Back in 2017, The Economist boldly declared that “The world’s most valuable resource is no longer oil, but data.” As we head into 2020, no one would bat an eyelid at this statement. Big data is now used to address an increasing variety of business problems, from product launches to fraud and compliance.
As retail contact center leaders gear up for the busiest time of the year, big data may be the last thing on their minds. However, effective use of customer data offers a significant competitive advantage. This data, gleaned from social media, web visits, call logs, and other sources, can help you improve customer experience (CX) and maximize the value delivered. For example, retailers can provide personalized offers, reduce customer churn, and handle issues proactively.
Achieving this data-centric approach to CX may sound quixotic. However, the reality is that big data is working in the retail industry, and gleaning insights from how other brands have already put it into practice can start you on your own big data journey.