Business Strategy: Socialytics — Enabling the Social Business of Retail
|Authors:||Greg Girard, Eric Newmark|
|Document Type||Business Strategy|
|Number of Pages||21|
|Number of Figures||3|
This IDC Retail Insights report identifies best practices and opportunities for applying social media analytics, coined socialytics by IDC, across all core retail processes. Social retailers that understand consumers' interests, intentions, and influence within the digital universe have the tools to make better decision than those made by their competitors still running blind to such matters. While often incubated in digital marketing or ecommerce, realizing the full potential of socialytics depends on an enterprise approach. Such an approach, managed within the framework of IDC Retail Insights' Retail Enterprise Socialytics model, empowers merchants, store and ecommerce operators, product developers, and marketers as social retailers.
"The disparity between the speed and strength of consumer sentiments spreading across social networks and the limits of what retailers have to analyze these sentiments put retailers at the risk of losing control of their brand, the loyalty of their best customers, and market share, revenue, and margins and of missing the opportunity to gain insight for better decision making and outcomes. Social retailers — those that harness insights from analyzing what their customers and other consumers are saying about them and their competitors in the digital universe — have the tools to make better decisions than their competitors. We found use cases in marketing, customer service, merchandising, product development, store operations, ecommerce, store operations, and customer order fulfillment where bringing socialytics insights to bear can lead to better outcomes," says Greg Girard, program director, Merchandising Strategies and Retail Analytics.
Analytic applications, Applications, Big Data decision support and automation, Categorizers, Customer relationship management applications, Enterprise social software, Mobility, Networks, Order management, Routers, Social networking, Software, Text analytics, eCommerce
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