Single Customer View - A Much Needed Strategy For The Retail Industry To Foster Loyalty?

By Author: EY India
Total Articles: 6
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The retail industry in India is flooded with customer data throughout all segments. Transaction data, loyalty data, CRM data, customer support data, third-party data, partners' and providers' data.

The data is provided via tablets, mobile phones, PCs, POS systems, client service records, social networks, etc. It is stored in a database or many databases in various brands or retailers or in different and siloed operating systems. Or perhaps it's not at all stored. But, although the data collection and alignment procedure may appear deterrent or intensive, it eventually produces one of the crucial assets that a brand or retailer can have: a single consumer view.

What is a Single Customer View?

The single customer view (SCV) is a single truth source. It represents all that a brand or merchant knows about his customers together, consistently and holistically. With a consolidated view of all customer behavior, along with unique identification information, the SCV enables brands and merchants to increase their involvement and create tailored ...
... experiences.

The SCV is a reasonable and accurate basis for customer-based targeting, segmentation, communication and underlines the most effective marketing and loyalty initiatives.

The relevance of the single customer view is consistent with the multi-channel consumer, who interacts in many ways with the business. The new consumer needs to be understood to recognize the crucial position of the single customer view in today's retail operations.

Consumers are Coming in from all the Channels

Each client must be regarded as a multi-channel consumer, with many ways of engaging with a brand – including different shopping and purchasing methods. To deal with a brand's website, mobile app, or POS system in the store, customers engage via various channels.

Single Point of Contact Gets Rid of Confusion

The solution to this disarray is to have a single perspective of customers. With customers' capacity to track and communicate over all channels, companies and merchants will see better service levels, better retention of customers, enhanced conversion rates, and an overall improvement in customer value over their lives. It also leads to more excellent communication and a cooperative approach to customer care between traditionally distinct teams.

How can one achieve a Single Customer View?

Brands and retailers need to take specific actions to generate the same to gain from a single consumer view. Due to the critical data quality and reliability, the first step is to examine what data are gathered and learn about crucial capture sites. Retail brands must ensure that their data, talents, and knowledge are linked to the correct technology and build a strategy for using their customers' vision once they are formed.