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Authors:
Published by:
Amity Research Centers (2017)
Length:
11 pages
Data source:
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Abstract:
In early 2017, Nielsen, a global performance management company, announced a partnership with RichRelevance, a global leader in omnichannel personalisation. The collaboration created a support platform for the Nielsen Marketing Cloud (NMC). Being a successful mobile customer relationship management (CRM) platform, NMC enabled retail operators to deliver exclusive shopping experience through personalisation strategies. Such strategies were exclusively designed from their past histories of purchases. The retailers were benefited to exploit the power of audience data, analytics and technology. In turn, this created a fruitful engagement of the customers with the help of better focus of contents targeted towards influencing their behaviours in terms of customised purchases. Simultaneously, the collaboration promoted various products to the consumers through regular recommendations, and optimised the search results, so that, consumers could make best choices within their budget. Experts opined that the collaboration brought in several advantages for the mutual consumers of Nielsen and RichRelevance through bringing in a clear knowledge on product considerations. This in turn helped in sustaining brand loyalty in the long run. Thus, shoppers were to use Nielsen Data Management Platform (DMP) and Nielsen cross-device audience data in order to define a planned purchase for consumers based on their tailor-made requirements. Experts opined that, creating an innovative personalisation strategy would create advantages on both the ends, ie the retailers implementing the strategy was to gain from a new customer acquisition as well as integrate retention efforts, while consumers could plan their purchases better. However, such aggressive personalisation strategies had challenges as well. Retailers expanding beyond entry level were to face structural challenges related to data management aspects. Challenges would grow when consumers move to online shopping wherein they expected to make planned purchases with the help of given suggestions from the operators. Whether personalisation could be used in favour of the retailers to a complete extent to track consumer behaviour remained to be a matter of discussion.
Learning objectives:
1. Growing need of omnichannel personalisation. 2. Customer engagement through technology integration. 3. Integrating digital applications in differentiating retail brands.
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