Smart technology platforms and devices are making the modern consumers more involved than ever before. Brands need to understand what kind of information must provide and when to share it with consumers as it is important to analyze how a consumer uses this information when they begin their journey. The purpose is to attract more transactions and how they perceive and engage customers as the value of the customer experience drive sales and customer retention. This requires insight powered by data that can help you understand the experience of any customer across platforms.
“50 percent of companies who master the art of customer analytics are likely to have sales significantly above their competitors.” – McKinsey
Retailers use data analytics to make focused and personalized deals and actions in real-time. However, data analytics isn’t just about monetization strategies; data-driven insights build value across the entire enterprise. Leading-edge retailers are using them to customize store-level brands, forecast shifts in consumer behavior habits and inventory levels.
The power of Big Data
Classifying perfect shoppers
Any other retail outlet has the prime goal of attracting numerous customers. Retailers can easily identify consumers purchasing habits, ideal items using advanced technologies, and can place them at the front row. To maintain strong communication with shopper’s retailers put up their exclusive deals and offers with email marketing support, smartphone push notification, etc. for all their registered shoppers.
Once the customer enrolls for loyalty programs or input forms, data is collected. To increase consumer acquisition, retailers need to specifically serve consumer promotions which require a higher accuracy full overview of shoppers. Today we can collect consumer data through different channels while previously customer information has traditionally been restricted to personal data collected during sales transactions. Machine-based learning algorithms are used to analyze product demand, inventory rates, and consumer behavior, and automatically respond to real-time market changes, enabling action taken in quite a couple of minutes depending on observations.
The Price Factor
Big Data also plays a major role in helping to assess when the prices will fall. Until analytics emerge, when demand is almost gone from a specific product most retailers immediately drop prices for it by the end of a quarter. However, it has shown that a relatively rapid price cut, as soon as demand starts to decrease, usually leads to increased revenues.
How RSA America can enable retailers on using big data?
Big data encourages businesses to grow into a more customer-centric, analytically focused sector and for the competitive edge, retailers are continuously finding new ways to fulfill consumer expectations responsibly throughout their journey.
“89 percent of business leaders believe big data will revolutionize business operations in the same way the Internet did.” – Forbes
RSA America helps retailers to track consumer, product and label data across multiple locations. Our integrated analytics improve your ability to provide a fully comprehensive view of your business, providing valuable insight into the stores, products, and brands your customers participate in. Standout and retain your customers by using our digital mobile solution and increase sales from the competitors.