In 2015, we live in a world powered by data insights. The conventional wisdom that “what is measured can be improved” now extends to almost every aspect of certain businesses, and within that group, the ecommerce model is one of the most tied to this significant resource.
The multichannel paradigm and the quest for unified data.
Measuring the conversions going through a single channel in the digital age has the potential to create an incomplete picture, one that ignores the modern tendency for customers to switch between channels while still expecting a unified branded experience. In order to effectively handle and fine tune branding across channels and live up to this expectation, there has been a movement to unify historically disparate data into centralized, rather than siloed suites for analysis. Those who are able to convert this big data into usable information will be poised to win the race to greater and greater levels of personalization, which, due to the difficulty of scaling on a massive level, is one of the top areas where digital brands are racing to evolve.
Marketers have more data than ever, but still crave more.
Data is already coming in from more channels than ever, and as marketers realize the potential this creates, the desire for more comprehensive data has only been increasing. In fact, according to a recent study released by Infogroup, 53% of marketers crave more data, while only 10% believe that they have too much coming from their customers. In addition, the study revealed that the majority of surveyed companies, around two thirds, are actively engaged in building their array of data driven marketing solutions, and out of those companies, 47% have already seen a positive return o their data investments.
It’s not necessarily about the amount of data, rather the quality of the data.
It’s important to note the distinction between a large amount of data that is organized in such a way as to allow for tracking of prospects across channels, enabling scaleable targeted marketing, and vast silos of data that do not necessarily inform each other.
Photo Credit: Neerav Bhatt