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Markets change – so what? With digitalization, customer behavior is also changing continuously. It is important for companies to anticipate such changes and react to them in as quickly as they can. Steven Bailey, Chief Strategy Officer at AOE, and Steffen Kopmeier, AOE Adobe Practice Lead, discussed the role of data in this context during the Magento Talks on September 8, 2020.
COVID-19 has shown how fast markets can change and how little companies know about their customers. For example, Fraport lost its usual sources of income within a very short time – and was able to adapt quickly to the new conditions by means of home delivery. But, which data do companies actually have at their disposal today – and how can insights be gained from that data?
Data domains of a company:
Often, data silos result from these data domains, i.e. the information is recorded and viewed separately and not linked. Thus, important information is lost. However, it is important to focus on the individual customer and to collect and continuously enrich all available customer data at a central location – naturally in accordance with data protection regulations. Only in this way can a company really get to know its customers and respond to their needs.
In order to gain insights from data, the appropriate tools are necessary, but the data exchange from the mentioned data domains must also be guaranteed so that relevant data arrives at the appropriate tool.
Possibilities of data exchange and centralization:
Possibilities of visualization:
Possibilities for analysis:
If the whole company is designed to exploit digital possibilities in order to act dynamically and in agile fashion, it is possible to react to changes faster and more effectively. This approach is called composable business – here is how retailers can benefit.
Retailers need to be as flexible as possible with their digital commerce solution. This means moving away from questions such as "buy or build" and "B2C or B2B" and instead taking advantage from the best of all worlds.