Gone are the days of consumers using just one device to make a purchase. Instead, we now turn to our phones to browse on the commute, our desktops to compare delivery options at work, and our tablets to hit ‘add to basket’, whilst watching TV in the evening. Thanks to these increasingly omnichannel shopping habits, it’s no longer enough for retailers to be collecting and analysing data in silos, seeing just one part of the consumer picture. Instead, to form a single view of a customer – and be able to offer the most personalised experience based on that view – it is essential that retailers are storing, managing, and using data in the right way, argues Simon Farthing (pictured below), director of global strategy and insights, Monetate, in this piece for RetailTechNews.

A challenge in itself, data control is about to become a lot more significant, when the EU General Data Protection Regulation (GDPR) comes into force on the 25th of May. This leaves little time for retailers to ensure they are not only compliant, but have the necessary processes in place to to utilise the data they need, in order to offer customers true, one-to-one personalisation.

Dubbed the most important change to data privacy practice in 20 years, the GDPR marks a complete overhaul of the way retailers interact with customer information. Designed to harmonise data privacy laws across Europe, it will no longer be good enough to assume shoppers are happy to be targeted with products and promotions, simply because they might have shared data with you in the past.

From now on, retailers must ask for explicit consent to utilise data, must explain exactly why they are asking for that specific piece of information, and outline how they specifically plan to use it. Even after that, consumers will still be able to ask for the ‘right to be forgotten’, leaving retailers no choice but to remove their data from systems.

Let’s get personal

Simon Farthing, Director of Global Strategy & Insights, Monetate

As we continue to see the introduction and rollout of new data regulations – all of which have been created with consumers in mind – it has never been more important that shoppers are seeing the value in handing over their personal information.

When it comes to making a purchase, data translates directly to experience – the more details consumers are willing to share, the better their shopping experience should be. If this isn’t the case, retailers shouldn’t be surprised when consumers activate their right to erase data, sending retailers back to square one.

Only able to present one-size-fits all offerings, retailers will then be quick to lose customers to competitors, all of which are competing heavily on product and price, leaving experience as the only differentiator. It is essential, therefore, that consumers trust who they are giving their information away to, as well as seeing the positive outcomes of doing so.

Making the right recommendations

There are many ways retailers can make the most of customer data – whether it’s tapping into location, purchase history, or device type – each one helping to tailor and enhance the online experience. Product recommendations are one of the easiest and most effective ways for retailers to deliver personalisation and match needs in a specific moment, streamlining the path-to-purchase.

As consumers engage with brands in-store, via apps, and now even through voice-activated devices, offering relevant product recommendations based on an individual’s preferences should play an integral role in a retailer’s wider multi-channel offering. Those not delivering product recommendations are not only missing opportunities to increase Average Order Value (AOV), but also overlooking the chance to offer value to their customers. The more retailers can engage with buyers in a meaningful, personalised way, the better the experience for the shopper.

The reality is that every retailer has more than enough consumer data to make the most of recommendation algorithms, leaving it down to them to invest the data in the best way for them and their customers.

As artificial intelligence (AI) technologies continue to develop, product recommendations will become even more accurate and relevant, reaching a completely new level. With AI, the possibilities are endless in how we can engage our buyers and offer specific, individualised offerings. It is all about connecting technologies and platforms to integrate the data, in order to deliver relevancy.