In retail, the competitive landscape is no longer two dimensional: online vs. offline. In order to be successful, companies have to be prepared to meet their customers where they are: online or offline. Companies such as Amazon.com Inc. and Walmart Inc. have already moved aggressively toward building omnichannel retail networks.
“However, just moving to an omnichannel distribution strategy is not enough,” says Michael Schoen, vice president of marketing services at Neustar, a customer intelligence and identity management provider. “Consumers’ expectations and buying behaviors are changing and, more than ever, today’s shoppers demand a convenient, personalized shopping experience.” And if they don’t find it with one retailer, Schoen says they will quickly move on to the next—forcing many retailers to shift their marketing and data strategies toward an omnichannel approach.
Part of that shift, Schoen says, is using what they already know about their existing core customers to influence their marketing decisions. Retailers looking to successfully leverage their own proprietary customer records require…
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