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Thought Leaders Discuss Improving Customer Loyalty with Three Unparalleled Best Practices

Introduction to Customer Loyalty

In an increasingly competitive world, businesses are highly dependent on efficiency, data-driven strategizing, and customer loyalty to maintain growth and stay ahead of competitors. As industries grow, consumer-centricity has become a focus for companies, and providing an improved customer experience is crucial to high retention rates. While targeted marketing initiatives, significantly differentiated offerings, strong customer service, and meeting consumer needs is important to attract the target market segment, improving customer loyalty has become a requirement for sustainable growth.

Customer loyalty is the likeliness of target consumers to repeatedly purchase products, leverage services, and interact with a brand. As companies develop and expand, ensuring a satisfied consumer base and improving loyalty can help gain a competitive advantage, increase profitability, maintain continuity, and continue growth. Infiniti’s customer intelligence experts help businesses across industries identify factors that impact customer loyalty and improve customer experience (CX). In this article, our experts identify and highlight three best practices to enhance customer loyalty and become an industry leader.

Request a free proposal to utilize actionable insights, data-driven strategies, and unique business solutions for a loyal customer base.

Best Practices to Improve Customer Loyalty

Varying industries can attract, engage, and retain consumers in differing ways; however, experts have found three effective best practices to help improve customer loyalty across sectors, as detailed below:

Focus on Customer Service and Engagement

Keeping consumers engaged can be a challenging task, and it requires data-driven strategies, incomparable customer service, and the significant addition of value. With growing digitization, customer service has changed significantly, leading to the growth of social media, webchats, AI, and year-round accessibility as necessary forms of communication. Social media has become an imperative medium of communication, engagement, interaction, and personability, also serving as a way for consumers to find, evaluate, and access companies’ offerings. Creating engaging social media campaigns, interacting personably with consumers, and offering customer service through various mediums can improve consumer satisfaction, lead to repeated purchases, and enhance customers’ loyalty.

Reward Customers in Multiple Ways

Rewards and loyalty programs have been a highly beneficial and popular path to retaining consumers. However, the new Millennial and Gen-Z market segments interact and engage more with personalized cards, complimentary offerings, and expressions of gratitude. There has been a significant rise in small businesses’ growth due to the availability of direct contact, personalization, and interaction. Companies can improve their customers’ loyalty by including personalized notes, developing trend-driven and conscious offerings, and providing deals, discounts, or loyalty programs that meet demands and preferences. Increasing demand for environmentally conscious, cruelty-free, hygiene, natural products, and morally-sound offerings can also enhance customers’ loyalty.

Attracting, engaging, and maintaining relationships with consumers is imperative for the growth of companies across industries. Speak with our industry experts to learn how our customer intelligence solutions enable improved loyalty.

Acknowledge and Adapt to Feedback

Lastly, businesses that invite acknowledge, and accept feedback can develop improved products and services, create the CX that consumers demand, and maintain an interactive relationship with their target market. Creating a CX that enables honest feedback, improvement, and personability can propel the company’s growth and significantly improve customer loyalty. Additionally, acquiring feedback from consumers directly enables well-informed business decision-making, easier product research, and development, and helps companies target unmet needs in the market. This also helps businesses create substantially differentiated offerings from competitors, improve customer attraction and retention rates, and maintain a loyal customer base.

Why Businesses should Leverage Infiniti’s Customer Loyalty Solutions

Infiniti’s customer intelligence experts offer expertise in helping companies identify, evaluate, and strategize for consumers’ needs, demands, and preferences. Our solutions help address weaknesses in companies’ offerings, tackle low customer satisfaction rates, improve overall performance, and enable significant growth. Companies can identify factors that impact customers’ brand preferences, analyze their shortcomings, and develop improved products and services, directly influencing and enhancing customer loyalty.

Request more information to learn the value of customer loyalty and explore the benefits of an efficient and improved customer experience.

Customer Segmentation

Why is Customer Segmentation the First Step to Growth and Success for Businesses? Customer Intelligence Experts Discuss

Introduction to Customer Segmentation

With the rising population, growing economies, rapid urbanization, and digitization, companies’ approach to sales, marketing, and product development have transformed to a great extent. Businesses have shifted their strategies to be more consumer-centric and driven toward ensuring customer satisfaction and loyalty. As competition increases, so does the need to attract and retain customers while maintaining mutually beneficial and healthy consumer relationships. These evolving business needs have led to the need for customer segmentation processes across industries.

Customer segmentation is categorizing consumers as per various parameters that may be geographic, demographic, or behavioral. These categories also vary based on the business models of businesses. For instance, B2B business models prefer to categorize their clients on factors such as industry, location, and workforce size. Whereas, in B2C companies, customers are classified according to factors including age, gender, spending behaviors, and value to the brand.

This process has proven highly effective and useful for various departments and functions within companies. It enables targeted marketing initiatives, helps develop well-received products, and improve the value of various customer-centric investments. Leveraging customer segmentation solutions help companies enhance sales, increase customer attraction and retention rates, and maintain healthy consumer relationships. In this article, Infiniti’s customer intelligence experts discuss the significant benefits of customer segmentation in various departments of businesses.

Struggling to engage, attract, and retain customers? Request a free proposal to learn how Infiniti’s customer segmentation solutions can help your business identify and target the ideal customer base for your offerings.

The Benefits of Customer Segmentation

Customer Segmentation

Improved Marketing Initiatives

Segmentation of customers helps marketing teams identify their target consumers and invest in developing efficient, targeted marketing initiatives. In a highly competitive market, ensuring that your business identifies and addresses consumers’ needs better than competitors can be a significant differentiator. Additionally, consumers are more likely to engage with content relevant to their personal needs, demands, and preferences. By identifying consumers’ needs, Infiniti’s customer segmentation solutions help businesses develop improved and targeted marketing initiatives and increase conversion rates with quality leads.

A business requires a strong and loyal customer base to scale and succeed. To learn how Infiniti’s customer segmentation solutions can help your business attain loyal customers, request more information.

Data-Driven Product Development

Developing a novel product that addresses target consumers’ needs can be highly challenging in a rapidly evolving market. Therefore, segmentation of customers and a comprehensive understanding of consumers’ unmet needs, gaps in the market, and particular demographic preferences help businesses develop unique products that address consumers’ demands. A data-driven product development process combined with targeted marketing translates into a successful product launch, improved customer relations, and higher consumer satisfaction. Infiniti’s customer segmentation solutions help businesses developed personalized products and services and reduce ineffective investments.

Increase in ROI

Lastly, customer segmentation enables quality over quantity. Personalized offerings and targeted marketing initiatives lead to acquiring and retaining high-quality leads, increased customer loyalty, and stable growth. While the process requires streamlining the target audience and losing a wider customer base, it enables improved approaches with a higher chance of converting into fruitful transactions or contracts. Targeted marketing initiatives with higher returns lead to a significant ROI and helps businesses maintain a well-informed marketing budget. Additionally, companies avoid investing in the research, development, and launch of products that fail to meet revenue expectations or improve customer attraction and retention. Infiniti’s customer segmentation solutions have helped businesses across industries determine an improved marketing budget, conduct an efficient product development process, and realize significant savings.

Speak with our experts to leverage our expertise in enabling targeted marketing initiatives, data-driven product development, and improved ROI with customer segmentation solutions.

Retail Industry + Customer Intelligence

Customer Intelligence Solutions Help Retail Industry Clients Revolutionize their Offerings: A Compilation of Success Stories

Consumers and retailers have been exposed to significant changes in the retail industry recently. Experts forecast further change in the coming years, and these changes are expected to reshape the industry. Being in a customer-centric industry, retailers find it necessary to understand their customers’ needs, preferences, and changing behavioral patterns. Keeping abreast of customers’ demands and unmet needs helps companies develop personalized marketing approaches and customized offerings.

During the COVID-19 pandemic, the retail industry witnessed a significant change in demand patterns, customers’ needs, and spending patterns. The pandemic led to various challenges, including supply-demand mismatch and supply chain complexities, and substantial losses for industry players. Digitization and the increasing preference toward eCommerce websites have led to a major change in how customers interact with the retail industry.

Therefore, retail industry players must research to understand their customers’ needs and develop strategies to address their demands and preferences. Infiniti’s customer intelligence solutions have enabled retail industry players to gain comprehensive, data-driven insights into their customers, streamline marketing efforts, adopt agile solutions to meet customers’ needs, and substantially reduce customer churn rate.

To demonstrate the value and success of our customer intelligence solutions, our experts have provided the following compilation of recent achievements in the retail industry. The following three case studies include a detailed record of the various approaches developed by our customer intelligence experts for retail industry players.

The retail industry is rapidly evolving, and customers’ demands are changing drastically. To keep abreast of customers’ changing needs with our customer intelligence solutions, request a free proposal.

Developing a Comprehensive User-Engagement Strategy for a Global Retail Firm

A global retail firm based out of Central Europe witnessed a steady decline in its growth rate and struggled to retain customers. The company required clarity regarding customer churn causes, sought to increase their customer retention rate, and drive sales. Our customer intelligence experts developed an approach that included identifying and segmenting target customers, analyzing customers’ preferences, and providing insights to create strategies that increase customer retention. This engagement helped the retail industry client increase customer retention rate by 56% and develop a user-churn prediction model. The customer intelligence solution also helped the client understand customers’ needs, keep track of continuous changes in the market, and substantially minimize marketing costs.

An unparalleled strategic advantage can be the biggest differentiator in an increasingly competitive environment, such as the retail industry. Speak with our experts to learn how our customer intelligence solutions can help you stay ahead of the curve.

Overcoming the Impact of COVID-19 on the European Retail Industry with Infiniti’s Customer Intelligence Solution

A Central European retail firm suffered significant supply chain challenges due to the COVID-19 pandemic and struggled to manage demand-supply requirements. Additionally, the changing customers’ behavior patterns due to increasing digitization created an urgent need for omnichannel approaches, with a comprehensive understanding of their customers’ preferences and spending habits. Infiniti’s customer intelligence approach involved setting up new online portals, developing new partnerships with e-retailers, and rethinking their merchandising strategy. Our solution enabled the European retail industry client to expand hyper-personalized offerings, launch innovative delivery models, and substantially improve their technology setup. The retail company also enhanced its digital offerings, simplified its product portfolio, and adopted agile, creative initiatives to address customer needs.

Customer Intelligence Solutions Helped a Fashion Retail Industry Client Reduce Customer Churn Rate Substantially

A fashion retail brand based out of Central Europe offered huge discounts to retain customers and initiated a major price war between its competitors. The retail company also struggled to meet customers’ changing demands and witnessed a decline in their sales rate. The client sought to address these challenges, develop an omnichannel business model, enhance customer loyalty, and devise a customer-centric marketing approach. Our customer intelligence experts set a comprehensive four-phased approach that included a customer needs assessment, customer satisfaction analysis, demand management solution, and marketing strategy engagement. The solution enabled the fashion retail industry client to personalize their offerings, realign their marketing processes, and implemented a new customer segmentation approach. Additionally, our customer intelligence solution helped the client reduce their churn rate by 13% and gain 7.5% retail share in their new product category, generating millions of dollars in revenue.

To prepare for changing dynamics, trends, and customers’ preferences, and develop novel strategic business models to champion the retail industry, request more information.

Winning Customer Mindshare in the Banking Sector with AI-Driven Customer Intelligence

Up to a few years back, retail banking customers had modest expectations in terms of banking experience and loyalty. In the last few years, however, the balance in which retail banking companies could succeed on their own terms has begun to shift under the pressure from changing customer expectations and preferences. Furthermore, new entrants in the banking sector such as fintech companies are also further pushing the boundaries for customer experience. Today customers increasingly expect interactions with their banks to be as sophisticated and personalized as the ones provided by industries like retail. As such, it is becoming extremely critical for banking sector companies to step-up their customer intelligence capabilities to better gauge customer needs and think beyond customer experience to a broader measure – customer mindshare.

Customers leave a lot of interesting footprints on the internet. Artificial intelligence (AI) driven customer intelligence solutions is a useful source for providing more insights and better automation for banking companies. Here some of the key reasons why experts at Infiniti think that AI driven customer intelligence could radically transform and simplify processes in the banking industry.

Customer intelligence is a powerful tool to boost sales and gain greater customer mindshare. Request a free proposal to know how Infiniti’s customer intelligence solutions.

Benefits of AI-driven customer intelligence in banking

customer intelligenceEnhanced personalization

Banks sell products in the form of loans, accounts, and investment service. The customer data collected in the process needs to be turned into useful insights in order to personalize and enhance offerings. AI -driven customer intelligence solutions will help banking sector companies to not just understand what the smartest recommendation is to enhance customer journey but also how to develop the most personalized products or services that can be delivered at the right time.

Customer interactions create abundant data for companies to act upon. Not sure how to turn it into actionable insights. Get in touch with our experts to learn how we can help your business turn data into dollars.

Improved trust and customer loyalty

Aggressive sales techniques no longer work well with customers, given the fact that they have ample options available at their disposal. AI-driven customer intelligence helps businesses to better transform their customer outreach based on customer behavior and preferences. Leveraging AI in customer intelligence solutions can also help businesses create meaningful conversations with the customers by identifying when they require banking related advice.

Capture opportunities

Whether it is a review or of a product/ service or customer feedback, any data of customer interaction is highly valuable for banking companies. This data goes wasted if customer intelligence based on AI is not used to curate and analyze data to identify missed opportunities. This allows for creating more personalized products and engaging interactions for the customers.

Learn how our solutions can help you stay updated with the latest retail industry trends

future of retail

Role of Customer Intelligence in the Future of Retail

“Winning brands in the future of retail will be those that have the best customer intelligence.”

The future of retail is closely intertwined with an evolving customer journey that is being largely transformed by technology. Today’s consumers are more connected and empowered than ever before, ergo they demand retail experiences that are relevant, real-time, and seamless from screen to store. To be successful amidst such changing retail scenarios, retail companies must have an in-depth and unified understanding of their customers at a personal level. This is where the role of customer intelligence comes into play.

What is customer intelligence?

Customer Intelligence refers to the information derived from customer data that is collected through both internal (generated through interactions with the customer) and external sources (demographic data like age, income, and occupation). The key purpose of customer intelligence is to better understand customers by analyzing their buying patterns and their key motivators of purchase to drive future growth of the business.

The future of retail lies in providing exceptional customer experience regardless of whether your store is online or offline. Request a free proposal to know how Infiniti’s solutions can help your business gain a deeper understanding of your customer base and choose the right strategies to cater to them.

Customer intelligence in the future of retail

future of retail

We have reached a point where the future of retail will largely revolve around customer experiences. Customer intelligence solutions play a vital role in helping retailers identify what their customers want and the best strategies to cater to customer needs. Retail industry experts at Infiniti believe that customer intelligence will be vital for the future of retail due to the following reasons:

Growing rate of informed customers

Modern customers have unlimited access to information. They also have adequate knowledge about a brand, their products or services, and also about the competitor brands. Study shows that a fair majority of today’s customers are more likely to shift brands within a week of experiencing a bad customer service. The future of retail will largely be dominated by demanding customers, and businesses that choose to ignore them will be risking a PR disaster. Customer intelligence is the best chance available for retailers to understand its customers and ensure better customer service.

Get in touch with our retail industry experts for more insights on Infiniti’s solutions for retailers.

Personalized rewards and discounts

Customer intelligence is a great tool for retailers who want to reward their loyal customers with personalized rewards and discounts. IoT will play a significant role in the future of retail to help retailers achieve this. Loyal customers can be sent personalized discounts using sensors located in the store.  These sensors can detect when customers are near certain products and then alert customers of a special discount via their smartphones. Such strategies of understanding customers and giving them discounts on the products that they regularly shop will result in customer delight and such techniques will eventually go mainstream in the future of retail.

Better supply chain management

Retail customers are increasingly demanding faster delivery of high-quality products. Customer intelligence solutions can help optimize speed and accuracy through the supply chain. With the help of customer intelligence retailers can predict what products will be in demand during a particular time period. Every component of the supply chain, starting from planning to production to the return can be optimized for efficiency in advance.

Visualize real-time market changes

Understanding the market and customer needs is one of the key challenges faced by retailers. In a crowded industry like retail, it means that even a tiny break in monitoring the market can cause a huge setback in terms of acquiring new customers, revenues, and ensuring overall customer satisfaction. Customer intelligence solutions provide retailers with actionable insights from a stream of steady data. The customer data lets brands comprehend broader market trends and integrate predictive analytics and best practices into their business.

Learn more about Infiniti’s market intelligence solutions and gain an overview of how we help our clients with tailor-made solutions to suit their business needs.

4 Customer Experience Management Trends to Keep an Eye On in 2019

What is customer experience management?

Customer experience management involves managing customer interaction through both physical and digital touchpoints in order to deliver personalized customer experiences. This helps drive customer loyalty and boosts revenue. Although companies can make efforts to guide customer journeys, they cannot absolutely dictate it to customers. Customer-centric organizations leverage behavioral data, marketing technologies, and customer insights to optimize customer journeys and thereby ensure better customer experience management.

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We, at Infiniti Research, use a combination of research, analytics, and data management systems to help our clients manage data, serve relevant content to target customers, and predict future interactions. Request a brochure to know more about Infiniti’s customer intelligence solutions.

Customer experience management trends

Several transformation triggers including globalization, digitization, and economic changes have the power to dramatically impact customer interactions with a brand and influence their decision-making. So, while formulation a customer experience management strategy, companies must take these factors into consideration. Here are four customer experience management predictions for 2019 from Infiniti Research:

Hyper-personalization at every touchpoint

 One of the key recent trends in customer expectations is the increasing need for personalization in product/services. Today, hyper-personalization forms a key element of customer experience and satisfaction. As a part of their customer experience management strategy, forward-thinking companies are using data and analytics for (near) real-time personalization. Today, customers are inundated with advertisements and multimedia content on different platforms. This makes it crucial for brands to not add irrelevant noise to their content, rather, define ways to stand out from the crowd.

Still have doubts on how customer experience management strategies can benefit your organization? Request a free proposal to find out!

Organization-wide customer focus

In most cases, hiring a chief customer officer is not enough to deliver impeccable customer experience. The most successful brands in customer experience management are those who establish an organization-wide customer-experience mindset. Top companies like Amazon are thinking about customer experience in everything they do including marketing, supply chain, infrastructure, logistics, and product design.

Robotic Process Automation (RPA)

Robotic Process Automation, also known as RPA involves the use of machines to automate repetitive and mundane tasks, helping businesses to increase efficiency and decrease costs. Moreover, this gives the human resources of a company to focus on tasks such as innovation, problem-solving, creativity, and customer experience management research and analysis.

Data ethics

One of the most popular customer experience management trends to watch out for this year is the rising need for data privacy and ethics. With the introduction of the General Data Protection Regulation
(GDPR) law that gives customers power over their personal data, companies have to be more cautious than ever on the compliance with such regulations. This law has changed the way companies handle customer data which has now transitioned from a business asset to the customers’ property. Facebook data ethics scandal in the recent past is proof that such instances can hurt a company’s image in the public eye and eventually lose customer trust. Customers want great customer experiences from brands they can trust. So, building customer trust by maintaining their privacy and data security is now one an essential customer experience management trend.

Know more about why customer experience management is important for your business. REQUEST MORE INFO

Weekly Round-up: A Storyboard on the Benefits of Customer Intelligence Solutions

LONDON: Infiniti Research, a leading market intelligence solution provider, has announced the release of their new storyboard on customer intelligence solutions and on how it has helped companies better serve their customer base and acquire new customers more effectively. Today, organizations often look at other successful companies, latest industry trends or new products launches by competitors to stay relevant and innovative in the market. But do you think just evaluating the competitors and latest industry trends are enough to stay competitive in the market place? Well, certainly not. The customers are the ones with the ability to determine your business’ longevity and progress. Hence, customer intelligence is a critical component of any business plan in all stages of growth.

Infiniti’s customer intelligence solutions have helped several companies in creating a powerful, personalized customer experience, and thereby improved their bottom line. Below we’ve collated some of our recent success stories on customer intelligence and have also highlighted ways in which our solutions have helped companies become market leaders.

Keeping your finger on the pulse of your market will help you maintain a proactive approach and successfully outgrow your competitors.

Leverage our customer intelligence solution. Request a FREE brochure to know more about our services.

#1: How a deeper customer understanding drives revenue and sales: Today, with the increase in access to information and high awareness level, the power to dictate the market trends have shifted from the companies to consumers. Hence, in an attempt to deepen customer experience, a business outsourcing company approached Infiniti Research. Infiniti’s customer intelligence solution offered a single view of customer data, which in turn helped the company to offer better services to their clients and subsequently enhanced sales and revenue.

Building a Customer Intelligence Platform for a Leading Business Process Outsourcing Firm in India

#2: Reigniting business growth for a media services provider: In today’s customer-centric business world, a media services company realized that understanding the needs of the customers isn’t enough to drive business decision-making. Ultimately, the outcome depends on predicting customer needs and actions even before they occur. This success story from Infiniti Research explains how our customer intelligence solutions empowered the client to identify key metrics affecting the brand value and sustain brand growth by tapping into  potential customer segments.

Customer Intelligence Assessment: Reigniting Business Growth with the Help of Brand Health Assessment for a Leading Media Services Provider

#3: Effectively launching new products in the Latin American Market: Launching a new product or feature becomes easier when you have adequate data on the customers. A thorough analysis of customer demands will heighten your visibility and avoid costly mistakes. To gather relevant insights into the customer buying patterns in Latin America, a medical imaging devices manufacturer approached Infiniti. Infiniti’s customer intelligence solution helped the client to analyze the customers’ data and successfully launch products in the Latin American market.

Customer Intelligence Assists a Leading Medical Imaging Client to Target Potential Customers in the Latin American Market

#4: How to use customer complaints to improve your business? Instead of perceiving the negative comments as a potential threat to your business, leverage them to improve your business. Not sure how? This success story demonstrates how an energy sources supplier was able to shape real-time customer interactions, deliver highly personalized offers, and subsequently address customer concerns with Infiniti’s solutions.

Customer Intelligence Assists an Alternative Energy Sources Supplier Address Customer Concerns

#5: Simplifying IT operations with customer intelligence solutions: Through an effective customer intelligence solution, an IT company wanted to improve customer experience and eliminate operational bottlenecks. Furthermore, the IT firm wanted to offer new services and simplify their IT operations. With Infiniti’s customer intelligence solution, the client was able to identify gaps in their organizational strategy and take accurate measures to improve the overall business performance.

Customer Intelligence for a Leading IT Services Provider Helps Simplify IT Operations

Wondering how to identify potential market opportunities?

Our portfolio of solutions can help you boost revenues and market potential. Request for a FREE proposal!

 

#6: Mastering customer intelligence in 3 steps: Today, companies have shifted to a customer-centric approach and have made customers an integral part of the entire business process. This compels organizations to leverage the valuable insights gained from customer intelligence tools to develop a proactive customer service frameworkand drive revenue and sales. Find out how to master customer intelligence for revenue growth.

Mastering Customer Intelligence in Three Steps

#7: Building an effective brand strategy with customer intelligence management: According to a recent study, customer experience management is one of the top three strategic priorities of 35% of businesses for 2019. An improved customer experience aligned with your branding strategy can help your business win loyal customers. Find out more benefits of leveraging customer intelligence solutions in this blog.

Leverage Customer Intelligence to Build an Effective Brand Strategy

#8: Top 4 steps to mastering customer intelligence: Infiniti Research reveals the top four secrets to master customer intelligence. The blog further explains why it is important to work towards creating a positive customer experience and some of the strategies that businesses must implement to improve both customer satisfaction and profitability.

Mastering Customer Intelligence – Because Customer is the King

#9: How customer intelligence is becoming a game-changer in marketing technology: With businesses emphasizing on effective customer relationship management, leveraging customer intelligence has become the key to ensure a successful marketing strategy. Organizations are increasingly spending a larger portion of their budget on marketing technology and other digital tools that help them improve and enhance the customer experience. Read this blog to know how customer intelligence is becoming a game-changer in marketing technology.

Customer Intelligence Is the Game Changer in Marketing Technology

#10: Targeting the right potential customer with customer intelligence solution: Infiniti’s customer intelligence solutions helped an automotive firm create a robust customer engagement strategy based on customer insights. Read this success story to know how our solution supported the automotive client to target  potential customers at the right time.

Customer Intelligence Study Assists an Automotive Parts Supplier to Understand Customer Behavior

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