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The questions that keep retail marketers up at night have evolved significantly over the last decade. It wasn’t long ago that marketers would spend their time debating which highway to place their billboard on, whether or not their next TV commercial should be comical or heart-tugging, or even what the optimal time of day was to blast an email campaign to their entire customer list. In 2024, retail marketing has new challenges on the radar.
The rise of omnichannel retailing
The modern, digital-savvy customer expects a flawless and interconnected shopping experience across touchpoints — one of the many reasons omnichannel marketing is on the rise. Research shows that over half of B2C consumers engage with between three and five channels whenever they make a purchase. For businesses, omnichannel engagement is a lucrative opportunity; McKinsey reports that customers who engage across channels shop nearly twice as much as those using a single channel and usually spend more money.
However, the rise in omnichannel engagement also presents several retail marketing challenges, such as the complexity of managing vast amounts of data and piecing together an accurate picture of consumer behavior.
Data and identity-related retail marketing challenges
Today’s data-driven environment has turned the retail marketing landscape on its head, and businesses have a whole new set of struggles that revolve around identity and data. We identified the top five retail marketing challenges and how to solve them.
1. Knowing what data to capture
In the omnichannel era, online and offline data is abundant. When a customer shops at a physical store, they create data points like:
- What items they purchased
- What time they visited
- How long they were there
When the same customer shops online, they create a whole new set of data points, such as:
- What device they used
- Which items they browsed but didn’t purchase
- How long they spent on specific pages
The vast available data can overwhelm retailers and make it a challenge to determine which data points to prioritize. Start by identifying the challenge you’re addressing. By defining your problem, you can better decide which data is most relevant. For instance, if you’re optimizing the timing of incentives, analyze when customers shop most frequently and customize offers based on individual behavior patterns.
How Experian’s Activity Feed can help
Experian Activity Feed connects online and offline data to promote precise targeting and measurement across mobile, web, connected TV (CTV), and more. We provide addressable insights that work across all channels by integrating real-time device IDs, cookies, and IP addresses. Our case study with Cuebiq, found here, discusses how we used Activity Feed to deliver in-store lift analyses to Cuebiq’s clients.
Because our impressive breadth of addressable data works across channels, we’re perfectly positioned to be your comprehensive identity solution, as we’re capable of addressing the entire U.S. population. With access to over 250 behavioral and demographic attributes per individual, our data fills in audience gaps to help you create a complete customer profile.
2. Understanding customer behavior
The complexity of modern consumer behavior is growing, and one of the biggest retail marketing challenges is merging all this information into a single unified customer view. With consumers moving seamlessly between devices like tablets, mobile phones, and laptops, retailers face the grueling task of keeping up with their fragmented journey.
For instance, a customer may spot a pair of shoes in-store, add them to their cart via mobile due to long cashier lines, and finish the purchase later from their laptop. However, if they cannot be recognized across these touchpoints, they may abandon the purchase out of frustration. Retailers need solutions that link offline customer relationship management (CRM) and purchase data with a customer’s online activity, regardless of channel or device.
This is where Experian identity resolution and Graph come into play.
How Experian’s Graph and identity resolution can help
Experian’s identity solutions help brands resolve disparate data by merging fragmented identifiers into a singular customer profile for a 360-degree view. We ensure each touchpoint is connected, whether the interaction happens online or offline, across mobile apps, or in-store. This enables retailers to recognize the same customer across various devices and enhances the customer experience by keeping items in their cart and personalizing their journey across platforms.
With Experian’s identity graph, brands can further enrich these customer profiles with digital identifiers that span hashed emails (HEMs), cookies, mobile device IDs (MAIDs), IP addresses, universal IDs, and CTV IDs to create a more accurate, actionable view of consumer behavior. We rebuild the graph weekly, which ensures persistent and refreshed connections between households, individuals, and their devices. This ongoing linkage allows for precise targeting and measurement over time and aligns with privacy standards and compliance obligations.
By organizing identity into households and device IDs and enriching them with marketing data, brands can gain deeper customer insights, addressability across devices, and the ability to measure the impact of their retail marketing strategies.
3. Building trust between consumers and your brand
Trust is the foundation of online relationships, and consumers who trust your brand are likelier to share their data. To establish this trust, retailers must collect customer data transparently and respectfully.
According to Experian data, 80% of consumers believe more transparency around the use of their information fosters greater trust in a business. Additionally, the same data revealed that 56% of companies plan to invest more in transparency initiatives, such as consumer education, clearer terms of communication, and consumer control over personal data.
Experian’s commitment to data accuracy and transparency further strengthens this trust. Our data is ranked #1 in accuracy by Truthset, which means you can power smarter insights, targeting, and measurement using the highest-rated, most reliable data to build customer profiles.
4. Establishing customer loyalty with retail marketing
Today’s consumer has many opportunities and choices available at their fingertips, which makes it harder for retailers to build and maintain customer loyalty. Signal loss and the rise of omnichannel media consumption have made it even more of a challenge to keep loyal customers.
By using data and insights to interact with people more meaningfully, you can overcome these difficulties to provide a more personalized, relevant experience and establish loyalty. Experian’s new Digital Graph and Marketing Attributes solution makes it easier to do just that.
Experian’s Digital Graph and Marketing Attributes solution
Using our Digital Graph and Marketing Attributes, you can gain comprehensive insights into consumer behavior by combining offline and digital data through our Living Unit ID (LUID). Our Digital Graph provides robust digital identifiers like MAIDs, CTV IDs, HEMs, and universal IDs, while our Marketing Attributes offer detailed consumer insights spanning age, gender, purchase behaviors, and content consumption habits. With this data, you can create relevant messaging and informed audience segmentation to enhance your personalization and targeting efforts across all digital channels.
Using our solution can help you deliver what customers need when they need it — like winter gear before a ski trip or swimwear before a beach vacation. These personalized experiences drive additional revenue and build lasting relationships that keep customers coming back, establishing a strong foundation of loyalty in an increasingly competitive market.
5. Finding your technology solution
Retailers need to integrate technology to make their data actionable and use it to streamline the customer experience. They need to integrate data storage platforms with fulfillment and reporting solutions, such as email service providers, display networks, and marketing intelligence tools. Whether retailers are exploring the industry or gearing up to make a substantial investment in the right technology partner, it’s vital to ensure you evaluate potential partners equally and consistently.
Experian works with major platforms, marketers, and agencies, meaning we have existing partnerships across the ecosystem for you to connect with that can bring your consumer data to life and meet your needs. Our offline and digital graphs are baked into partner integrations so customers can achieve higher match rates that improve addressability.
Strategies to help you overcome retail marketing challenges
When it comes to modern retail marketing, you’ll need to take a strategic approach to handle emerging challenges. Here are five retail trends of 2024 to consider integrating into your retail marketing strategy:
- Use predictive analytics: Data can be overwhelming, but you can analyze historical purchase patterns to capture and prioritize the most relevant data for your retail marketing efforts.
- Optimize omnichannel campaigns: Cross-channel data integration can help you ensure consistent messaging, provide a seamless experience, capture a unified view of customer interactions, and improve engagement.
- Personalize experiences with AI: Utilize AI data capture across touchpoints to create personalized recommendations and tailored experiences that resonate with individual customer preferences and behaviors.
- Adopt dynamic pricing: Use real-time data to adjust prices based on customer behavior and market conditions so your pricing strategies align with current demand and maximize revenue.
- Invest in customer experience tech: Virtual fitting rooms, augmented reality, and other advanced technologies allow customers to engage with your brand across platforms, which can improve their shopping experience.
Utilize Experian’s retail media network (RMN) solution
Experian’s solution for RMNs is another tool for overcoming retail marketing challenges. We empower RMNs to better understand their customers with unified views of online and offline behavior across channels and extend their reach across environments.
Using our top-ranked identity and audience services, we can help RMNs access expanded customer insights, enhance cross-channel audience targeting, and improve real-time measurement and attribution to enable precise, streamlined, personalized omnichannel campaigns. Our solution’s integration with major platforms improves data match rates and addressability so retailers can overcome data fragmentation and optimize their retail marketing strategies.
Experian can help advance your retail marketing strategies
Experian can help retailers effectively use data and insights to interact with customers and prospects meaningfully. Our data and identity solutions help you deliver relevant, impactful messaging to ensure the customer who puts shoes in the cart at the store is the same customer who wants to finalize their transaction later that evening online.
As the holiday season approaches, it’s time to refine your retail marketing strategies and connect authentically with shoppers. With over a billion consumers preparing to shop, Experian offers 19 new syndicated audiences available for activation across major ad platforms, including TV and programmatic, to help you reach the most relevant prospects. Whether you’re targeting discount seekers, last-minute gift-buyers, or frequent travelers, our audiences align with diverse shopping styles and preferences. Choosing the right audience segments aligns your holiday marketing efforts with consumer expectations and maximizes impact.
With our tools, you can seamlessly connect with the same customer across various channels, whether they’re shopping in-store or online. Embrace the holiday season confidently, and let Experian help your retail marketing strategy shine.
Get started with us today
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Cookies are leaving us, but that doesn’t have to mean performance has to. That’s why Experian is taking the steps needed to future-proof identity in our Graph, including adding Unified ID 2.0 (UID2) from The Trade Desk. Experian currently supports UID2 in our Graph outputs for demand-side platforms (DSPs). UID2 support in our Graph outputs will be available to all approved partners by December 2023. In this blog post, we talk about why cookieless IDs, like UID2, that are coming to market because of cookie deprecation, are important, and how incorporating cookieless IDs into an identity graph can help you prepare for a cookieless future. What are cookieless IDs? Like cookies, cookieless IDs provide you with a comprehensive view of a consumer’s digital activity. Unlike cookies, identity providers produce cookieless IDs, using user-consented data and deterministic and probabilistic data signals (like hashed emails or mobile ad IDs). Cookieless IDs are a newer identifier that allows the advertising industry to maintain our understanding of consumers’ digital actions, helping to ensure we continue to generate smart, data-driven insights, targets, activation strategies, personalized experiences, and measurement and attribution. Why should you incorporate cookieless IDs into an identity graph? Adding cookieless IDs to an identity graph allows for licensees of the graph to: Resolve the universal ID to a consolidated consumer profile and know which other digital IDs tie to the cookieless ID Establish a unified view of the consumer with a privacy-compliant ID Produce data-driven and informed advertising strategies that still drive results, without the use of cookies Experian’s Graph Experian’s Graph is one of the most robust and signal agnostic identity graphs in the market. Experian’s Graph supports most digital IDs, including cookieless IDs, such as ID5, UID2, and Hadron ID. When you license Experian’s Graph, you increase your ability to better understand the different digital IDs that tie to a household or individual. Additionally, with our cookieless ID support, you can continue to understand your consumer and their digital IDs in the cookieless world. Why is it crucial to include UID2 support in Experian's Graph outputs? The Trade Desk is the largest, independent demand-side platform. They’ve created a cookieless ID, UID2, that they hope can power the advertising world to come across the open web. UID2 is an alternative solution to third-party cookies that when utilized in an identity graph, can offer a clearer picture of your consumer, enabling frequency controls and better management, across both digital and connected TV (CTV). Approved DSPs can add UID2s to their Experian Graph, giving them access to one of the more trusted and prominent cookieless IDs in the market today. Additionally, DSPs can use this identifier to decide whether to bid on certain inventory or not, on behalf of their advertiser partner. And, if we hedge our bets, it will only grow in prominence and use. While only available to approved DSPs today for use in the Experian Graph, the forthcoming encrypted UID2 token will provide this capability to the entire ecosystem, which allows us all to speak the same language and operate as efficiently as possible. "We are excited to support UID2, one of the premier IDs to support the future of addressability across the open internet, in the Experian Graph. We continue to see the adoption of UID2 across the demand-side ecosystem, increasing addressability across growing channels like CTV and beyond. I am personally excited to see how this momentum continues to increase over the remainder of 2023 and into 2024."chris feo, svp, sales & partnerships, experian Future-proof your identity strategy with Experian Graph and UID2 We’ve seen the impact that cookies have had on digital advertising and marketing. With the impending third-party cookie deprecation, you will need to adopt alternative cookieless ID solutions such as Unified ID 2.0. Experian is well-positioned to help you navigate this change, offering UID2 support in our Graph outputs for all approved partners by December 2023. Take the right steps now to future-proof your identity strategy and discover lasting success even without cookies. Alongside Experian’s Graph solution, you can achieve resilience in an ever-changing world of digital marketing and advertising. Now is the time to get ready for a cookieless future. Connect with an Experian team member to learn more about our Graph capabilities today. Learn more about Experian's Graph today Latest posts
In this article…How data collaboration is evolving from 2023 to 2024How to create efficient data collaboration strategies We live in a data-driven world, and businesses need effective data collaboration strategies to remain successful. Before you determine your 2023 and 2024 data collaboration options, it’s essential to understand what data collaboration is. In short, it involves sharing and combining data from multiple sources to better understand a customer base and make informed marketing decisions. Read on to learn more about our three-step plan to create new data collaboration strategies, how it’s evolving, and what we do to ensure our solutions help maintain your company’s data privacy. How data collaboration is evolving from 2023 to 2024 Data collaboration strategies continually evolve thanks to changing industry dynamics and new technologies. As we move from 2023 to 2024, we’ll likely see collaboration extending outside businesses, meaning data can be shared with external partnerships in the form of a data ecosystem. A data ecosystem is a platform that combines numerous information points, including packages, algorithms, and cloud-computing services, to allow businesses to store, analyze, and use the data they’ve collected. To ensure you’re ready for 2024 data collaboration, you’ll need to take a forward-thinking approach toward new data strategies. How to create efficient data collaboration strategies Here are our three steps for efficient collaboration to make the most of 2023 data collaboration and prepare for 2024. Identify your collaboration goal What are you hoping to gain from data collaboration? Do you understand the audience you’re trying to target and what you want regarding outcomes? To measure your success, you should set short- and long-term goals surrounding data collaboration in 2023 and 2024. Maximize the value of your data One of the most important reasons to gather data is to discover in-depth insights into your audience and the effectiveness of your marketing efforts. You’ll be able to identify hidden patterns and pinpoint trends you may not have noticed before. With this information, you can make more strategic marketing decisions to stay competitive in your industry. Resolve digital identities Collaborating on data with trusted partners can help you gain a more complete view of your customers by building comprehensive digital profiles. Resolving digital identities can provide greater insight into online and offline behavior of individual consumers, allowing you to better connect with your target audience and boost brand loyalty. Find an alternative to third-party cookies Digital privacy regulations are getting more strict, which is why it’s so important to find more secure alternatives to third-party cookies. By collaborating on data, you can gather essential insights without relying on cookies. This means you’ll still get the information you want while complying with privacy regulations. Choose the right collaboration partner Before you choose a data collaboration partner, it’s essential to ensure their privacy standards align with yours. How do they collect data and use it ethically and responsibly? At Experian, we are dedicated to protecting consumers and delivering responsible and transparent data practices. We focus on five Global Data Principles — security, accuracy, fairness, transparency, and inclusion — to ensure we treat data carefully and respectfully while boosting economic growth and resilience in the marketing environment. When you partner with us for data collaboration, you can trust that your data is protected in a system built for 2023 data collaboration needs — both known and unknown — while still evolving for 2024 and beyond. Choose a secure environment for collaboration Data collaboration security is vital to safeguard your business and consumers’ information. You can make sure your new data collaboration options are protected in several ways. We’ve outlined three options below. Collaboration in clean rooms Clean rooms are secure, private environments where data is shared and analyzed without exposing the underlying raw data. This ensures that sensitive information remains protected and insights are discovered securely. Experian has vetted clean room partners if this is an option you prefer while still getting industry-leading identity resolution. Collaboration directly Collaborating directly with your partner can be a good option if you have robust security measures. Encryption, access controls, and regular audits are essential to maintain data security in direct collaborations. Collaboration with Experian We excel at meeting our clients where they are and accommodating their technical capabilities and how they manage their data. We offer a secure and compliant environment for data collaboration. Our data collaboration solutions are designed to protect your data while enabling deeper insights. At Experian, we understand the importance of data privacy, and our platform reflects our commitment to safeguarding your information. Enable deeper insights and activation with Experian’s data collaboration solution Data collaboration is crucial in today’s business world, and Experian’s solutions are designed to help you bring together your 2023 and 2024 data collaboration strategies securely and efficiently. With Experian, you can unlock deeper insights, resolve digital identities, and confidently navigate the evolving data privacy landscape. If you’re looking for the right partner to enhance data collaboration to drive growth and innovation in your business, you’ll find a secure environment and the right partner with Experian. Contact us today to get started. Contact us Latest posts
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