Despite the recent advance in analytics, the goal of providing a 360 degree view of the customer is still probably a couple of years away, Morgan Giddings, CEO and founder of Piper, told the audience during a panel discussion today at the Mobile Payments Conference – Mobilizing for Retail event in Skokie, Ill.
“It’s interesting to see how customers adopt and what they will opt into,” Giddings said. “You have to ask them [about opting in], and not just in the fine print.”
Jessica Teji, director of client success at Swift IQ, said that to be truly effective, analytics has to come down from the customer level from the retail level. With the low cost that cloud storage offers, merchants have an excellent opportunity to collect and analyze data to make any offers contextually relevant.
“You have a lot of mobile technology to collect data,” Teji said. “You need to unify all of that data to create insights. The transactional data is very rich. It tells you what was purchased and when it was purchased.”
By analyzing such details, merchants can develop offers based on this information that will drive sales.
While the panelists agreed that it’s important not to try to force customers to share data, Cameron Weeks, CEO of Fathom Voice, pointed out that the youngest shoppers are more than willing to share their information. So as these shoppers make up a larger percentage of the consumer base, companies will have an increasing amount of what had been hard to obtain data.