Clyde: 2021 was the Year of Opportunity

The shift to eCommerce in 2021 gave retailers a treasure trove of data they can use to improve customer experience. Merchants that seize the moment can use the insights that data provides to win new customers and cement the loyalty of existing ones, says Brandon Gell, founder and CEO at Clyde — gaining a big competitive advantage in an era of increased competition and high consumer expectations. Read his thoughts in the PYMNTS eBook, “In a Word: 50 Thought Leaders Sum Up 2021.”

For the businesses that navigated 2020 and all of the financial perils brought about by the pandemic, these past 12 months have served as a reminder that the new eCommerce landscape is flush with dynamic opportunities. For entrepreneurs, opportunities are always intertwined with challenges, and that was no different in 2021. As customers migrated in droves from traditional brick-and-mortar retailers to the online experience, competition and consumer expectations have noticeably ratcheted up. 

It’s not enough to entice potential customers with low prices, free shipping and exclusive offers. Millennials, in particular, are interested in developing a deeper connection with the brands they buy from. They want to interact with brands in convenient ways, which requires businesses to develop dynamic omnichannel experiences. Whether it’s in person, via email or on a customer’s smartphone, these connections are being fostered by businesses that fully understand their customers. And in the digital era, understanding a customer boils down to understanding your data. 

Best-in-class customer services, personalized outreach, competitive pricing and shipping options that sidestep supply chain bottlenecks are just a few of the components that make a merchant and their products compelling to a modern shopper. All of these variables can be quantified with data, but merchants cannot do it alone. Leveraging third-party data can help a merchant understand and market themselves to consumers in a more effective manner. 

Making sure that your data and intel aren’t siloed and can “talk to each other” is a key differentiator between businesses that are thriving and those that are struggling to survive. If you have customer data that you’ve validated, you want it to work for your warranty program while simultaneously working for your post-purchase email campaigns and customer service outreach. 

The tricky part for companies is that while they fold in more and more third-party vendors to meet growing consumer demands — BNPL, for example — they must also work to ensure data security while avoiding waste. This balancing act can be an arduous task, but the companies that succeed have a strategic advantage over their competition. Connecting with your customers and partnering with vendors who help you leverage both market and proprietary data can be the key to turning opportunities into success in 2022.