written by Sarah Heim Content & Marketing Communications
Magento Talk: How today's data will determine the business model of tomorrow
Magento Talk: How today's data will determine the business model of tomorrow
About the author Sarah Heim Sarah Heim Content & Marketing Communications

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?

Magento Talks: The Webinar on September 8, 2020 (in German)

Data domains vs. Data silos

Data domains of a company:

  • Website: Analytics tools can be used to collect data about the users and their behavior on the site.
  • Onlineshop: The shop provides valuable information about customers in the form of transaction data and order data. Data can also be measured using analytics tools, but due to adblockers and restrictions imposed by the new GDPR, deviations from the actual status always occur, i.e. only the store backend provides the exact data.
  • Loyalty Programs: These are often purely offline programs, but they provide valuable insights and their relevance is often not seen by companies.
  • CRM: This data is also of limited use due to the GDPR.

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.

Steffen Kopmeier
Users leave digital traces when they interact with companies. It's important for companies to pick up these digital traces and work with them in order to recognize changes and their impact on their business at an early stage and to react accordingly.
Steffen Kopmeier
Adobe Practice Lead
AOE

Data centralization and Data visualization

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:

  • Via API interfaces, data can be easily exchanged between different tools. Where this possibility is given, it should also be used.
  • Where data transfer via API interfaces is not possible, it can be carried out via export and import.

Possibilities of visualization:

A KPI cockpit offers companies the opportunity to quickly gain insight from existing raw data – automated, in real-time data and accessible to everyone at all times.

Possibilities for analysis:

  • Dashboard, e.g. via Adobe Analytics
  • Business Intelligence, e.g. Magento BI
  • AI and ML (Artificial Intelligence and Machine Learning)