CDP and UCV: The Secret Weapon for Retail Businesses

During one of my recent vacations, I accidentally left my trusted eyewear on the flight. I had an exciting itinerary planned ahead, but unfortunately, without my glasses, I couldn’t see how this trip would be a memorable one.

Squinting and stumbling through the rest of my trip was not an option. So, what to do next?

It was time to brainstorm, and get the situation sorted as soon as possible. Suddenly, an idea dawned on me

In need of a replacement, I quickly downloaded the Lenskart app during my ride from the airport to my new accommodation, hoping to find a new pair as soon as possible.

To my amazement, the app had already synced my profile, previous purchases, and prescription details. The seamless experience continued as I received tailored recommendations based on my preferences.

Shortly after beginning my search, Lenskart’s customer service team proactively reached out to assist me. The experience was very new for me.

The representative acknowledged my ongoing exploration and offered two flexible options: I could visit any nearby lenskart store or a salesperson could bring a curated selection of eyeglasses to my home.

In addition, Lenskart extended an exclusive 1+1 offer across all channels, ensuring that I could take advantage of the deal regardless of whether I made an offline purchase, used the app, accessed the website, or engaged with an in-person sales representative.

How did this happen?

Now that I think of it, this experience of mine is a great example of how CDP can be used to improve customer experience. By using CDP, Lenskart was able to provide me with a personalized and seamless shopping experience, from the moment I browsed the app to the moment I made my purchase.

Let’s briefly look at how retailers are leveraging this technology.

The Importance of Customer Data Platform (CDP) for Retail:

A CDP (Customer Data Platform) is a software solution that helps businesses collect, unify, and activate customer data from a variety of sources. This data can then be used to create personalized experiences for customers across all channels.
In my example, Lenskart used a CDP to:

• Unleash Personalization: CDPs allow retailers to harness customer data from various touchpoints and create a unified customer profile. This holistic view enables personalized experiences, making customers feel valued and understood.
• Seamless Integration: CDPs integrate real-time data from online and offline channels, providing a consistent and cohesive shopping experience. This integration bridges the gap between digital and physical touchpoints, empowering retailers to meet customer expectations effortlessly.
• Empower Informed Decisions: By leveraging data insights, CDPs equip retailers with a deep understanding of customer preferences, allowing them to make informed decisions about product recommendations, marketing campaigns, and personalized offers.
• Channel-Agnostic Experiences: CDPs enable retailers to deliver a consistent experience across multiple channels, empowering customers to engage through their preferred touchpoints. Whether it’s offline, through an app, or on a website, CDPs ensure a seamless journey.

Unified Customer View before a successful CDP?

A Unified Customer View (UCV) is essential for a successful Customer Data Platform(CDP). A CDP is only as good as the data that it is fed. If the data is not unified, then the CDP will not be able to provide a complete and accurate view of the customer.

Creating a comprehensive 360-degree view of the customer and integrating online and offline data, businesses can unlock the power of personalization to delight their customers.

Understand UCV :

A Unified Customer View (UCV) is essential for providing a seamless and personalized shopping journey. In today’s customer-centric landscape, businesses need to have a comprehensive and integrated view of each individual customer. This means collecting data from multiple sources and then using that data to create a single, holistic view of each customer.

It empowers businesses to gain a deeper understanding of their customers and provide highly personalized experiences. With a UCV in place, businesses can leverage data to offer tailored product recommendations and deliver targeted marketing messages that align with customers\’ interests and preferences.

Benefits of UCV

• It can help businesses to improve customer satisfaction. When customers feel like they are being understood and that their needs are being met, they are more likely to be satisfied with their experience.
• A UCV can help businesses to increase sales. By understanding their customers better, businesses can make better decisions about which products to offer and how to market those products.
• It can help businesses to reduce costs. By eliminating duplicate data and streamlining processes, businesses can save money.

A look at the Customer Data Research by Markets & Markets shows the following market overview for 2023

Unlocking the Power of Personalization: The Importance of Customer Data Platform and Unified Customer View

We learned how UCV is essential for businesses that want to provide personalized customer experiences. By collecting and using data effectively, businesses can create a single, holistic view of each customer and deliver personalized experiences that will keep customers coming back for more.

My own experience with Lenskart helped me to understand the importance of UCV and CDPs.

If you are a business that wants to provide personalized customer experiences, it is important to learn more about UCV and CDPs. These technologies can help you to collect and use data effectively so that you can create a single, holistic view of each customer and deliver personalized experiences that will keep customers coming back for more.