- Customer data platform (CDP) is a packaged software that creates a unified, persistent customer database, accessible to other systems. This customer data originates from various sources, to create a particular customer profile. Customer data platform (CDP) provides some functionality of customer engagement and customer behavior.
Impact of Coronavirus (COVID-19) on the Customer Data Platform Market
Lockdown due to an increase in the spread of Coronavirus (COVID-19) across major regions such as Europe, Asia, and North America, has a positive impact on the customer data platform market. Nowadays, individuals are focusing majorly on online activities such as e-commerce, and OTT platforms, which is expected to increase the customer data worldwide. Therefore, this is significantly help organizations to work on customer data platform, which helps them to make marketing strategies more efficiently.
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Increasing Demand for Omni-channel Experience: Key Driver of the Customer Data Platform Market
- Omni-channel is a complete and holistic methodology for customer communications over different channels without maintaining and saving customer data. The omni-channel approach provides seamless and smooth customer communication through all channels and keeps the entire consumer data inside the platform so that a third party or agent can easily address their concerns in a proper manner.
- Omni-channel experience is a cross channel methodology that allows various interfaces such as web, social media, and mobile to incorporate for customer engagement. An omni-channel methodology increases the involvement of customers with enterprises, as the entire communication channel is employed in an integrated manner. Hence, this helps in widening the customer database.
- An omni-channel experience also improves user experience as it uses a customer-centric approach. This approach significantly drives the customer data platform market as it provides a broader customer behavior experience for enterprises to implement their marketing strategies more efficiently. An omni-channel methodology is utilized majorly in the retail industry as it facilities inventory management as well as order management by order allocation. Furthermore, consumers are shifting more toward digital resources that significantly help enterprises to adopt an omni-channel methodology.
- Impiger Technologies provides the omni-channel retail solution to streamlines the user’s supply chain management. On the other hand, IBM Corporation provides a three tiered omni-channel methodology for retail as well as banking industry that involves capturing customer data, managing customer engagement systems, and applying suitable actionable insights.
- Therefore, increasing demand for omni-channel experience is significantly driving the growth of the customer data platform market.
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High Capital Cost Expected to Hamper the Global Customer Data Platform Market
- Customer expectations increase with developing technologies, and companies have to continuously update their customer engagement solutions to satisfy these expectations.
- The investment cost associated with the modification of customer experience solutions with constantly changing technology is very high and is a short term investment. This makes it difficult for small and medium enterprises to constantly update the solutions according to customer requirements.
- Updating any solution with advance technology makes the solution complex at the backend. Making major changes in these complex solutions is expensive and requires an efficient and highly trained workforce, which is a major investment. Moreover, implementation of security in these advanced solutions is a major concern which also increases expenses considerably. Therefore, high capital cost is expected to hamper the customer data platform market.
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