German retailers are looking forward to Black Friday on November 25th and Cyber Monday on November 28th because they want to increase their sales and start their Christmas business successfully. It will be a tougher business for retailers this year given the rising cost of living and economic uncertainty.
Studies like ECC Cologne’s Trend Check Handel and Salesforce show that German consumers won’t spend much of their money despite discount battles in the two days or even the entire week starting November 25th. According to the results, consumers are more willing to compare offers and prices than in previous years. This means more competition than ever before, and the retailer that understands its customers’ wants, behaviors, and needs will win.
Rob Saker, Regional Vice President of Industry Solutions at Databricks, advises retailers to seize the opportunity presented by digital transformation and the frequent trend of online shopping: “Given the current challenges that retailers face, they should focus primarily on building a solid foundation for more data, analytics and artificial intelligence. Retailers can gain a competitive advantage by developing a deep understanding of their customers’ needs and using that to suggest highly relevant products to shoppers This allows retailers to build lasting relationships with their customers that translate into greater brand preference, higher profit margins, and higher repeat purchases It will make for seamless and personalized experiences Customers are very engaged this winter, especially as many are becoming more selective in their spending.The future of shopping is one in which retailers use data and artificial intelligence in innovative ways to reach new customers, retain existing ones, and not only survive but even buck the trend during These are bad times.
One of the biggest challenges in enabling this level of customization is speed. Retailers must start improving the speed at which decisions are made. The longer a retailer waits to use the data, the less important the data is for decision making. Retailers are exploiting a variety of data sources to drive personalization. Retailers are responding by providing real-time data from point-of-sale, mobile applications, advertising, and customer engagement to get a holistic picture of their customers. They bring this data together in real time to uncover better customer insights and turn it into highly accurate recommendations that drive revenue growth. They do so in a manner that takes close attention to protecting customers’ privacy.
To improve customer experience with the help of data, it should retailers Invest in integrating a variety of transactional and customer engagement systems in real time and leverage that data for smarter segmentation and personalization, even using it to generate operational insights for promotions, assortment and advertising. Real-time data flow is at the heart of this transformation, as organizations seek to reduce the time it takes to respond to needs and act on that information. Databricks’ Lakehouse for Retail brings together disparate real-time data sources, paired with data processing and AI capabilities, and surrounds them with an ecosystem of retail-specific solution partners and accelerators. Retailers can harness the full power of all their data and make powerful decisions in real time to prepare for a challenging holiday season and the current cost of living.”