Can AI & Data Win 2023 For You?
Rob Neumann
Solving complex problems for B2B, D2C and B2C through Digital Transformation
The most challenging yet growth generating B2X strategy to win in 2023 and beyond is to use the customer data already on hand to successfully keep and grow with the customer along with AI as a tactical approach.
“The key is to be analytical and fully realize what the data is telling you,” Rob Neumann, Chief Digital Officer at CSS Commerce says, “We need to gleam all the data, make sure we’re asking the right questions, collecting the answers in such a way that we, not only meet, but anticipate the buyers’ needs.?And we can do that with AI.”
Let’s look at three key data drivers:
·?????CX and Personalization
·?????Customer Analytics and Predictive Insights
·?????Single Customer Analysis
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CX and Personalization
Starting off with the lowest hanging fruit, you can easily improve your B2B buyer experience by personalizing with data the customer has already provided. These can include past purchases, complementary and trending products.?Add to this industry expansion trends and you can help expand your customers’ base.?For a plumbing supply company, for example, besides the tools of the trade, showcase new intelligent design water conservation sensors.?
Personalizing the cart experience is also key to making the buying experience a breeze.?This means allowing for not only credit card purchases, but POs, group buyer teams, and expanded cart saves.
Customer Analytics and Predictive Insights
Understanding your customer with accurate comprehensive data will help build loyalty and retention.?We all know that we do business with people and companies we like.?How do we grow to like them more??By getting to know them better, to the point that you can anticipate their needs.?Your understanding of your industry should also translate to products in inventory, seasonality, product innovation.?The data you collect from customers as they are buying from you should help you predict buying behavior.?Just as predictive search anticipates with AI, your data should also help you anticipate your customers’ growth, direction and possible sales opportunities.??
Single Customer View
By unifying customer data into an effective view, you are better able to engage and analyze.?Following the 80/20 rule, 20% of your customers make up 80% of your revenue. Start to make an indent by analyzing the data you have on that second tier of customers.?Who are they, what are they buying, how are they buying, timing – there’s a trove of information you already have to grow their business.?With an eCommerce platform that is enabled to produce rich reporting from the data being collected, your Sales and Marketing, Supply Chain and Logistics departments all benefit from getting the data in way that can be fully understood and maximized.??
For a one-on-one assessment, contact me directly - Rob Neumann
As the USA’s leading B2X software integrators, we tie all your software together to unleash its true value and potential in eCommerce through omnichannel integrations, better product searches, real time supply chain visibility and more. Visit us at www.csscommerce.com! ??
Bringing innovative Pay solutions to the restaurant industry
2 年Hey Rob Neumann - hope you are well and we should catch up - couldn't agree with you more regarding the value of needing to have your data at the individual customer to truly get a real-time picture to Personalize the Customer Journey. So much so I left being a CXO for startups where you and I both originally connected and founded a SaaS company to actually deliver the system to tie all of the first, last and everything in the middle customer journey data using each customer's own 1st party data. With my 30+ years of experience, it was clear that no one was providing the ability to provide FFROAS - Full Funnel Revenue Attribution at the individual customer or consumer level. And even if they could do 1 part or several, the cost to implement and maintain totally outweighs the benefit. The platform we have built is Click360 and we solve personalization and go one step further - identifying individual buyer intent at scale. Gregg London would be happy to connect with you to discuss if you're interested.
U.P.C. Data for Regulations, Compliance, and GS1 2D Initiatives - Supply Chain Consultant - Grocery Pragmatist - Magician - Rabbi
2 年I see quite a bit - of late - written about "personalization". What I don't see, however, is what that actually means. Could it be - an E-Commerce System that tracks what you purchased previously, and suggests - based on Shelf Life and Use Data - that it's time to "buy again"? Or could it be - an E-Commerce System that incorporates a Personal Profile, such that, the System knows NOT to allow the purchase of an Item that contains Gluten, or Peanuts, or is not Kosher? The Achilles Heel, as it were, in most E-Commerce Systems, and other related Grocery Tech, is a lack of Data that would power - at the very least - the latter scenario above. When that changes, when E-Commerce Systems incorporate fully attributed Product Data, then, and only then, will Systems truly be "personalized", and reflective of their Customer Base.