Master data management to improve customer satisfaction
With the holidays right around the corner, many retailers are working on perfecting the shopping experience. This may provide them with the extra edge they need to woo customers and increase sales during this crucial peak period.
Integrated Solutions for Retailers recently interviewed Terry Redding, vice president of sales and marketing from the CFI Group, about the upcoming holiday season and what merchants can do to truly capitalize on it. Master data management plays a pivotal role in serving customers and streamlining behind-the-scenes eCommerce operations. This data becomes even more important in an omnichannel setting, helping sellers keep track of key elements across all channels simultaneously.
“I think the biggest opportunity for retailers falls within the area of technology,” Redding explained. “In the omnichannel world, retailers need to continue to understand and integrate data – such as making sure there’s a view of inventory and other key elements in the store. The industry, through the use of technology, seems to be embracing omnichannel and getting better about not treating online and offline shopping as two separate divisions.”
Data powers mission-critical tasks
It cannot be overstated how important relevant data is to the success of merchants. Information is vital in every respect, from customer engagement to inventory management, and without accurate, real-time data, merchants will struggle to be proactive in their ability to improve shopping experiences.
For example, if merchants do not have a single view of inventory data across all channels, how can they meaningfully make the most out of their investments? The fact of the matter is that they cannot. Without visibility into inventory across all channels, they cannot make optimal decisions about where they fulfill orders from, how quickly they put in new purchase orders and take other crucial steps to ensure the success of their efforts.
Customer service is another area where data is pivotal. Without real-time insight into customer orders and prior purchases, service agents will not be able to serve customers quickly and adequately, resulting in prolonged interactions that may take several communications until the issue is fully resolved.
Merchants are implementing all sorts of new tools and technology. Whether they deploy new order management systems or upgrade inventory management solutions, it is crucial all of these tools communicate with one another to provide retailers accurate data and greater visibility into operations.