Every retailer aims to make data driven marketing decisions, and wants to enhance the overall personalization levels in store. For this, they need to know their customers inside out. Customer behavior analytics allow retailers to get a clear understanding and knowledge about their customers. Relevant insights allow retailers to gain a competitive edge as they understand who their customers are, what they do, what they want, etc. With the help of predictive models, retailers can predict what the customers are likely to do in the future. This puts them at a clear advantage over their competitors.
Utilizing the Customer Analytics data to fulfill customer expectations
Organizations and retailers can utilize customer behavior analytics to improve more than one aspect of their operations. They include planning & controlling inventory levels, expediting sales, optimizing marketing, etc. However, one of its’ primary uses is to pre-determine customer behavior, so that customized and personalized offers can be provided across various stages of the customer lifecycle. Data generated from customer behavior analytics helps in segmenting all the customers into various sub-groups based on their behavior. Every sub-group can then be targeted individually with relevant offers and recommendations. It not just helps in making relevant offerings, but do so across all platforms such as in-store, mobile, online, social, etc.
Further, the insights derived also helps retailers to engage customers with the right message, at the right time, and on the right channel. Retailers can also put a lid on losing out on customers. This is because customer analytics data allow retailers to predict attrition rate, and undertake steps in advance to retain them. This extends the customer-lifetime period considerably. Apart from this, retailers can also get a clear understanding of customer emotions and sentiments, and thereby devise methods that suit their needs. They can also easily identify all the latest, emerging trends exhibited by customers on social media. This gives them all the insight on what’s in and what’s not among customers, their preferences, expectations, etc. With access to so much information, retailers can easily provide and fulfill all that customers come to love and expect from them.
The Need for a Complete Solution
A lot of companies have problems integrating large bulk of data between various databases and warehouse systems. They are not completely sure of which key metrics to use for profiling customers. Organizations also struggle when the solutions that they use is unable to provide deep insights due to the failure to integrate unique consumer data types. The inability to track real-time data means that the retailers can’t work out the actual customer journeys. In such cases, organizations are not able to leverage customer behavior analytics to full effect.
What these organizations require is a solution that efficiently manages all the bulk of customer data that is available from various sources. The solution must also ensure that it turns the aggregated data into key metrics, which will independently represent data & insights about every individual customer in-real time. This will ensure that they can engage with their customers in the most relevant way by providing personalized offers and recommendations. It will also help organizations in predicting customers better and account for all the things that needs to be done to better attend to them. A complete solution will allow organizations to drive home the advantage and increase the gap between them and the competitors by doing justice to all the expectations that modern-day customers have.