“Amazon is first and foremost a data and technology company,” Doug Stephens, founder of retail consultant firm Retail Prophet, told NRF. “Retail simply turned out to be a convenient means of obtaining and leveraging consumer data at scale.”
Agile use of data requires evolving the culture and business processes, acquiring data science talent and skills, and establishing modern, flexible technology platforms. Retailers are working hard to overcome legacy tech stacks and data silos to achieve this next-gen approach, despite the many demands on their IT dollars.
Differentiating with Data
Flexible platforms enable retailers to continually evolve their data and analytics capabilities, so they can seamlessly add new technologies and partners as they move forward.
360 Customer View
Tapestry, which includes such brands as Coach, Kate Spade and Stuart Weitzman, is creating 360-degree views of its customers using AI-powered identity resolution, a holistic database, and a marketer hub for customer intelligence and omnichannel activation. The idea is to empower team members without significant tech expertise to access actionable insights on their own to drive experimentation and activation, so they can personalize customer touchpoints.
Enhancing Data-Fueled CX
Big Lots is fueling its continued growth by investing in data-driven CX. This includes enhancing personalization capabilities through expanded use of customer data platforms, online customer panels, and more advanced segmentation. Its first-ever foray into data-driven space planning will help the retailer create more relevant customer assortments to increase sales and customer satisfaction, fueling return visits.
Unifying Customer Data
Walgreens is combining disparate customer data sets into a singular, unified view of the customer. They’ll use that resource to deliver more engaging and personalized customer experiences, such as individually tailored prescription experiences, custom beauty product recommendations, and personalized offers.
Optimizing
Pricing & Markdowns
Pyramid Foods is leveraging AI to optimize pricing in its highly competitive Springfield, MO, market area. Instead of manually setting pricing at each location, the regional multi-brand retailer is tapping AI to analyze consumer demand and competitive intelligence to set more optimal pricing that meets the needs of local consumers.
Enhancing
Product Management
Marks & Spencer began leveraging predictive analytics to make design, buying and pricing decisions and test products across departments to shape collections and assortments and set right prices. Now the UK retailer is transitioning to a digital product development cycle, eliminating the need to create and traffic physical samples, host showroom visits, and conduct in-store product testing. 3D CAD visualizations for product testing have increased test completion rates and boosted respondents’ comments by 50%, providing richer product feedback to product development and merchant teams.
Stepping Up Personalization
Stitch Fix is enhancing its already successful Style Shuffle feature by adding a co-creator function that allows customers to shop by category. The feature blends Style Shuffle data with additional customer insights to create a proprietary style graph that powers a highly personalized shopping feed for each client. Each category is curated using each client's real-time Style Shuffle likes, along with algorithmically generated recommendations inspired by these likes, so customers can purchase specific items that they see in the Shuffle.
Leveraging AI & Machine Learning
Price Chopper Supermarkets is tapping advanced machine learning algorithms to develop a single view of its customer and personalize every customer interaction across its marketing programs. The grocer is deploying a customer data platform, advanced customer analytics, and omnichannel lifecycle marketing to provide insights-driven personalization to enhance the customer experience across digital and in-store.
Retail analysts say the industry is barely past the starting line when it comes to leveraging data and analytics tools such as AI and machine learning in their businesses. Savvy retailers know thoughtful investments in sound, flexible data and analytics technology, skills, and processes have become table stakes for success in today’s dynamic retail marketplace — and pave the way for tomorrow’s.
44% of retailers use data programs to gain insights into business operations, products and/or ecosystems.
65% of marketers say the number of customer engagement systems they have makes it harder to provide a seamless customer experience.
43% of retailers call customer insights a top area for analysis.
80% of most data scientist’s time is spent simply finding, cleaning, and reorganizing huge amounts of data.
33% of retailers call pricing a top focus area for analysis.
38% of retail winners call remote intelligent allocation and optimization of products based on customer insights one of the top three opportunities from AI-enabled analytics.
41% of retailers call customer identification/personalization a top priority of 2021.
91% of retailers agree AI-enabled analytics will have a dramatic impact on how retailers interact with consumers in the next 3 years.
retail innovation zone
The Harris Poll and Redpoint Global
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IDC
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When it comes to the customer experience, what was once considered innovative is now table stakes. Retailers need to meet customers where they are today. Accurate and timely data is the key to unlocking the insights needed to create experiences that differentiate their brand and build loyalty.
Jennifer Beckett
Global Partner Leader, AWS Retail
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76% of retailers still expect analytic budgets to be less than 10% of their total IT spend by 2023, but 10% are expecting to see budgets rise to the 10-15% level.
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The days of building cutting-edge IT and analytics solutions exclusively in house are long gone. Leading retailers are partnering with select technology companies to help them harness, house, and leverage their growing array of critical data so they can nimbly respond to constantly changing market conditions and consumer demands with solutions that leverage the latest tech developments.
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AWS services deliver the power to improve your insights.
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Ensure maximum margin sell-through with 23% profit improvement
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Pricing & Markdown
Unite your tools and teams with real-time customer data from 1,300+ sources
With unified customer data, GAP was able to build 500+ unique audiences resulting in 150+ personalization experiments being run and 80+ permutations of the Gap homepage experience
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Customer Data Hub
Increase product conversion by 46%
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Product Intelligence Platform
Increase marketable audience by 2x
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Customer 360
Increase revenue 62%+ per visit
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The productivity of store auditors at a large fast-casual restaurant increased by 60% when they deployed a MicroStrategy Mobile app
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Intelligence Everywhere
MicroStrategy (Nasdaq: MSTR) is the largest independent publicly traded business intelligence company, with the leading enterprise analytics platform. Our vision is to enable Intelligence Everywhere™. MicroStrategy provides modern analytics on an open, comprehensive enterprise platform used by many of the world’s most admired brands in the Fortune Global 500.
"MicroStrategy provides modern analytics on an open, comprehensive enterprise platform used by many of the world’s most admired brands in the Fortune Global 500."
“The ability to look at sales down to a minute is enabled by what I would call this almost near real-time reporting that we have developed through MicroStrategy."
Gayle Pigatto, VP Business Analytics and Strategy, Fanatics
Optimized for cloud and on-premises deployments, the platform features HyperIntelligence®, a breakthrough technology that overlays actionable enterprise data on popular business applications to help users make smarter, faster decisions.
For more information about MicroStrategy, visit www.microstrategy.com.
Fanatics is the largest online retailer of officially licensed sports apparel and merchandise with over $1 billion in yearly revenue. The company powers Ecommerce sites for professional sports leagues including the NFL, MLB, NHL, NBA, NASCAR, and PGA. It also operates Ecommerce sites for media brands including NBC Sports, CBS Sports, and FOX Sports.
Fanatics modernized their BI capabilities by tapping into a powerful combination of Amazon Web Services (AWS) cloud technology and MicroStrategy. The company moved data storage to the cloud using Amazon Redshift as the primary data warehouse. Next, they chose to deploy MicroStrategy because it could support comprehensive BI capabilities while delivering self-service functionality and stringent security requirements. This solution enabled Fanatics to automate tasks, control costs, and quickly scale up or down to meet consumer demand.
Fanatics collects a tremendous volume and variety of data. In addition to the data generated from handling over 30 million orders per year, the company collects web traffic and clickstream data from over 250 million annual website visits. They also source data from social media analytics, real-time event results, and news.
Target
Argos
Sephora
Unilever
L’Oreal
Pepsi
3M
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Amplitude empowers teams to use customer behavior data to ask and answer the right questions in order to build great product experiences. At our core we help product and marketing teams to answer questions about their customers and products with best-in-class analytics. But great data analytics requires great data management. We are able to integrate across existing data sources with tools to easily manage and transform data without an engineer. Our behavioral targeting allows teams to directly translate behavioral data into customer management.
We help retail companies of all shapes and sizes — including large retailers like Under Armour and Gap to name a few. These retail organizations come to Amplitude for a specific set of use cases, including:
• Improving first time user activation
• Increasing cart conversion
• Driving more repeat purchases
Under Armour is a long-time customer of Amplitude. When they first started working with us, they had a really big drop in digital revenue. At the time they were using Google Analytics Premium, and switched to Amplitude in order for 90+ members of their product teams to start accessing behavior data.
From there, they learned so much about what features were important, that they started running experiments regularly.
In the end, that resulted in a new experience that increased their month-to-month retention by 30 percent. Overall, this increased their revenue growth rate by 2X in just 18 months.
Under Armour
Bonobos
Levi Strauss & Co.
Overstock
Gap
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Nordstrom
Deckers
Tapestry
Brooks Running
Knowing the customer to retain loyalty and create compelling offers has never been more critical. Amperity’s enterprise Customer Data Platform makes it easy for retailers to transform raw and siloed customer data into a unified customer view, allowing marketing, analytics, and IT teams to extract actionable and measurable customer segmentation, attribution, and insights.
Amperity's solution leverages AI to deliver a truly comprehensive and actionable Customer 360. This multi-patented view improves marketing performance, fuels accurate customer insights, and enables world-class customer experiences. With Amperity, technical teams are freed from endless integration and data management, and business teams have direct access to the data they need to build long-term customer loyalty and drive growth.
Retailers have customer data splintered across tens of legacy systems resulting in queries taking days to run. Analytics teams struggle to build an accurate 360 view of the customer and marketers are unable to create campaigns that align with the customer journey.
Common Customer Challenges
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Lucky Brand accomplished a projected $11M ROI in year 1 based on efficiency gains, new use cases, and enhanced personalization opportunities.
Kendra Scott stitched over 21M records to create 7.4M unique customers with 75 attributes in weeks, not months.
“Amperity allows us to better understand our customers and put actionable insights into the hands of our teams, enabling us to personalize the critical touchpoints our brands have with our customers without the need for significant technology expertise or code.”
Noam Paransky, Chief Digital Officer, Tapestry
Tealium connects customer data — spanning web, mobile, offline, and IoT devices — so brands can connect with their customers. Tealium’s turnkey integration ecosystem supports over 1,200 client-side and server-side vendors and technologies, empowering brands to create a unified, real-time customer data infrastructure.
The Tealium Customer Data Hub encompasses tag management, an API hub, a customer data platform with machine learning, and data management solutions that make customer data more valuable, actionable, and secure. More than 1,000 businesses worldwide trust Tealium to power their customer data strategies. For more information, visit www.tealium.com.
Whole Foods
Under Armour
Petco
Multi-brand retailer, Gap Inc. uses the
Multi-brand retailer, Gap Inc. uses the
to build governed and centralized data collection processes across multiple web properties to build comprehensive customer data and execute powerful personalization campaigns.
Tealium Customer Data Hub
In this session from Digital Velocity San Diego 2019, with Gap Inc.’s Greg Phipps and Kelsey Todd, the team walks us through their data maturity journey with Tealium. You’ll learn how the partnership began, utilizing the Customer Data Hub to build governed and centralized data collection processes, fueling the web production team with comprehensive customer data to execute powerful personalization campaigns that served appropriate content to customers. Finally, you will hear about the company’s plans to use Tealium to fuel its enterprise data platform and leverage Tealium in the mobile app experience and beyond.
Click the video on the left for more.
With unified customer data, GAP was able to build 500+ unique audiences resulting in 150+ personalization experiments being run and 80+permutations of the Gap homepage experience
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Gap Inc. and Tealium: The Data Maturity Journey
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Sprinklr is the only platform for all digital customer experiences. We help large organizations reach, engage, and listen to customers across 25 social channels (including Twitter, Facebook, LinkedIn), 11 messaging channels, and hundreds of millions of forums, blogs, and review sites — all on one platform. Customers use these channels to talk to brands and one another. They trust these communities, expect personalized attention, and demand instant resolution. In today's social world, what customers say — and the quality of the experience a brand provides — determines whether a business survives.
"In today's social world, what customers say — and the quality of the experience a brand provides — determines whether a business survives."
L'Oreal
Samsung
Microsoft
McDonald's
Prada
Verizon
Large enterprises are struggling to meet the demands of modern customers, and are often challenged with disjointed data, siloed teams and disconnected point solutions. In this environment, it's impossible for brands to know their customers, collaborate, and scale effectively. Sprinklr helps brands tackle these challenges by consolidating point solutions with one platform to listen, learn and love. Listen to customers across modern channels, learn from them, and use these insights to create memorable customer experiences. The result is revenue growth, cost reduction, and risk mitigation.
Sprinklr is a global company with 1,900 employees helping the world's most valuable enterprises make their customers happier. Sprinklr works with 75 of the world's 100 most valuable brands in every industry.
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Retail is entering the AI intelligence era. Peak makes AI accessible for retailers to accelerate their growth and profitability. Peak bridges the gap between data science and business leaders by supercharging data modelling and providing outcome-focused commercial value.
Working with merchandisers, planners and traders, Peak’s Demand AI: Pricing & Markdown solution ensures maximum margin sell-through. Peak’s AI consultants work with data scientists to run data exploration and process mapping workshops, then use Peak’s AI System to rapidly analyze the entire product range and deliver insights to the customer. Peak produces a markdown engine tailored to customer needs by gaining a deep understanding of the data inputs, business rules and existing markdown process.
Demand AI: Pricing & Markdown
Leading brands across industries use Peak, including retail, CPG, direct-to-consumer, and supply chain management. Its customers include the likes of PepsiCo, ASOS and boohoo Group.
Peak’s Demand AI: Pricing & Markdown solution has saved customers millions of dollars in margins.
Peak was named a Gartner ‘Cool Vendor’ for AI in retail and was also named as one of the top 100 companies to work for in the UK by The Sunday Times. Peak is an AWS Retail Competency Partner and a Machine Learning Competency Partner.
One notable Peak customer saw a 23 percent profit improvement over a 12 month period
23%
Peak uses the latest Intel technology to optimize its platform. With AWS c5, m5, r5 instances based on the Intel® Xeon® Scalable processors, customers can deploy workloads quickly, flexibly, and at scale.
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Pepsi
ASOS
boohoo Group
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For information purposes only. Topics discussed involve a variety of retail service providers, including but not limited to AWS.