In the present age of information, your business success hinges on your ability to leverage data intelligently. Traditional data systems are inadequate in the face of the data deluge. This is where modern master data management platforms like Reltio step in. This blog explores:
– The growing relevance of MDM for retailers
– Introduction to the Reltio MDM platform
– Best business advantages
Master Data Management in Retail
Picture this: Jane is a tech-savvy shopper and decides to purchase a sleek laptop from her favorite electronics store. Excited about the online promotion, she makes a purchase on the website, only to receive a call later saying the laptop is out of stock. She is frustrated and decides to visit the physical store, hoping to find the gadget there. The store has the laptop in stock, but at a higher price than the online promotion. Confused and disappointed, Jane wonders why the brand can’t get its act together
Now, imagine a different situation. Alan is a sneaker enthusiast and is eagerly waiting for the release of a limited-edition pair from a popular sports brand. He rushes to the brand’s flagship store on the launch day. However, the store has no idea about the new release, and the staff is unaware of any online promotions. Alan leaves the store disappointed, believing the brand doesn’t value his loyalty
If we tie these stories together – we observe that both Jane and Alan experienced frustration due to lack of coordination between different channels – online and offline. This misalignment led to:
– Inventory confusions
– Pricing discrepancies
– Customer dissatisfaction
All these factors will, in turn, hamper brand reputation and hinder the company growth.
How Master Data Management Helps Retail Businesses
Master Data Managements acts as the catalyst for addressing challenges like the ones mentioned above. A modern MDM solution will establish a centralized system that synchronizes inventory data in real-time. It will ensure that your information is consistently updated across all channels. It will prevent situations where customers are misled about product availability. The MDM solution manages master data related to product prices, promotions, and discounts and ensures that pricing remains uniform across all channels. The result? A delighted customer base that feels valued and understood, fostering loyalty and repeat business
Holistic view of customer data is another big advantage of master data management. Retailers often collect customer data from various touchpoints such as online transactions, in-store purchases, loyalty programs, social media interactions, and more. Master data management integrates these disparate data sources, creating a unified dataset that serves as the ‘single source of truth.’ With a 360-degree view, retailers can better understand individual customer behaviors and tailor their engagement strategies.
Transforming Retail Experiences with Reltio
Reltio’s cloud-native master data management platform is designed to seamlessly manage and connect customer data. This means it goes beyond traditional data management, providing retailers with the tools to comprehend their customer base thoroughly. This, further, enables them to derive actionable insights and drive meaningful customer experiences. It goes a step further by creating a comprehensive connected data platform profile. The profile encompasses elements such as customer loyalty, customer engagement metrics, relationship details, transaction records, interactions history, customer preferences, and other relevant data
Some quick benefits of leveraging the Reltio platform:
• Integrate your omnichannel data
The Reltio Connected Data Platform is your solution for consolidating information from various internal sources, third-party subscriptions, public databases, and social platforms. It connects not only customers to products but also ties together locations, family members, channels, and transactions. By employing the many-to-many relationships model approach, the platform enables retailers to capture intricate connections between different data points. This is particularly valuable for customer segmentation.
• Deliver personalized experiences
Machine learning algorithms within the Reltio platform evaluate customer data in real-time to predict their likely next steps. This predictive capability enables the platform to suggest next best actions. For instance, it may suggest personalized product recommendations or promotions tailored to individual customer profiles.
• Enable centralized consent management
Reltio provides a centralized platform for managing customer consent and communication preferences. Retailers have a unified view of customer permissions across various channels, minimizing the risk of unintentional breaches and aligning with the principles of data protection regulations. Also, with Reltio, compliance is not a one – time event. It’s an ongoing process. It offers real-time updates, ensuring that retailers are promptly informed and can adapt to regulation changes.
Leveraging Reltio’s innovative solutions, retailers can seamlessly navigate complexities related to data management, compliance, and customer engagement. As a part of the Reltio partner ecosystem, LumenData brings a wealth of expertise and experience to the table, poised to empower retailers in implementing the cutting-edge cloud-based MDM solution. Connect today to discuss your data triumph journey with us.