You Need to Know Your Customers Better
As a retail organization do you use customer data analytics software to know your customers better? Are you using a solution that will enable you to take action on your customer insights?
The ever-changing environment of omni-channel retailing presents a big challenge for most retailers. Prior to omni-channel retail, customers were more loyal and went to the same stores over and over. Getting to know your customers wasn’t that hard, but today’s consumers are less loyal and much more price and promotion conscious. They’re also always connected and armed with mobile devices using the internet as a comparison shopping vehicle to find the best prices on the products they want. All of these factors make it more difficult for organizations to know who their customers are and where, how and what they are purchasing. It is imperative in today’s competitive retail landscape that retailers take the steps necessary to better know their customers.
Technology has created a flood of customer information for retailers including point-of-sale (POS), loyalty program and social media data. Many retailers use this data to improve consumer marketing, however do your current systems allow you to understand and predict your customers’ future demands so that you can place the right products in the right channels at the right time? If not, your ability to successfully develop loyalty, optimize promotions and pricing, as well as increase the bottom line, is at risk.
Customer data analytics software can enable you to manage and analyze customer information and provide key insights. These insights can be applied to assortment, price, promotion and merchandise planning to deliver the relevancy, efficiency and agility needed to win in the omni-channel retail environment.