Decoding the digital genome
In order to remain competitive, e-commerce providers should learn from online retail giants such as Amazon and understand the "digital genome" of their customers. This is the only way they can offer them an attractive shopping experience, retain consumers in the long term and thus increase their sales and save costs.
Experts from Roland Berger describe how this works in their new publication "Inside the customer's head - successfully individualizing retail by decoding the digital customer genome".
The basis for such offers is the digital customer genome: the customer's purchasing behavior can be predicted not only from the history of purchases, search processes and the evaluation of articles.
Other online data also enables very precise and individualized predictions about what consumers will buy in the future - a scenario that was unimaginable just a few years ago.
"Social media is a particularly good source for this"
says Roland Berger expert Tobias Weisel.
"More and more people are using social media channels to openly show what interests them and how they consume."
German Facebook users alone have already left behind around 700 million data points via their Like behavior. In addition, there are around five billion website visits per month, which are stored in browser histories, and almost seven billion search queries, which can be tracked in search histories.
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