To take full advantage of these robust data streams and mine them for the most accurate and up-to-date insights they can offer, companies need to establish real-time data analytics strategies. In addition to enhancing personalization efforts and improving the overall customer experience, real-time data can help boost business agility, improve campaign performance, increase operational efficiency, and enhance customer understanding. All of these benefits are now necessities — not just nice-to-haves — for businesses hoping to engage customers effectively and grow.
The Power of Real-Time Data
58% of business leaders around the world say they’ve seen marked increases in customer retention as a result of real-time data analytics. -Harvard Business Review Analytic Services
How Real-Time Data Can Boost Business Success
Today’s consumers expect personalized shopping experiences that allow them to move seamlessly from one channel to another. This is especially true in our post-pandemic world, where hybrid services like curbside pickup and buy online, pick up in-store (BOPIS) have become the norm. For retailers in particular, this makes real-time, cross-channel data imperative for effective customer service. In order to engage with consumers effectively at their preferred touchpoints, brands must be able to track their changing contexts 24/7. This requires cross-channel data that’s immediately processed and served, rather than stored in a database for analysis at a later date.