Consumers these days are not satisfied with the run-of-the-mill options an e-commerce business can provide for them. Instead, they prefer products that allow them to showcase their personality. Many e-commerce stores are now mimicking the brick & mortar store strategy that started with personalized gift items like phone cases, laptop sleeves, and mugs and providing product personalization options for the things they’re trying to sell.
Consumer needs are have become extremely volatile such that it has become challenging to predict what personalization options they want, as they base their decisions on what’s trending, woke, or hip. But, if you have the right set of tools, such as business intelligence software for analyzing consumer data, then you need not worry.
Business Intelligence software like Skorboard can help you analyze historical consumer data to determine consumer buying patterns. They rely heavily on statistical methods to drive correlations between numerous variables. Correlations like product sales and a particular holiday, what products can be bundled as a package, and what kind of custom products consumers are likely to demand based on trending tweets. This data-driven approach influences varying hypotheses within certain confidence levels to determine actionable ways for product personalization.
Marketing has evolved from flyers and leaflets and has become more sophisticated in the digital realm. Most notably, the multitude of social media platforms available today enables retailers to evoke an emotional response from consumers concisely and subtly. This emotional trigger is essential to product personalization as it is one of the main reasons consumers want this feature. It adds a sense of ownership and adds a reflection of one’s self, like a tattoo. Having the right business intelligence software for targeting such responses is key to product personalization, enabling you to determine your target demographic, market places, and likely emotional triggers required to market your services or products better.
A recent survey by McKinsey revealed that many businesses think that their model for product personalization is on the right track; however they fail to realize that personalization happens throughout the customer journey, from inception to conversion. Considering the shift in personalization due to advances in technology, it has become a viable option to increase revenue by healthy percentages. Hence, it becomes imperative for retailers to incorporate business intelligence software for gaining a competitive edge if they figure out a dynamic product personalization strategy in tune with consumer needs.
The Right Tool Makes All the Difference
Gaining consumer insight requires intelligence coupled with a non-traditional approach to stand out. Skorboard is an excellent business intelligence software for determining consumer tastes and preferences to formulate a data-driven personalization and engagement strategy for enhanced marketing. It shows better results than the traditional SEO and email marketing approach, thereby increasing sales and conversion rates.
About Cloudcafe Technologies
Cloudcafe Technologies is the Enterprise eCommerce and Business Intelligence evolution of Aurora Digital which was established in 1998 by Sanjeev Srivastava. Bringing together talent, creativity, and foresight, Cloudcafe utilizes local and offshore development teams to deliver end-to-end solutions. By leveraging high-end technical consulting, custom software development and our own software, we provide more insight and achieve an all-around better customer experience for our clients.