I’ve been working with some of my colleagues recently on a concept we’ve called “me-commerce.” We didn’t invent the term but I think it does a great job capturing the defining issue for retailers today: being able to effectively target and delight each individual customer throughout their decision process.
What do I mean by that? Well, for one thing, I mean being able to understand your customer well enough to create content and offers that are relevant to him or her. This goes way beyond segmenting or even micro-segmenting; this goes to targeting to the level of a unique customer. We have to be really careful here about privacy but if retailers can get this right, they'll be able to give customers exactly what they want. It could be the end of spam – ads, emails, offers that have nothing to do with me.
What this idea of "me-commerce" really helps do is highlight the importance of the individual customer. That's not new, of course. But what is new is the incredible amount of customer data and advanced analytics capabilities available today to deliver on that "me-commerce" promise. The social-local-mobile customer is creating "give-it-to-me" now demands where message or product relevance will be one of the most imporant differentiators of retail excellence. We certainly have a long way to go - many retailers are overwhelmed by the data they're dealing with and few are being systematic about mining it effectively. But I think retailers who don't figure out their "me-commerce" strategy are going to be facing a "no-commerce" future.
What good examples of "me-commerce" have you seen recently?
(Photo: freefotouk, Flickr)