Some of the key challenges for retail firms are – improving customer conversion rates, personalizing marketing campaigns to increase revenue, predicting and avoiding customer churn, and lowering customer acquisition costs. These can be tackled with deeper, data-driven insights on the customer. But today, there are several different interaction points for consumers to interact with their companies, mobile, social media, stores, e-commerce sites and more. This causes a substantial increase in the complexity and diversity of data we may have to accumulate and analyse.
When all this data is collated and analyzed, it can provide insights that we may have never considered before — for example, recognizing our high value customers, their motives behind the purchase, their buying patterns behaviours, and which are the best channels to market to them and when. Having these detailed insights increases the probability of customer acquisition and perhaps drive their loyalty towards us.
To maintain a competitive edge in an fast-growing marketplace, it is becoming increasingly necessary for retail companies to look for proactive methods of harnessing new and extensive data sources in unique ways. Analytics can help retailers achieve deeper understanding of their customer data and offer actionable insights that will transform a market laggard into a leader.
Today it is very easy for customers to access any kind of information using channels like mobile, social media and e-commerce. This makes decision of buying and purchases convenient for the customers.
At the same time, customers have started expecting much more from businesses, like providing consistent information, seamless experiences across channels that reflect history, preferences and interests. Marketers need to continuously adapt with understanding and connecting with their customers. This is possible when retailers have data-driven insights which help us understand each customer’s profile and history across channels.
We’ll be able to solve to complex retail queries such as:
- Activities on every step in the customer journey
- Our high-value customers and their behaviour
- The best possible way to reach them
Engineering of this data is the key to opening doors to invaluable insights about the purchase behaviour of our customer.