In a previous blog post, we talked about the redefined consumer journey and how the consumer can now interact with products through not one or two or five, but infinite channels. The tech-savvy Connected Consumer expects personalized and customized product offers.
Consumers these days share a ton of data about themselves. We create around 2.5 quintillion bytes of data everyday. A significant portion of that data is about what we share on our social profiles, what we share with search engines, eCommerce websites etc. In lieu of that data, consumers are expecting more personalized product offerings. A survey by Monetate found that 75 percent of consumers prefer that retailers use their personal data to deliver a more tailored and relevant experience.
In the infinite-channel world, every app and website will be product-aware. Product Awareness is the capability to access rich, deep, and comprehensive product information in real time from the Web, sensors, and smart wearable devices. Just as apps today are location-aware, soon they will also become product-aware.
Consumer-centric commerce has replaced the bygone seller-centric era. Today, consumers expect the perfect product offering to be delivered to them intuitively, no matter where they are.
But, what is the perfect product offering? What are its defining elements? The perfect product offering is when the right product is delivered to the right customer, at the right time, at the right price, at the right place, and through the right channel. Every time.
It means that if you don’t own a car, you will never seen an ad for car wax. On the other hand, if you’ve just bought a high-end photography camera, you will expect to see ads for compatible lenses, cases, and more. It’s all about powerful, intuitive, and personalized shopping experiences that you can trust.
Generating an offer of this nature requires optimal integration of Business Intelligence, Customer Intelligence, and Product Intelligence. Each type of intelligence answers pertinent questions related to solving the business problem.
• Business Intelligence: It provides insights and analytics on the company’s internal data – sales, revenue, etc. How much did we sell this month? What product sold the most in what region? Which products were most profitable? etc.
• Customer Intelligence: It provides a deep understanding of customer behavior and patterns. What is the consumer’s buying history? What parts of my ecommerce website do they browse the most? What are their social media affinities? What are they saying about my products? etc.
• Product Intelligence: Provides insights and analytics on the company’s products, those of their competitors, and how both are presented in the marketplace. Where are my products being sold? Are they in stock? What kind of attributes are being presented for each product? How are my competitors positioning a similar assortment? etc.
Customer Intelligence and Business Intelligence have been the focus for some time now. But, Product Intelligence is a new area of investment. When all these three forms of intelligence come together within a single system, the “perfect product offer” can be realized. IDC predicts that by the end of 2016, Product Intelligence will determine 80 percent of the top 10 eCommerce retailers’ pricing decisions.
The perfect product offer is customized for a person, instance, and time. It will mark the end of irrelevant and unwanted ads. Highly customized and personalized advertising – that’s where we’re headed. By 2020, this will be the norm. But this revolution will not be possible without harnessing the power of Product Intelligence. Read our white paper on the topic and watch this space for more.