Recently, an Oracle study was release that underscored how retailers are leaving real dollars on the table by not effectively use big data correctly. Oracle surveyed 333 C-level executives from U.S. and Canadian enterprises spanning 11 industries to determine the pain points they face regarding managing the deluge of data coming into their organizations and how well they are able to use information to drive profit and growth. The report found that retailers were losing upwards of 10% of their total revenue. For a typical retailer with $500M (US) in sales, this amounts to $50M. The Oracle study found that only 17 percent of retailers rated themselves as having a 360-degree insight into their customers through data gathered across multiple channels. SOURCE: Oracle
So how can retailers use mobile, big data, permission, mobility and engagement to get a 360-degree view of consumers and increase revenue? Lisa Ciangiulli, mobile marketing expert from Optism, provides 3 recommendations on how retailers can effectively leverage mobile to combat showrooming and increase revenue.
- Mobility Element: on the sales floor
- Permission Element: asking for opt-ins
- Engagement Element: examples of persuasive engagement
Read Lisa’s 360-Degree View of the Consumer Is Going To Require Retailers to Do a 180 by using Mobile over at the Optism blog.