July 20, 2016

Using an Algorithm to Figure Out What Luxury Customers Really Want

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The enormous volume of data collected from mystery shoppers, online reviews, social media, blogs, and ratings agencies about customer preferences and experiences has become too overwhelming for any business to assess. And as the luxury segment depends upon anticipating, and then exceeding customer expectations, this is a problem. In the absence of a more nuanced understanding of customer feedback, the data as it stands is driving the industry toward standardized service, and standardization turns luxury into a commodity – the very opposite of what luxury customers want.

What you do with the data matters.

Topics: Research and Insights, Big Data, Analytics, Vertical - Retail, Consumer Insights

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