Well, there I was, folks, buying merchandise at one of America's great omnichannel brands late Monday morning (no need to hang them out to dry here). A small transaction, paid for via credit card.
Within a half-hour, I couldn't pump gas ... "cannot authorize credit card, see attendant". Instead, I called my bank. Thousands of dollars in fraudulent transactions accrued in the thirty minutes since visiting this highly reputable "omnichannel leader".
I know, I know, you're going to tell me that somebody hacking my credit card following a transaction at a major retail brand is not an omnichannel failure, it's a crime. You're right about half of the statement!
We wonder why retail is in a "funk", to quote the words of a reputable omnichannel CEO. Merchandise, entertainment (fun), and security is thrown under the bus in a rush to digitize an inherently analog experience. We're not focusing enough on what matters. We're focusing too much on the things that keep research brands, vendors, and consultants in business.
Spend your limited resources on the things that matter. It's irrelevant if I can compare inventory levels across stores if my credit card is not safe after purchasing the item.
RFM is great for targeting one catalog to one customer. However, RFM is tough to manage in a multichannel environment. This becomes clear ...
If you don't like geeky math, please skip this post, because I am about to show you how the sausage is made! I have eight variables in...
It's common for folks to measure cost per new customer. Total Marketing Cost = $10,000. Total New Customers = 130. Cost per New C...