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White Paper Review By Retail Touchpoints: Altering the Retail CMO

By SiliconIndia   |   Thursday, June 28, 2012
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Bangalore: At RetailTouchpoints perceptive people partnered with Teradata to make an analysis and white paper, discussing the topic of "Transforming the Retail CMO Through Data-Driven Marketing".

"Big data" has been a vital topic for the past couple of years along with mobile and the digital age has caused the development and significance of data to reach chronological levels. With the implementation of online shopping and other eCommerce channels, businesses and marketing departments are stepping up to come up with new strategies to manage and use the new important customer data that is collected through their digital integrations (such as online stores, online ordering, mobile websites, mobile payments, etc).

A quick wrap up and interesting facts of this white paper:

1. Identification of strategies by CMOs helps to utilize data to facilitate them to gain a competitive advantage.

2. 4 V's of Big Data
Volume: Amount of data being worked with.
Variety:Number of sources and data type.
Velocity:Changing Speed (very fast)
Value: Ability of organization to process and leverage machine-derived insights

3. Big Data might assist retailers to enhance margins by 60percent (McKinsey Global Institute)

4. Major challenge lies to make out all the consumer interaction points that collect data and integrate them into a 360 degree view of the consumer.

5. A new mobile web site was launched by Shoe retailer, DSW that now accounts for 7precent of demand and has helped DSW grow from the 5th in market share to 2nd in two years.

6. By collecting and passing data on its customers, DSW is now able to market to its cross-channel customers who are worth 2x the value of a single-channel shopper.

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