Data, Data Everywhere, it’s time for a Rethink: Are you Wasting Away your Advantage?

May 15, 2017

Big Data Analytics

Retailers want customers, and customers want reliable and friendly retailers. The equation looks fairly simple until the element of competition is inserted into the picture. Devoid of any monopoly, the customers find themselves in a sea of choices and retailers must work extra hard to sustain the footfalls at their brick-and-mortar establishments and/or online portals.

The tragedy of this scenario is that, a form of abundant customer generated data is floating about, untapped and unused, that could potentially offer retailers the tools to tap into copious profitability by way of improved customer engagement and loyalty. The popular axiom of ‘just a click away’ bodes well with this qualitative and quantitative data.

Understanding the Customer Lifetime Value with Actionable Insights

The modern customer engages in a lot of online activity. His/her personality and buying habits can be accurately gleamed from the various social media sites, interactions with the retailer’s online properties, engaging surveys and third party sources. This is a veritable goldmine of information.

However, this information is also highly fragmented and encased in individual silos that may not be immediately perceptible. For a retailer to understand the customer’s lifecycle, and the latter’s relevance as a profitable addition to its own customer engagement strategies, the aforementioned data must be collated, analyzed and meaningful insights must be sourced from them. While a single source or two shouldn’t be a problem, putting together all the data from a single customer, as posted across multiple platforms, will be hard to compile and infer from, manually.

The trick is to represent this customer insight in a visual format that makes immediate sense to the retailer and is highly compatible with the latter’s existent marketing and promotional formats. Mapping an individual customer’s journey will help the retailer understand the major milestones and problems faced through a typical buying cycle and help the latter improve its own supply chain and logistics initiatives.

Next, employment of niche customer retention solutions will ensure that your target audience will likely remain loyal to your brand and avoid jumping ship under the most irresistible temptations. By offering customized offers, special discounts and interest specific deals, not only is the retailer strengthening the bond with the customer, but the latter is also made abundantly aware of the tightening commitment. Under such situations customer loyalty is boosted and the brand gains a staunch ambassador.

Bonhomie with Analytics- Woo Your Customers the Right Way!

Thus, while the data is abundantly available- the insights might need the intervention of an advisory partner that deals with such specialties as predictive analytics and customer experience analytics. The focus will be the usage of advanced visualization tools that will spin out meaningful insights from the horde of structured and unstructured data, and customize the same to match the retailer’s requirements and limitations. Retailers can now focus on the individual and profit accordingly.

Quantzig has proven experience in working with retail chains and helping them understand their niche audience. With an abundance of experienced on-board analysts, reliance on the most cutting-edge skills and analytical tools, and core competencies across a number of industries and global markets, Quantzig should be your ideal analytics and advisory partner. Talk to Us.

“If opportunity doesn’t knock, build a door” chimed the incomparable Milton Berle. Analytics, will help your retail business build that door.

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