The customer data platform (CDP) space is one of the most difficult product landscapes for buyers to get insight into. This is rather ironic when you think about it, given that the entire purpose of CDP technology is to reveal and activate customer insights. More than 80 vendors today claim that they are a CDP, though only 20 vendors made it into Gartner’s Market Guide for CDP (curious, very curious). Without a Gartner Magic Quadrant or Forrester Wave, there isn’t a tremendous amount of analyst insight to help buyers navigate an emerging, complex space. Part of the reason it is so challenging to get a sense of is because everyone wants to be a CDP these days. Companies like Adobe and Salesforce are attempting to build out their own CDP, Bloomreach (Exponea) and Optimizely, formerly Episerver (Zaius) have recently purchased their own CDP, legacy DMP’s are repositioning themselves as CDP and new vendors are popping up trying to create offerings that they can position as a CDP.
On top of the CDP market confusion, the retail industry is going through a massive disruption in response to the COVID-19 pandemic. Retailers have been forced to pivot overnight, increasing their focus on digital initiatives, both on their sites and apps, as well as creating a more seamless physical and digital experience for customers.If that wasn’t enough, the third-party cookie, a longtime tool for marketers to collect consumer information, is officially being put out to pasture by Google (Safari and Firefox have already done so). This has created an air of uncertainty for marketers as they refocus efforts on first-party data strategy.
Retailers, more than any other industry, feel the need for better customer data solutions.. Major retail brands possess enormous amounts of customer data that lives in dozens of different online and offline tools and systems. Many have outgrown their CRM and DMP solutions and are looking for a solution that is purpose built to unify data, generate customer insights and scale their marketing efforts via machine learning algorithms to enhance the effectiveness of their marketing campaigns. Enter, Acquia CDP.
Data initiatives are highly strategic, long-tail investments that impact nearly all areas of the business, affect multiple teams in IT and marketing need to be taken very seriously. As with most technology, the devil is in the details, so with everyone claiming to be a CDP and suggesting they can help solve this problem, retailers must wade through the noise and buzzwords and find a tool that can actually solve their customer data problems and activate data across the business. A truly valuable CDP is one that won’t just help them solve their initial use cases, but can enhance even the most mature and complex marketing campaigns.
So, what are retailers to do? The answer is surprisingly simple. When in doubt, go with the most experienced CDP for retail, one that is purpose built for retail and has generated tangible revenue and ROI for other leading retailers. The answer is Acquia CDP.
Now I would love to end our blog post there and imagine that everyone will take my word for it, but they won’t. That said, I can back up my claim that Acquia is the #1 CDP for retail, and I dare any other CDP vendor to match our evidence one to one. Buckle up, this is going to be fun.
1. Customer Success
Let’s start with the most important point of all, ROI. Acquia CDP has provided more ROI for retailers than any other vendor. Our public case studies are proof enough, we have more than a dozen, and here’s just a taste of our customers' success:
We did an exercise calculating the average ROI for all of our customers from before they began using our CDP to after and saw the following:
In case you were wondering whether average increases of 150% of ROAS, 300% for customer lifetime value and 20% of business revenue is good; the answer is yes, yes it is. Acquia has driven more revenue for retailers than any other CDP and we have the case studies to prove it. After doing some research into our top 10 CDP competitors, I found that Acquia CDP currently has more than double the amount of public-facing case studies to illustrate our impressive results. I could belabor the point, but I won’t. You can deep dive into all of our case studies, including top brands like J.Crew.
2. Unparalleled Retail Experience
In a complex and evolving landscape with lots of new vendors, experience is a major factor driving business decisions. Acquia CDP (formerly AgilOne) has over 16 years of experience in the CDP space. We were doing CDP before it was even called a CDP.
3. Purpose Built for Retail Use Cases
Acquia CDP includes vertical configurations that are built for retail, including OOTB configurations that focus specifically on retail metrics, such as average order value (AOV), distance to store, favorite store, product seasonality, etc. It includes business rules and reports for retailers built into the platform. Our platform is highly configurable, so retailers can also create customer rules, attributes and reports required for even the most complex retail use cases. Acquia CDP also includes pre-built inbound and outbound connectors to retailers most commonly used martech and adtech solutions for data collection, customer engagement and more
4. Machine Learning Made for Retail
Some retailers have data science teams building highly custom models to generate predictive insights. Some retailers don’t. With Acquia CDP, the value of machine learning isn’t limited to the data science team. Acquia CDP has ML capabilities designed into the platform for use on day one. It offers dozens of out-of-the-box machine learning configurations that are purpose built for retail, such as likelihood to buy, preferred channel and product seasonality.For retailers who do have their own data science practice, Acquia CDP provides an open framework so that organizations can bring their own pre-built models into the platform and use their own data science expertise to build a more customer-centric business.
5. Data Model Designed for Retail
Acquia CDP offers a retail version of our data model that is time tested and configured to retail use cases. This means retailers won’t need to think through how to configure first purchase, last order and other key attributes because they are already included in the model. This pre-configured data model was designed for retailers with stores and e-commerce channels, simplifying the process of unifying online and offline data and increasing time to value. The model is also extendable, so it can be customized to meet unique business requirements and specifications.
6. Scalability Retailers Require
Given our experience in the retail space, Acquia CDP is the most scalable and highly performant CDP on the market. Acquia CDP can support the seasonal volume demands of retailers and has proven to meet the needs of some of the largest retailers on their busiest days, from Back Friday, Cyber Monday and beyond. Acquia CDP processes 112 billion events, 21 billion transactions, and 1.4 billion AI predictions every single day (and yes, that’s billion, with a B).
7. Made for Retailers, By Retailers
Acquia has more expertise in retail than any other CDP vendor. We have a full team of retail experts that not only helped build the platform, but who are assigned to individual accounts to help retailers get the most value with custom dashboards and advanced use cases using custom attributes. Beyond that, Acquia CDP has been enriched for retail over time with feedback from the world's most sophisticated customers such as lululemon and PVH.
8. Flexibility for a Fast-Paced Industry
No industry is changing more rapidly than retail. One great example of how Acquia CDP can adapt to changing requirements is the COVID-19 Dashboard. Last year, Acquia worked with 15 retail customers to deliver an industry-first COVID-19 dashboard which includes over 40 pre-built dashboards on how COVID-19 is impacting businesses. Reports include changes in online buying behavior, customer channel preferences, the business impact of store closings, and much more. While incredibly valuable to retail customers, this is just one example of the flexibility of Acquia CDP to support new retail requirements, whether it be the pandemic, digital only payments, new channels of engagement like voice and wearables or whatever the future may hold.
So there you have it. Eight reasons for any retailer who is looking at buying a CDP should look no further. See Acquia CDP in action, or for more on Acquia CDP and retail, click here.