NRF 2023: Customer Engagement Takes Center Stage

The retail industry is undergoing a significant shift in the face of changing consumer preferences and expectations. Retailers must now navigate three new retail realities: customer shopping journeys are fluid, experimentation is a must, and trust builds loyalty. To get ahead, retailers can collect, clean, and unify customer profiles in real time across each touchpoint to drive an increase in customer lifetime value and return on ad spend while decreasing customer acquisition cost. By leveraging clean customer data, retailers can improve sales conversions, increase customer satisfaction, and improve forecasting across the retail brand. However, it's crucial for retailers to respect customers' data and privacy, as 43% of consumers will stop purchasing from a brand if it doesn't meet data privacy requirements.

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