Entrevista, Inovação
Omnichannel Insights 360, a winning bet in 2024
Truly understand your Customer (Customer 360), which products they are most likely to buy, through which channels, and at what time, with Mind Source's Omnichannel Insights 360.
January 25, 2024
Truly understand your Customer (Customer 360), which products they are most likely to buy, through which channels, and at what time, with Mind Source's Omnichannel Insights 360.
It's undeniable that 2020 was a watershed year and a technological breakthrough for various sectors, a year of great pressure not only on healthcare infrastructure but also on other sectors, and retail was no exception. Some of the customers who are now omnichannel made their first online purchases during the pandemic.
According to Forbes, there is currently no "battle" between physical and online, but rather omnichannel behavior and consumption, representing about 70% of millennials. Brands with a concerted omnichannel strategy show a retention rate of around 89% of their customers, according to the same source.
Currently, consumers seek a frictionless, convenient, and satisfying experience. Therefore, it is extremely important to truly understand the customer, in their 360-degree view, how they interact and relate to a brand at all touchpoints. Only then can we improve the customer experience and satisfaction.
The challenges of integrating data from various channels involve several aspects, ranging from data quality and volume to the ability to select relevant events for later use in predictive models, as well as identity resolution (duplication of customers across multiple data sources and consolidation into a single record).
1/25/24, 12:00 AM
Omnichannel Insights 360, a winning bet in 2024
The path to omnichannel maturity is a long one that requires a concerted strategy across the entire organization, involving all areas: Sales, Marketing, IT, Operations, Logistics, Human Resources, and Finance. All these departments will, at some point, be a point of contact with the customer, whether directly or indirectly, so everyone benefits from knowing the customer from a 360-degree perspective.
It was with this market need in mind that Mind Source developed Omnichannel Insights 360, a SaaS product that allows for easy integration of data (via API) from various channels and access to a set of insights about your customers. This product was developed with business users in mind (Marketing, E-commerce, Omnichannel, CRM), considering that advanced knowledge of business analytics or machine learning is not required to use it. Unlike other market solutions, Omnichannel Insights 360 does not involve the development of a complex or expensive implementation project, as the focus was on developing a seamless, ready-to-use product for large or medium-sized companies.
In the initial product launch phase, we provided a set of dashboards offering an omnichannel view of customers, sales, products, and events, as well as a comprehensive 360-degree view of customers.
In the last quarter of 2023, we released the Customer Segments module, based on the RFM model, with 8 segment types. Segments include various charts and metrics for analysis, whether in terms of channel usage by different segments, most searched or purchased product types, revenue per segment, churn, and segment evolution over time. We also integrated information on Customer Satisfaction (CSAT Score), which can be analyzed by segment and in terms of temporal evolution.
At the beginning of 2024, we will launch a new Machine Learning (ML) module: where we will provide 3 recommendation models (Next Best Offer) regarding the best product, best channel, and best time. At the end of the first quarter, we will also provide a customer churn prediction model. All this information will be integrated into the 360-degree Customer View. Customers who subscribe to Omnichannel Insights 360 thus gain all the information they need to increase the effectiveness of their campaigns and their profitability. By understanding the customer, their current and future needs, we will not only improve the entire customer experience, but also their satisfaction and engagement with the brand.
A practical example of these recommendation models would be, for instance, a retailer in the clothing sector quickly extracting information for a campaign using 2 or 3 filters: selecting the Next Best Offer (NBO) whose products are most likely to be purchased are jeans and boots (+80% likelihood), on the web channel (+75% likelihood), and the best time to receive this campaign is on weekend afternoons (82% likelihood). Then, we can combine other filters such as customer segment, CLV, age, or gender.
We can also analyze the Customer Journey of customer segments in an aggregated way, the patterns in the funnel at each engagement phase, and intervene in the phase of the journey where there is dissatisfaction (CSAT) that can lead to abandonment.
In 2024, we will continue to invest in emerging technologies such as AR and AI, in connectors for various data sources, with the goal of continuing to bring innovation to this sector and contributing to the future of connected retail. Therefore, we challenge clients who are evolving towards an integrated omnichannel strategy to contact us and try a free trial of Omnichannel Insights 360.
Ana Candeias, Product Director at Mind Source
Published in Distribuição Hoje
