5 Reasons Why a Customer Data Platform is a Must for E-Commerce Stores
“Customer data will undoubtedly be the biggest differentiator in the next 2-3 years. The ones who unlock the reams of data and utilize it strategically will win.”
- Julian Garcia
In today's digital era, if there's one thing we can blindly agree on, it's the ever-increasing need to harness the power of consumer data. Companies pour in hundreds of thousands of dollars towards market research only to better understand their target demographics, their audience's pain points, and what their customers are really after.
There’s so much data in the world that you’ll find yourself all-jumbled-up. The end result? You may not gain any valuable insights, which will refrain you from delivering an outstanding customer experience, satisfying your consumers, and boosting your company's revenue.
Countless Shopify stores worldwide face the same problem, which is the sole reason they aren’t able to expand their business and deliver a great customer experience.
And that’s where Customer Data Platforms(CDP) come in.
According to Globe Newswire's recent report, the CustomerData Platform global market has been predicted to grow at a massive 34.5% CAGR.This means the CDR market size has been projected to cross the $6,630.8 million mark by the year 2025.
Looking at these numbers, we can say that CDPs are in huge demand.
From aggregating and organizing your Shopify store’s customer data to enhancing your customer journey to personalizing communication to helping you measure your store’s success, a CDP platform will boost your marketing efforts and help you get into your consumers’ minds in an efficient manner.
This blog post not only explains what aCustomer Data Platform actually is but also lists out the top 5 reasons CDPs are crucial for Shopify Stores.
What’s a Customer Data Platform?
A Customer Data Platform is a highly-functional software that organizes and aggregates customer data across different touch points and can be integrated with other systems like Shopify and different software to boost one's marketing efforts. A Customer Data Platform not only collects but also structures real-time data into centralized, individual customer profiles.
Customer Data Platforms’ functioning isn’t just limited to aggregating and organizing information. Instead, a CDP does way more than that. A Customer Data Platform will scrub the data for creating a clean as well as unified record, which can be made available to the required personnel.
This will, in-turn, help you create relatable and personalized marketing campaigns as well as content, which will be focused on creating unique customer experiences.
A Customer Data Platform will build customer profiles for you by integrating all the data from different sources like transactional systems, DMP, CRM, social media, and email.
That being said, now that we know what aCustomer Data Platform is, let’s look at the top reasons a Customer DataPlatform is critical to a Shopify store’s growth.
5 Reasons Shopify Stores Should Harness
the Power of Customer Data Platform
Following are the reasons Shopify store owners should use a CDP:
- Automate Processes
- Enhance Customer Journey
- Segment MarketingCampaigns
- Personalize Communication
- Measure Your ShopifyStore’s Success
Let’s look at each of them one at a time.
There’s a world full of data you and your team will have in their hands. And it’s literally impossible to aggregate and organize all of it manually.
In today's data-driven world, Shopify store owners can't afford to deliver a poor experience to their customers or not being aware of their target demographics.
With a CDP, you can easily build workflows providing automation. Not only will this tool collect, filter, and organize all of your consumer data in one place, but it will also help you elevate your CustomerData Management process the smart way.
Enhance Customer Journey
Bringing your customers further down their buyers' journey is important. A CDP will also help you facilitate the ideal experience your consumers expect to face throughout their journey.
The reason why CDP plays a major role in enhancing the customer journey is that it provides you with the much-needed information to help you understand how users react and behave to different interactions with your brand across different channels.
With such a valuable piece of information at the tip of your hands, you can ensure that your Shopify store adds true value to your consumers' life, irrespective of the stage they are at.
Segment Marketing Campaigns
CDPs are built such that they can go through demographic, behavioral, transactional as well as different kinds of diverse information to help you segment your marketing campaigns.
A Customer-Data platform will help you muster various pieces of information, which can be used to create segmented marketing campaigns.
This helps you speak directly with your target audience. After all, that’s one of the most important aspects of attracting your audience towards your Shopify store.
These days, customers crave personalized experiences.They are even willing to pay more for a personalized experience. That's because they hate those non-targeted marketing campaigns that don't directly speak tothem and bring little-to-no value to their lives.
Let's say one of your customers recently purchased one of your products. And if he/she comes across the same ad again and again, then eventually he/she will get irritated and grow frustrated.
But, what if you provide suggestions that fit their needs and can possibly help solve their problems based on their past purchase(s)?
That’s what a CDP will help you with.
A CDP will help avoid any or every blindspot in communication and use the data to build tailored touch points.
Measure Your Shopify Store’s Success
What’s your conversion rate? How many people bounced off your website? How well are your marketing campaigns working?
Is your target audience even spending enough time on your website?
How often does your audience abandon their cart?
To know how well your marketing campaigns are working, it’s important to measure data. A CDP will help you assess KPIs and metrics to measure your Shopify store’s success.
With a CDP, you will get a 360-view of your customers. And that’s just not it. You’ll be subject to so much more. With a CDP, you will have your customers’ unified data view, making leveraging AI much easier.
Integrating a Customer Data Platform likePredictable Media with your Shopify store will help you differentiate your brand and deliver an outstanding customer experience.
With a user-friendly, yet highly-advancedCDP like Predictable Media, you can be assured that all your consumer data is efficiently systematized and consolidated, helping you segment and attract new users towards your Shopify store. In addition to this, it’ll also help you build personalized relationships with your customers, opening numerous doors for growth.
So, what are you waiting for?