Employ Big Data to Make the Holiday Retail Season Merry and Bright
While competitive pricing is an effective means of combatting showrooming, not every brick-and-mortar store owner can afford to match e-commerce price models. According to research published in the Harvard Business Review blog, personalization can deliver five times to eight times the return on investment and create a sales lift of 10 percent or higher, and it's a great alternative to price matching. Retailers can create a personalized experience by using geo-location data and mobile technology to push special offers to shoppers near a particular store or by offering an exclusive discount (e.g., a military discount). Tailored messaging that offers discounts based on purchase history, shopping preferences and other existing customer data can also be very effective.
- Companies:
- Harvard Business Review
- People:
- Nielsen
As the CEO of SheerID, Inc., Jake has advanced the company to its position as the proven leader and pioneer of identity marketing, a new form of personalization to help brands connect with consumer communities like students, teachers, and the military. He spends much of his time and energy on the strategic direction, growth, and development of SheerID. When he is not concentrating on channel expansion, strategic partnerships, and product strategy, Jake is consistently pushing to achieve company milestones ahead of time and under budget.
