Leading global IT firm Tata Consultancy Services (TCS) has announced software that will enable brick-and-mortar retailers to leverage insightful data from in-store sensors and other Internet of Things (IoT) devices to deepen relationships with customers through more personalized marketing strategies.
Available from TCS’ Digital Software & Solutions Group, ‘TCS Customer Intelligence & Insights for Retail’ helps established retailers compete for the loyalty of today’s connected and increasingly empowered and demanding consumers, claimed the company in a press release.
“The Internet of Things is further blurring the line between traditional and online retailing, forcing marketers to reconstruct the customer’s journey with their brands across both physical and virtual worlds,” said Seeta Hariharan, General Manager and Group Head, TCS Digital Software & Solutions. “Retailers are moving from hit-or-miss marketing to highly relevant, timely interactions delivered in the right context. Their goal is creating binding emotional connections at every touch point with consumers to withstand the lure of discounting.”
According to the TCS Global Trend study on IoT, 50 per cent of retailers are using IoT technologies to monitor customer data via mobile apps and 27.9 per cent are using it to track data via sensors in physical locations such as stores.
For retailers to deliver the most appropriate offers or opportunities to consumers – at the right time and place – they require unique, data-driven representations of real customers instead of less accurate segment based marketing. The new TCS software accomplishes this using behavior based customer personas that are continuously informed and refined using proprietary machine learning technologies such as TCS’ Adaptive Analytics Engine (A2E) and statistical algorithms, as well as demographic, social media, psychographic, customer transaction and loyalty data, the statement said. The A2E technology, which works across a variety of industry domains, improves the accuracy of highly personalised offers, promotions and other interactions designed to increase brand loyalty.
Image Credit: TCS