Speaking at the Retail Congress Africa in Cape Town recently, James House CEO of 5one, a global retail consultancy purchased by MasterCard in 2014, discussed how the evolving retail environment is changing the way retailers must engage with their customers.
Customers are no longer relying on just one channel when making a purchase and this creates new opportunities and challenges for retailers. According to House, while 90% of retail is still done in store, mobile devices are involved in up to 80% of shopping decisions.
Retailers must therefore seriously consider their omni-channel strategy, looking at how they can connect with customers across all channels.
MasterCard envisions a future where retailers are able to track customers across all channels using omni-channel and big data technology. This will enable the retailer to become increasingly strategic in offering consumers dedicated deals and incentives.
With the new trend of omni-channel retailing MasterCard say they have the ability to support the retailer across all channels, including online, in store, and on mobile devices.
Moreover MasterCard also believes they have the power to provide retailers with powerful data insights into their customer base, providing a deeper understanding of not just what the customer buys in store, but of their entire shopping profile. This enables retailers to better segment and target their customers, creating a future of uniquely targeted deals, coupons and promotions based on a customer’s history and preferences.