good news for retailers is that consumer behavior analytics are rising to meet the digital experience challenge. Teams today can equip themselves with the tools they need to understand why consumers behave the way they do online, and shape their experience development strategy around deep, data-driven insights.
And while some consumer values like seamlessness and time-saving are universal, a one-size-fits-all approach is just not going to cut it. Today’s users want experiences that speak to their personal objectives and immediate circumstances.
Take intent. Understanding consumer intent helps brands gauge whether their platforms are helping consumers achieve their goals — whatever those goals may be. And while sales is one measure of online success, as a unique approach it’s flawed because it removes the option of rating successful experiences that do not result in a purchase.
Trying to sell at all cost to someone seeking inspiration or wanting to build a wish list will only lead to frustration. A smarter method is to anticipate the unique needs of window shoppers or customers who prefer to convert in-store at a later date, so you can also cater to these segments.
Creating a member account, signing up for newsletters, accessing the store locator or simply deepening your connection with a brand by viewing products and inspirational content are all great outcomes of a good digital experience — purchase conversion is not the only KPI worth tracking.
The same is true of context. Device, time of day, acquisition source and Internet speed will all impact digital behavior, and add a layer of definition to a user’s demands and expectations. Developing journeys that remain relevant whatever the context is key to nurturing your audience in the long-run.
This is where smart analytics come in. By zooming in on the nuances of digital behavior, which is essentially responsive and emotional, analytics can add a deep and highly actionable layer of customer understanding to segments.
People tend to make decisions driven by emotions, and then justify them rationally. The word “experience” is itself indissoluble from the idea of feeling.
Up until now, businesses could tell where their users dropped off, but not what caused them to abandon their navigation. Thanks to AI, there is now a way to read the emotions of digital consumers and turn these findings into insights that will guide optimization efforts.
Being able to anticipate the patterns of behavior generated by user emotions can only result in a better connection between brands and their customers.
But what is the point of demystifying consumer behavior if it takes a team of experts and a precious resource like time to translate the findings into recommendations? More good news.
The biggest game-changer for brands is that today’s analytics have come of age in the era of transparency, and some solution developers have understood that the old model of ‘one leader, many executors’ is not as efficient as empowering the entire team.
In the same way that consumers have raised their standards for experience, digital teams have become more demanding with their analytics, and no longer want to depend on data gatekeepers. Thanks to sophisticated attribution models and innovative visualization methods, even non-data analysts can measure the impact of their actions on their company’s overall revenue goals.
AI also is becoming a key player in the experience game, driving speed to insight and helping businesses revolutionize their workflow while setting ever-higher targets for themselves.
Retailers and SaaS companies are disrupting hand in hand, and ultimately, the biggest disruption starts and ends with people. By putting consumers and the teams that create digital paths for them at the heart of innovation, both sectors are pushing the boundaries for experience, and transforming the retail ecosystem as we know it.
Jonathan Cherki is CEO of ContentSquare. Passionate about numbers and statistics, he founded the company in 2012 and has since served as the CEO, growing the company exponentially and promoting the importance of UX to optimize the customer journey. Cherki is committed to change the way companies work by creating a data-driven culture for everyone. ContentSquare helps businesses understand how and why users are behaving on digital platforms, and then uses this information to improve conversion rates and create ideal customer journeys.