Market Retail Science, Not Therapy

Sign up. Shop now. Learn more. One tap or click promises a fast, seamless experience on demand. And while it can look like magic, the best retailers are using cloud-based data services to maintain the speed, agility and flexibility needed to successfully market to their audiences.

 

Cloud: the Final Frontier

While everyone and their smartphone has a cloud, most enterprises are still making the transition. Australia’s key IT segment spending on cloud will increase from 19 percent (2018) to 28 by 2022, predicts leading research company Gartner, Inc. (Gartner 2018).

While Australia lags behind the United States by six years for cloud spending (Gartner 2018), the country is showing growth and spending patterns that point to a significant shift to digital business.

The largest cloud shift prior to 2018 could be seen in application software – primarily driven by customer relationship management (CRM), according to Gartner. Cloud applications and services help give organisations a 360-degree view of the customer, allowing them to further refine their marketing and sales tactics.

 

Digital Marketing Maturing in Australia and New Zealand

With cloud technology and services growing more accessible and affordable, it’s natural to assume every retailer would be harnessing their big data to optimise marketing strategies. New research from the Boston Consulting Group (BCG) and Google shows that mature brands in Australia and New Zealand reported significant benefits to data-driven marketing, averaging 15 percent increases in incremental revenue and 12 percent increases in cost efficiency. But the same study surprisingly revealed that only two percent of brands in Australia and New Zealand are realising the full power of data-driven marketing (Google 2018).

 

BCG categorised over 40 brands across nine industries into four levels of digital marketing maturity: nascent, emerging, connected, and multi-moment. The most mature stage meant that the brands were delivering meaningful and timely marketing to the user at every touchpoint. When multi-moment was achieved, brands were able to unlock new levels of success.

 

Design to Respond, not just React

Today’s customer is completely empowered, challenging retailers to pivot on a dime to provide curated, personal, and relevant brand experiences. With chat bots collecting data on every customer service interaction over social media and browsers gathering notes on everything from screen time to videos watched, brands have access to more information than ever about their customers.

The abundance can be overwhelming. But in a cloud, and with the right infrastructure, this data can be harnessed to futureproof retail enterprises and set marketing campaigns up for repeated success.

New competition in retail that embrace these technologies are poised to set cloud services as the new standard – forcing mid-market retailers to evaluate and modernise their infrastructure to be in a position to innovate, not just play catch up.

 

Develop Retail Super Powers

While retailers may sell a type of therapy, finding, connecting and maintaining a consumer base is a science. But growing a neighbourhood lemonade stand has different needs than a national beverage brand. And with so many new cloud-based technologies and services introduced every other day, the next step is not always obvious.

While learning more about cloud-based services and infrastructure as a necessity, Riley partnered with Google Cloud for an opportunity to do just that. The Retail Super Powers Summit was held in Sydney on 20 November, 2018 and Melbourne on 27 November, 2018 – don’t miss out, check out our Page for Retailers for more.