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The results are in for Black Friday and it’s not good - even with potentially large price discounts, consumers still didn’t respond well, with like-for-like sales down 0.5% last month and footfall dropping 5.5% post Black Friday – almost double the decline of the previous year. Lessons from 2017 also proved that cutting prices simply cut margins and profitability, without increasing customer demand.
To achieve lasting, in-depth customer loyalty, retailers must develop keen insights into their customers, understand their behaviors and preferences, and deliver valuable, relevant offers and communications to customers based on those insights. To do that, they need connected customer data.