Maps, messaging, music, everything has been completely changed by digital technology, but walking around a supermarket “hasn’t changed by a meter”
It’s been a year since Tim Mason took over as CEO of Group PLC ().
Since then, Eagle Eye’s value has nearly doubled, sales have increased by over 70% and the company will soon be pushing the button of a massive integration of a loyalty program for the Canadian retail giant. detail.
While Loblaw may not be well known in the UK, it’s a huge deal – imagine (Loblaw) taking over Boots (Shoppers Drug Mart) and combining the two, Mason says.
It’s about consumer data, he says, and making the connection between customers and what retailers offer.
This digital connection is crucial, Mason says, and forms the piece of the online retail puzzle offered by Eagle Eye.
The connection allows the retailer to see what customers are doing and above all to respond quickly.
Many of the world’s largest retailers still haven’t understood the importance of this, he says.
Maps, messaging, music, everything has been completely changed by digital technology, but walking around a supermarket “hasn’t changed a bit.”
“Everyone is doing exactly the same thing as 25 years ago.
As an example, he cites current driving habits: “Try turning off Google Maps and not using satellite navigation in the car and see how long you last.
“Many of the world’s largest companies still circulate metaphorically without [the equivalent] from Google maps.
Customizing and targeting the business to compete with anyone (but especially Amazon) is key and that’s Loblaw’s plan.
The two branches of the Canadian company have separate and important loyalty programs, and by merging them, it can create a “one-stop-shop” of its customers.
“The way we use this connection to customer identities will sell more products and services and make customers happier. “
Based on the CRM profile, for example, Loblaw will tailor offers to the right person, which is crucial for retailers, Mason explains.
Snapshot data can also help with trading. If Thursday is a bad day, you can gift something on the weekend to make up for it.
Regulatory changes are forcing businesses to examine how they use consumer data and the amount of information they store online about individuals and consumers.
The General Data Protection Regulation (GDPR) will be introduced across Europe next year, making it much easier for people to access information about them stored online.
Heavy fines are proposed for companies that do not comply and for Eagle Eye that presents an opportunity.
Customers who sign up for a loyalty program run by Eagle Eye have already chosen to pass the details on, but overdue companies need to urgently resolve the issue.
Mason thinks there is a trade-off between what people are willing to offer for themselves in exchange for financial and other benefits.
More rewards would encourage them to pass on more information.
Loblaw, for example, is introducing a blood pressure test that links to health and wellness offerings.
This integration of the loyalty program will be closely watched by other retailers, especially those now in Amazon’s sights.
For Eagle Eye going forward, Loblaw also represents a significant marketing opportunity.
The AIM company already has an impressive list of customers ranging from Sainsbury’s and John Lewis in the UK to a loyalty awards program with Google.
This dynamic is now also reflected in the financial figures.
Sales through June rose 71% to £ 11.1million, with a further 36% increase in the first three months of the current year.
Losses during the year up to June amounted to £ 3.5million (£ 3.6million).
Buyout volumes increased 50% from the previous quarter to 32.6 mlm and 179% from the same period a year ago when a program with Sainsbury’s was fully operational.
Mason says one of the reasons he joined Eagle Eye was the long term potential and says the Loblaw contract will be “another huge step forward.”
At 205 pence, Eagle Eye is valued at £ 52million. If Mason is right about where the retail business is going, you won’t need a text message to see it’s a good deal.