30
October
2014

Retail Analytics: Before Convenience, Start Connecting with Customers

Let's Not Forget the Basic

retail analytics

Customer convenience is the new hot, whether it is ecommerce business or brick-and-mortar retail. In pursuit of this goal, owners are often forgetting the pre-requisite – providing customers with the impression about willingness to establish long-term relationship. Customer satisfaction is the ultimate objective and the steps that businesses would implement to attain it, are expressed messages to customers in strengthening the connection and carrying forward the same. The biggest challenge that business personnel are facing in determining the right steps, leading to customer convenience, is dealing with radical changes in customer behavior.

The challenge is even greater for brick-and-mortar retailers as their ecommerce counterparts are already implementing the blessings of web analytics to create algorithm that will deliver customers with product suggestions, based on the findings of predictive analytics on customers’ earlier purchases. Introducing the same kind of customer centric approach, clearly, is a major barrier that brick-and-mortar retail stores need to overcome. Retail analytics offers the requisite gateway but it requires support through store automation. Store automation will help retailers in gathering raw data, based on customer shopping preference and analytics will provide the management with predictive results, almost real-time. Based on the results, it becomes easier for retail managers to launch campaigns, promote the campaigns, measure customers’ response rate and make changes almost immediate to increase customer participation and conversion.

How Connection is established

Above we have provided an overview of how retail analytics helps in increasing customer responsiveness to campaigns, but it widely concerns interest of retailers. The goal of establishing connection with customers, primarily, is developing in-depth understanding of their shopping preference.Data that retailers receive from customers’ product choice and store surfing is the only source in perfecting the process of customer understanding. Store automation not only increases the scope of creating a vast data pool but also function as an excellent platform for enjoying multi-channel shopping experience. Multi-channel shopping platform also means more customer touch points, more data inflow and immense opportunity for retailers in deciphering the raw data pool only to obtain valuable customer insight, based on

  • demography,
  • product preference,
  • price range that they prefer,
  • the kind of content they find most interactive,
  • the best time for them to shop
  • their responsiveness to promotional campaigns
  • what kind of campaign is suitable for which class of customers
  • the time when likeminded shoppers prefer visiting the store
  • the types of offers that influence customers’ decision making process

in store analytics

Once the available data is analyzed and segmented to different classes, at least in the categories that retailer is trying to target, the task of establishing a strong relationship with customer becomes simpler. Thanks to store automation and other associative technologies, now retailers can not only initiative promotional campaigns real-time but also the right content can be delivered directly to the smart devices that customers are carrying at the right time.

What Purpose is Served

The goal of establishing personalized connection with customers is attained. Also the ultimate objective of ensuring customer convenience is guaranteed with these improvements. How? The moment a customer visit a retail store, he/she starts receiving notifications that make it simpler for him/her to

  • Locate the desired product
  • View the ongoing offers/discounts
  • Find out the possible product choices, based on their previous purchases
  • Get to know whether their preferred products are currently available or not

These facilities, simultaneously, deliver a clear message to customers that the retail store is ready to establish a long-term relationship with them by taking into account their individual preference. This realization not only encourages return visits but also encourages new customer turn out. 

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