Customer Data Analytics Software

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.

The Customer Data Predicament

It has become easier and easier for retailers to gather mountains of customer information, but it is also a fact that most organizations are perplexed on how to analyze and use the vast amount of data they are acquiring. There’s loyalty data, web analytics data, POS data and more that they are dealing with, making this a significant challenge for today’s retailer. Those that have the ability to manage, understand and act upon this data will be better positioned for success.

Historically, customer segmentation through analytics was the job of marketing – but marketing segmentations focus on communications, not the other critical processes in an organization. The Pricing organization needs to understand which customers are most likely to respond to a change in price. Merchandising needs to be alerted if there are holes in their assortments. Every function needs its own segmentation and the overall organization needs one platform from which to bridge all the moving parts. Obtaining meaningful and actionable customer insights is possible when you use customer data analytics software.

Customer Data Insights Impact the Bottom Line

Having clearer insight into your customers’ shopping behavior is great, but if you can take action on those insights you can truly improve your retail planning. Building this insight enables retailers to gain an understanding about their customers including:

  • Which customers to offer personalized promotions to in order to develop loyalty with you most valuable customers
  • Which types of customers might be more important to specific areas of the business
  • How to best to use price to influence customers to purchase
  • How best to cluster and segment customers to personalize and localize assortments

With these types of customer insights, retailers are able to improve assortment, price, promotion and merchandise planning, allowing for reduced overstocks, improved margins and reduced markdowns.

Learn more about Customer Data Analytics Software from JustEnough

According to EKN’s 3rd Annual Merchandising in Retail Benchmark Report, customer analysis and insights is the number one investment focus area for retailers this year. Clearly retailers believe they can gain a competitive advantage with a robust customer analytics software solution.

JustEnough recently launched a Customer Insights solution in order to help retailers identity trends, opportunities and causal relationships within their vast amounts of customer data and enable them to act upon those insights quickly and easily.

With the help of JustEnough Customer Insights, you can:

  • Analyze customer behavior to understand which customers are most important to your business
  • Segment and cluster customers to localize and personalize assortments
  • Identify which promotions mobilize your best customers and which are cherry-picked
  • Manage different segmentations for each area of the business
  • Use customer insights to drive improved assortment, space, promotion and pricing decisions

With rich data visualization and purpose-built insights, you can obtain the best level of information needed to act upon without a dedicated data scientist. To find out more about how to gain actionable customer insights for your data, please contact us.

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