How data and analytics can improve retail experience

2017-12-07T11:45:13+00:00 March 16th, 2017|Cloud, Power Bi|

It’s been over twenty years since digital retailers Amazon and eBay were created and completely shifted the balance of retail automation. Both organisations have transformed into more than a digital marketplace now, due to their subsidiaries, but one thing is present in each, and that’s the understand of their customers. Transformation in the retail industry has been steadily building ever since due to the amount of information held everywhere.

You only have to look at recent public spending figures on the infamous Black Friday Weekend shopping. Published figures from PCA Predict noted a 25% rise in online shopping, paralleled with a 5-7% dip in ‘footfall’. Most and more consumers are being driven to online shopping due to the convenience it presents, which also provides a massive opportunity for retailers to take advantage.

Uber have been in the news for the wrong reasons of late, however, the Uber ‘empire’ – worth over $40bn – was built upon the power of exploiting data. Microsoft offer industry-leading products and services that are at the cutting age of data and analytics, empowering retailers to do more with their customer’s data. This can help transform customers shopping experience into a personalized and rewarding journey.

Exploiting data and analytics

The next big step for retailers to make sure each customer can have a completely personalized experience. Data and customer browsing/spending habits to personalize the shopping experience, by offering the right products at the right time.

Customer shopping behaviour can help provide proactive insights into buying patterns through social media activity. This can help businesses anticipate trends and capitalize on any potential opportunities to create offers and content aimed at a specific customer.

Having a plethora of data to study and analyse can help to enrich the online shopping experience for customers. Creating an interactive customer experience will help to drive sales, which can help when offering tailored promotions where they’re needed.

If employees have access to the right information and product sales, they will then become experts in the products they’re selling and how to pitch them. Providing them with the tools to see what products are selling well seasonally, will drive meaningful customer interactions.

The benefits of providing a customer-centric journey:

  • Attract and retain customers
  • Make the shopping experience fun, engaging and informative
  • Provide the right information where and when it’s needed
  • Deliver rich and engaging in-store interactions with customers
  • Deliver next-gen experiences
  • Bridge the gap between in-store and digital experiences
  • Offer tailored promotions based on customer buying patterns and preferences
  • Provide a consistent experience across shopping channels
  • Differentiate your brand
  • Turn game-changing technologies into a brand advantage
  • Preserve your advantage over new digital competitors