Tips to Automate Digital Path to Purchase
Daily downstream data, social listening, sentiment analysis, crowdsourced local intelligence, website traffic, hyper-local digital advertising – it’s all coming together to paint a picture of the individual consumer. Thus, consumer goods executives have a new mantra: “Thou shalt collect, analyze and act on a confluence of data.”
During a recent web seminar, titled “Automating the Digital Path to Purchase”, Lora Cecere, founder, Supply Chain Insights, and Michael Quinn, general manager of Business Development and Innovation, Retail Solutions Inc. (RSi) discussed this new marketing paradigm and business imperative: Digital listening, digital acting and business automation.
Together, they examined the industry shifts that are shaping how companies:
• Define customer-centric marketing programs
• Impact the supply chain
• Dictate a personalized in-store experience for the modern consumer
“We have the opportunity to have consumer-centric value chains in a way we’ve never had before, but yet I see people investing in the same old technologies, investing in the same implementation of processes as they looked at 10 years ago,” said Lora Cecere in her opening comments. “I am hoping this webinar helps people rethink the evolution [of downstream data] — where we’re at now and where we could be.”
“We’re spending $13 billion today on digital advertising,” added RSi's Michael Quinn. “The goal of that is to stimulate sales. We have great demand signals, we have great vehicles, but they are in siloes, they are not integrated, they are not being brought together to help us build our businesses. We believe that’s one of the most important things that we can work on as leaders in this space.”
Key takeaways included:
• 63% of companies have a digital path to purchase initiative. But what is it? The digital path to purchase spans four moments of truth – from the shopping list to the shopping basket to check out and the usage of sentiment data, ratings and reviews.
• Omnichannel is redefining the shopper experience – and along with that – the role of every player in the value chain. Power has shifted to the shopper, which is enhanced by the evolution of digital technology. Build processes outside-in to embrace test and learn strategies.
• Consumer goods suppliers can’t broad-brush markets anymore – the conventional retailer wants the ability to have unique assortments based upon demographics and use digital technology to customize that experience and drive excitement.
• Customer-centric merchandising requires the ability to drive custom programs throughout the entire value chain – and to use digital signals to reduce demand latency and improve the opportunity to sense and execute those programs. With that, suppliers must rethink the synchronization of manufacturing plants to external signals.
• Internal siloes need to break down to allow companies to drive the true meaning of “digital path to purchase”. That requires a holistic, cross-functional approach. And the initiative needs a visionary/innovative leader – not found in traditional IT, marketing or supply chain roles.
• Measurement of ROI is key – and finally possible.
Click here to listen to this webinar on-demand.
During a recent web seminar, titled “Automating the Digital Path to Purchase”, Lora Cecere, founder, Supply Chain Insights, and Michael Quinn, general manager of Business Development and Innovation, Retail Solutions Inc. (RSi) discussed this new marketing paradigm and business imperative: Digital listening, digital acting and business automation.
Together, they examined the industry shifts that are shaping how companies:
• Define customer-centric marketing programs
• Impact the supply chain
• Dictate a personalized in-store experience for the modern consumer
“We have the opportunity to have consumer-centric value chains in a way we’ve never had before, but yet I see people investing in the same old technologies, investing in the same implementation of processes as they looked at 10 years ago,” said Lora Cecere in her opening comments. “I am hoping this webinar helps people rethink the evolution [of downstream data] — where we’re at now and where we could be.”
“We’re spending $13 billion today on digital advertising,” added RSi's Michael Quinn. “The goal of that is to stimulate sales. We have great demand signals, we have great vehicles, but they are in siloes, they are not integrated, they are not being brought together to help us build our businesses. We believe that’s one of the most important things that we can work on as leaders in this space.”
Key takeaways included:
• 63% of companies have a digital path to purchase initiative. But what is it? The digital path to purchase spans four moments of truth – from the shopping list to the shopping basket to check out and the usage of sentiment data, ratings and reviews.
• Omnichannel is redefining the shopper experience – and along with that – the role of every player in the value chain. Power has shifted to the shopper, which is enhanced by the evolution of digital technology. Build processes outside-in to embrace test and learn strategies.
• Consumer goods suppliers can’t broad-brush markets anymore – the conventional retailer wants the ability to have unique assortments based upon demographics and use digital technology to customize that experience and drive excitement.
• Customer-centric merchandising requires the ability to drive custom programs throughout the entire value chain – and to use digital signals to reduce demand latency and improve the opportunity to sense and execute those programs. With that, suppliers must rethink the synchronization of manufacturing plants to external signals.
• Internal siloes need to break down to allow companies to drive the true meaning of “digital path to purchase”. That requires a holistic, cross-functional approach. And the initiative needs a visionary/innovative leader – not found in traditional IT, marketing or supply chain roles.
• Measurement of ROI is key – and finally possible.
Click here to listen to this webinar on-demand.