What's the value of data for a business like yours? Can you share some examples or main areas where it is showing some sparkle already?
A lot! In fact, during the pandemic we have accentuated its use. We have been using data and analytics for planned promotions, enhancing customer-centric experiences, checking buyer hypotheses, validating marketing strategies and activities, enhancing conversions and segmentation, and much more. A small example-when a customer comes to buy a chain, s/he would, sooner or later, pick a pendant too. Now we can get closer to understanding the time window between shopping for a chain and for a pendant. We can also use real-time survey-based behavior analysis of online shoppers. Data is all-pervasive now.
A customer wants to buy but does not want to be sold- as someone rightly noted. How do you walk this fine line of balance in your business?
That's true. And we use insights to make our approach intuitive and not intrusive. For instance, we know that some customers prefer certain sales personnel. So when it comes to wishing these customers on their special occasions, we make sure that a specific salesperson makes the call. Another example is the time when we launched some discount coupons. We experimented on two modes. The first approach was when we start with the coupon as the main lead. The second one was when we showed product recommendations and then slipped in the coupon as an incidental. To our surprise, the second format showed a higher response.
Do use deploy Al etc. in design areas or for personalization?
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