Venkat Raghavan, Director of Analytics and Science at Tesco, shares his expertise on leveraging data in retail. He dives into the transformative power of Tesco’s Clubcard, highlighting its role in building customer loyalty. Venkat explains how AI and analytics are used to enhance shopping experiences while balancing immediate needs with long-term goals. He also discusses the challenges of data integration in large organizations and the innovative use of Natural Language Processing to better understand customer emotions, driving deeper retail insights.
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question_answer ANECDOTE
Tesco's Data Innovation
Tesco introduced the Clubcard in 1995, a pioneering loyalty program.
They were also among the first to embrace online food retail, reaching £1 billion in revenue.
insights INSIGHT
Tesco's Purpose-Driven Strategy
Tesco's core purpose is to improve the lives of customers, colleagues, and the planet.
This translates into strategic programs like "I Love My Tesco Clubcard" and "Magnetic Value."
volunteer_activism ADVICE
Defining Customer Experience
Define customer experience simply: great quality and great value lead to great experiences.
Quality encompasses product quality, store cleanliness, and checkout speed.
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Loyalty schemes are a hallmark of established retailers—not only do they build consumer trust, they are intelligent and constantly evolving, and Tesco’s Clubcard is the UK’s favorite retail loyalty program. The effects of these discounts are far-reaching, especially for families who rely on getting the best deals to make the most of their money. As Tesco’s tagline goes, every little helps. In turn, the identification and specific details of discounted products can have a profound impact on how consumers view the largest supermarket retailer in the United Kingdom, as well as the operational costs and profits that shareholders are concerned with. How do data and AI inform these offers, what goes into the enterprise-scale analytics that keeps Tesco’s Clubcard the UK’s favorite?
Venkat Raghavan is Director of Analytics and Science at Tesco. Venkat’s area of expertise is customer analytics, having been very heavily involved with the Tesco Clubcard loyalty program. Venkat also set up an analytics center of excellence to help break down data silos between teams. Previously, he was a Director of Analytics at Boston Consulting Group and Senior Director for Advanced Analytics & AI for Manthan and a Cross Industry Delivery Leader at Mu Sigma.
In the episode, Richie and Venkat explore Tesco’s use of data, the introduction of the clubcard scheme, Tesco’s data-driven innovations in online food retail, understanding customer behavior through loyalty programs and in-app interactions, improving customer experience at Tesco, operating a cohesive data intelligence platform that leverages multiple data sources, communication between data and business teams, pricing and cost management, the challenges of data science at scale, the future of data and much more.
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