Attention of Retailers! If you’ve ever wondered how to use big data analytics to help build better customer relationships, then this article is for you!
In order to build better customer relationships, we must first identify the challenge retailers are facing. Consumers as a group are becoming more and more discerning about factors such as price, level of service and convenience. This is a direct result of the increased access they have to information and advisory services.
Retailers must find solutions in order to meet these demands and retain their customers. The most common approach may involve a loyalty scheme, which rewards customers in a variety of ways for repeat purchases and the amount they spend. When they are implemented most successfully, these schemes are tailored for the individual customer, though there are a large number that depend on impersonal loyalty credits relating to the amount spent.
Technology and big data have made the process of creating loyalty programmed much easier, but companies are facing the fact that generating loyalty is a lot more difficult than ever before. The main factor to note in this is that gaining loyalty depends on much more than just giving discounts and offers. Central to consumers’ considerations about returning to a retailer is the experience—they want to shop conveniently. Retailers need to ensure that the customer finds the shopping experience appropriate to them, and in many cases, this means streamlining the process to make purchasing simple so that it can be done quickly.
Did you know that:
- 4 out of 5 customers use smartphones to shop
- 80% of smartphone owners want more mobile-optimized product information in-store
- 28% of retailers report increased customer loyalty due to in-store WiFi
- 34% of retailers are planning to updated their store level WiFi technologies during 2015
Analytics of all kinds, including historical, real-time and predictive, provide the capacity for retailers to provide a more personal experience for the customer and to be more connected with them. This year will be the one where retailers will begin using big data and analytics in a big way. This requires them to change their internal processes and attribute the extra budget required to their technology infrastructure.
There are a number of benefits to be had for retailers as a result of this implementation. Shoppers will be able to find the items they want more quickly as their habits are analyzed and they are directed via store maps to the items they want to purchase. They will also be able to see which items customers are looking at, but not buying. This is a completely new ability and will help with their decisions about what to stock in the future.
If you’re looking to build better relationships with your customers, check out the MPact solution from Zebra.