If there was ever a time to be in retail it is now. Data has now become a reliable tool that allows retail brands to find new ways of attracting and building customer loyalty, that means understanding customer sentiment and desires. By pulling together data streams from sales, operations, inventory, revenue, and other sources, big data analytics are helping retailers fine-tune their operations while reducing costs, increase customer satisfaction, and generate more profits.
Having All That Power
Today's consumers are heavily entrenched in technology and readily offer their information on various mediums.In a report from Mckinsey analysis brand engagements affirmed that companies which invest in data at the center of the sales and marketing decisions improved their marketing ROI by 15 to 20 percent. So if the information is there why not take it?
Retail analytics is great for a number of reasons, it gives a total view of all your consumer's behavior which can help shops refine how they interact with customers in the store while correlating transaction data, online browsing behavior, in-store shopping trends, product and preferences. This also work with social media traffic to assess customer sentiment and behavior. This type of information will paint a clear picture of who brands what to target.
But the retail industry doesn't want a piece of the cake when they can have the whole thing. Data gives the ability to predict trends on what will be the next big thing, forecasting the demand for any item, optimize pricing and fine tune every experience you can offer in our out of the store, creating the ideal environment for consumers to shop and enjoy it.
With great power comes great responsibility, sounds corny but it's the truth. Acquire big data technology without understanding and having a plan on how previously hidden data can be harvested and applied to business processes, challenges or opportunities, changes big data from a useful tool to expensive figurine.
Shops of the Future
At Shops of the Future, we are here to help brands evolve in this changing competitive industry. To book a workshop with us, you can leave a comment here, use the contact form on our home page, or send us an email at email@example.com
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