Competition continues to increase, and retail data analytics helps to get the picture. Understanding the customers is now essential to build a truly different customer experience. This year, leveraging the data analytics will bring you closer to your audience. Competitive pricing is not enough. Personalised experiences can be created only with a clear understanding of individual personas. Retail experiences can make a difference even during a record-breaking holiday season. You can be a winner.
Give your customers what they want
The recommendation engine – tracking customers’ purchase history, wish lists, read and written reviews, pages viewed and social media buzz is responsible for over 35% of Amazon’s sales. The algorithm presents its customers with a list of products they might like. It’s easy to identify those likely to spend more or those about to churn.
Supply chain and logistics operations
Data analytics can improve the view and understanding of every organizational component – boost effectiveness, streamlining of supply chain and logistics operations. It facilitates getting the product mix and the inventory levels right, dictate store layout and ensure optimum channel alignment.
With a real-time speech analytics, the retailers are able to capture every interaction. Precious insights can be extracted from every single contact center interaction from the phone calls to the live chat – to automate QA, offer a live feed of customer emotion, and constantly enhance a contact center agent training.
Big Data of this sort pulled to the business and combined with other data sources leads to greater and greater insights. Are you ready?