Tag: customer data

  • Personalized: Customer Strategy in the Age of AI

    On the final episode of 2024, Natalie is joined by authors Mark Abraham and David Edelman to discuss their new book, Personalized: Customer Strategy in the Age of AI.

    📺 This episode is also available as video, so head over to the new Retail Disrupted channel on YouTube to watch the conversation unfold.

    David, Mark, and Natalie discuss how customer expectations are evolving in this digital era, why businesses often get stuck and don’t go far enough when it comes to personalization, and how generative AI will unlock new real-time personalization opportunities for retailers and brands.

    More on the authors:

    David C. Edelman has a history of personalization work spanning three decades. Today, he is a Senior Lecturer at Harvard Business School, an executive advisor and board member to brands and technology providers, and an advisor to BCG. Forbes has repeatedly named him one of the Top 20 Most Influential Voices in Marketing, and Ad Age has named him a Top 20 Chief Marketing and Technology Officer. Together with Mark, David wrote the 2022 Harvard Business Review article (Customer Experience in the Age of AI) that inspired this book.

    Mark Abraham is a Senior Partner at BCG and the founder of the firm’s Personalization business, which he has built into a global team of more than 1,000 agile marketers, data scientists, engineers, and martech experts. Mark’s teams have accelerated the personalization efforts of over 100 iconic brands (e.g., Starbucks, Home Depot, and Google) and built some of BCG’s largest ventures and AI platforms, including Fabriq for personalization. Mark now leads BCG’s North American Marketing, Sales & Pricing practice.

    About PERSONALIZED

    “In a world where consumers expect more—instantly, seamlessly, and the way they want it—personalization is a strategic imperative.”

    Research shows consumers want personalized experiences. A select few companies are rising to the challenge by building trusted relationships through digital channels. They engage with customers throughout their journey and tailor interactions using AI and technology. Most companies do not personalize well, wasting money and effort. Personalization must be a strategic priority. Personalized outlines the Five Promises companies must fulfill: Empower Me, Know Me, Reach Me, Show Me, and Delight Me. With examples across industries, PERSONALIZED helps executives put personalization at their strategy’s center to accelerate growth and capture their share of the $2 trillion personalization prize.

    Thank you to the Retail Disrupted community for an amazing year! Enjoy the festive break and see you in 2025.

    Find out more about the Retail Disrupted Podcast by visiting retaildisrupted.com

  • Measuring Stores in a Post-Pandemic World

    Measuring Stores in a Post-Pandemic World

    Is bricks & mortar retail facing an existential crisis or a rebirth?

    In a world where shoppers can buy just about anything online and have it delivered the very same or next day, it’s not unreasonable to ask – what is the point of stores? How can stores possibly differentiate when online shopping offers near-infinite assortment, hyper-personalisation and, increasingly, immediacy?

    Over the past 18 months, bricks & mortar stores have been periodically forced to shut their doors and divert their customers to their least profitable channel – e-commerce. Retailers commendably pivoted, and consumers quickly adapted. But what happens next? Will habits learned during lockdown stick, accelerating the demise of the physical store, or will shoppers revert back to their old ways as normalcy resumes? Regardless, the pandemic-induced shift to digital has magnified the urgency for retailers to repurpose the physical space. There will be no return to the status quo.

    So how do retailers balance the need for short-term agility with long-term vision? And, more importantly, what data should retailers be using to measure their success?

    In this virtual debate hosted by Teradata, Mikael Bisgaard-Bohr, Vice President of Teradata EMEA, Clive Humby OBE, Co-founder of dunnhumby and chief architect of Tesco’s Clubcard, and I explore the key traits required as retailers navigate the complexities in this post-pandemic digital era.

    “Historically, stores have measured two things – ‘how much and where’ – but what we need to understand is ‘who and why’,” said Humby. “We have got to stop thinking about just the transaction itself.”

    Major high street retailers like Next believe that stores now face a “fundamental and irreversible disadvantage” to online and like-for-like sales declines will remain the new normal. I tend to agree. In a post-pandemic world, the role of the store will be three-fold – transact, inspire and facilitate online shopping. If the role of the store is no longer purely to sell, then how should we be measuring its success? Going forward, metrics like dwell time, conversion rates, staff satisfaction and percentage of online orders collected/returned instore are going to be a whole lot more meaningful than measuring the inevitable decline in transactions made within a retailer’s four walls.

    Watch the full debate.