Over the last 5 years retail has become almost unrecognizable from the previous 50. Well documented drivers of this change include the recession and the subsequent slow spending recovery, the pervasive adoption of consumerized technologies such as smartphones and the growing consumer comfort with eCommerce. The convergence of these powerful trends has conspired to make the shopping cycle non-linear and discontinuous, creating digitally rich retailing environment where retailers are left vying for the fickle loyalty of a more value conscious, channel-agnostic consumer.
From a business goal perspective, retailers’ growth drivers are straightforward – increase their share of the consumers’ wallet, and improve the mutual value and profitability of long-term customer relationships. It is in this context that the importance of deeper customer insight is underscored. Understanding the customer better than the competition and possessing the ability to accelerate action based on such insight can be the elusive differentiator retailers seek in a hyper-competitive environment.