Metaverse
What is the Metaverse?
The Metaverse is a virtual and walkable internet based on the blockchain. Users can stay there as avatars in a 3-D environment and communicate, trade or receive information. The Metaverse includes both virtual worlds and the underlying technologies such as virtual and augmented reality (VR/AR), blockchain-based technologies (e.g. cryptocurrencies, NFTs, Proof of Attendance Protocols POAP), artificial intelligence, digital twins, holograms and avatars, robotics, big data and decentralised autonomous organisations (DAOs).
How can retail profit from the metaverse?
There are many ways in which companies can benefit from the Metaverse. A virtual 3-D shop in which their products are sold and can be virtually “touched” beforehand with the help of VR equipment is just one of many possibilities. Virtual events can also be a unique advertising and sales opportunity that additionally provides companies with a lot of data about the buying behaviour of their customers. With this independence of time and space, many promotional activities can be completely global and time-zone independent, with faster processes, which can improve customer satisfaction and loyalty.
In addition, thanks to Metaverse, retailers may soon be able to reduce expensive returns because a virtual walk-in shop, with the possibility of experiencing products haptically via a VR glove, gives shoppers a more realistic impression of the product before (online) purchase.
Data Quality Dimensions (DQD)
What are data quality dimensions (DQD)?
Data quality dimensions are a unit of measurement for the quality level of data, that is used for a certain purpose. They can be at file or table level, at the column or variable level, and at the row or observation level. There are several possible DQDs, but the most frequently used DQDs are:
- Completeness – Do you have all necessary data components, to be able to begin your evaluation?
- Consistency – Is your data consistent? Here you can compare your data with other data you have access to.
- Uniqueness – Does any unnecessary duplicate of your data exist?
- Validity – Is your data consistent with all requirements for format and content?
- Timeliness – Is your data ready when you need it?
- Accuracy – Does your data accurately reflect the event or object described?
Phygital
What is phygital?
When talking about a phygital strategy, marketing and retail experts try to connect the physical world with digital experiences. Most of the time they try to bring the best parts of the digital world into physical stores or events, but it also works the other way around – bringing something purely analog into the digital world. Some examples of phygital experiences in retail are digital kiosks, QR-codes, live-video-shopping, as well as virtual reality (VR), augmented reality (AR), and artificial intelligence (AI) used in stores. But phygital is not limited to these examples, a social media campaign engaging customers to rush into the stores immediately, can also be a phygital event.
Retail Media Network
What is a Retail Media Network?
A Retail Media Network refers to large retailers’ own sales platforms that can be used as advertising platforms for their own or third party advertising. External advertisers thus gain access to the retailer’s customer data and advertising channels, e.g. the website or shopping app. In this way, brands can reach consumers with their product when they are already looking at other products and have an intention to buy. The largest retailers in the world have a large mass of customers and customer data – and usually above-average traffic on their websites. Through their retail media networks, these retailers offer other brands access to both their digital advertising platform and their specific target groups that were previously inaccessible. Advertisers then have the opportunity to place ads on, for example, the home page, the product detail page, the category page or the search page. This allows advertisers to engage with consumers at different points in the buying process through their ads.
Authorisation Concept
What is an authorisation concept?
An authorisation concept describes the rules that determine which users or user groups are granted access (in the form of a role and rights logic) to data of an IT system. An authorisation concept in IT must first and foremost fit the company and the structures in the work processes. In addition, the role and rights logic must be dynamically adaptable, as users can take on other roles in the course of their development or gain and relinquish rights. In addition, authorisation concepts must be traceable and trackable in terms of data protection and IT security. In order to support an optimal workflow of the users, the authorisation concept must always be kept up to date and comprehensively cover the needs of the users.
Which roles are there in an authorisation concept?
The roles in such a concept can be structured more or less strongly depending on the organisation. In general, however, the roles are differentiated according to their authorisation to perform actions on data of the IT system.
Example of role logic:
- Role 0: no authorisations
- Role 1: Read data
- Role 2: Create data
- Role 3: Create, change and delete data
- Role 4: Full access to all data
Customer-Relationship-Management (CRM)
What is a Customer Relationship Management?
Customer Relationship Management means that organisations are completely focused on their customers and their relationship with them. In most cases, a software-based CRM system is used in the companies to manage them. Here, all data collected during the customer relationship is stored and used for the individualisation of marketing measures and in customer service. Targeted measures for different customer groups are intended to increase long-term customer satisfaction and cross-selling potentials.
Product Experience Management (PXM)
What is Product Experience Management (PXM)?
The term Product Experience Management (PXM) is a product-focused variant of Customer Experience, which has become a popular marketing term in the retail industry. But how do you as a retailer make your products experienceable for customers in your advertising?
In today's retail and advertising landscape there is an increasing variety of touchpoints for advertising measures that are no longer even limited by space and time. With this increasing availability of customer attention, the quality and relevance of advertising is also becoming increasingly decisive for the success of product sales. Customers have always preferred to buy products with which they feel connected in some way. The connection with a product is the major goal that modern marketing experts in the retail trade try to achieve through fine-tuned and above all relevant advertising.
An elementary part of product advertising is product data, it is even full of it. And when product advertising is delivered to customers through various channels, the data must be highly consistent and accurate to provide a basis for a positive product experience. This consistency and availability is best achieved using a PIM system in which product data is regularly maintained and output to the various channels in a media-neutral manner.
In Product Experience Management (PXM), the products should be made fully experienceable, and this includes meaningful assets. These assets are managed in the dealer's DAM system (Digital Asset Management System). And this is where the probably decisive condition for optimal PXM in retail becomes apparent - an integral interaction of the IT infrastructure in marketing production.
Database Publishing (database-driven publishing)
Print-to-Web
Web-to-Print