Retailers are constantly looking for ways to provide a better shopping experience to their customers, and in turn, improve their bottom line. But, without consumer data, this is next to impossible. It is vital that businesses in the retail space collect accurate, timely, and pertinent information so that they are equipped to not only make the best decisions for their establishment, but so that they overcome immediate challenges, and have a clear picture of the future.
Analytics: Not Just for Online
Using analytics does work for both online and in-store customer behavior assessment. E-commerce has historically had a slight advantage because everything the buyer is doing can be tracked, from what items they are searching for to what was left unpurchased in the shopping cart. However, that is changing, and both worlds can provide valuable data when you add in mobile phones, Wi-Fi, and digital purchasing experiences that are providing unique opportunities to measure engagement in brick and mortar stores. Consumers are more likely to share their information, on-line and in-person when they believe they will receive a benefit. By providing personalized, in-the-moment promotions, the face-to-face buying experience can yield results similar to online shopping figures.
Stop the Guessing Game
Having accurate and timely data will give retailers a greater understanding where their efforts are working, and in turn, challenges will be easier to identify. Without this information, it is a guessing game. Analyzing where the customer is, what they want, and how the customer behaves not only determines what the key drivers of the brand are, but can help anticipate what needs and wants buyers will have in the future. In addition, these numbers assist in solving internal loss prevention challenges, allowing improvements to be made on a managerial level.
Make Informed Decisions
By being equipped with this information, analytics can play a fundamental role in your strategy. By utilizing behavioral statistics, products can be individualized to the customer, inventory can be more accurately assessed, loss prevention measures can be established, and associate productivity better managed. Data-driven decisions are easier to implement because they can be backed up with actual and opportune numbers, and they allow you to build upon what works and evaluate what is not.
The bottom line is that there is a real business value to using this scalable and modular analytic model. You want to provide a positive shopping experience for your customers so that they will come back again and again. By knowing their preferences and tastes, the consumer will sense that their needs come first, immensely influencing their purchasing behavior and increasing revenue.
It is vital that businesses in the retail space collect accurate, timely, and pertinent information so that they are equipped to not only make the best decisions for their establishment, but so that they overcome immediate challenges, and have a clear picture of the future.