For example, QSRs could personalize the menu when the customer opens the app for placing an order. By using a CDP to analyze a customer's purchase history, it will be easy to infer if they are a vegan. Based on this, the most relevant menu items are listed on top of their menu.
Latest innovations include deep learning-based recommendations, where retailers can replicate the rich in-store experience digitally with advanced Visual AI and text/NLP-based personalization in real time, mimicking human-like curation.
4. Data Security And Privacy Compliance
Building trust between the brand and the customer is a business priority. With GDPR and other regulatory requirements around customer data privacy and security becoming mandatory, CDP helps manage known and unknown PII data and consent to comply with these norms.
The laws and regulations surrounding data protection has made first-party, consent-driven data collection more important than ever for companies.
5. Align Demand with Supply
Perhaps the most important, but most retailers are unable to link their CDP to the core of their retail business. They continue to treat this investment as another silo, except for the marketing team. A retail-focused CDP brings together demand-focused data, and combines with customer-centric merchandising and buyer planning.
With machine learning-based algorithms for demand forecasting, assortment planning, store clustering, size pack optimization, product rationalization and discount pricing, retailers can ensure the right availability across all points of sale, including store and digital.
Pandemic or not, the next normal is still taking shape, and like your grown kid who refuses to move out, digital is here to stay with us for the long term. Retailers who invest in CDP technologies will drive differentiated CX across channels, accomplish the delicate balancing act of optimizing for immediate conversions as well as long term customer value.