“Companies have more data at their fingertips than ever, so why do online shoppers remain such a mystery? The solution begins with bringing all the information together to form a meaningful picture of the consumer.”
With so much data now available, companies are struggling to figure out how to use the information effectively to improve their customer experience. It’s on-site, but in different silos or different formats, or it rests with a third party. How do you bring this together to really understand your shopper and have enough insight to be relevant to them at the right time? New technology enables retailers to create a “Shopper Genome”, bringing together a wide range of information, all tied to individual shoppers: purchase history, channel preferences, medium preferences, demographic, price sensitivity, product preferences, life-stage, etc.
Author: McKinsey & Company