Five Uses of Big Data in the Retail Industry
Big data, it’s so much more than a buzz word. If you’re not collecting and using big data to your advantage, you really are missing out. In the retail industry, big data can be put to good effect in a variety of ways; to boost your sales, and to improve the customer experience, so they’ll find what they want faster, and keep coming back! Discover five great ways in which big data will benefit your business…
Greater insight into customer behaviour
Any interaction your business has with your customers is very important. By gathering and using this data, you can certainly increase conversion rates. Nowadays, there are so many ways to interact with your customers, and so many opportunities for them to have their say and give their feedback. It could be verbal feedback in store, it may be an email to an online store, or it could be across one of the many social media platforms. Aggregating all this data can be a complex procedure, but there are great rewards in store for any business that takes the time to collect and collate it. Discover how your customers behave, what drives them and what their motivations are, and you can certainly use this to your advantage.
A personalised experience
By analysing data, both in stores and online, you can begin to personalise the shopping experience for your customers. They get offers they want, they’ll find it easier to discover the products that they like, and ultimately, you’ll have more sales. When you understand your customers, you can cross-sell more accurately, and you can tailor offers and promotions to each individual customer.
Targetted promotions
The days of ‘one offer suits all’ is so outdated. With clever analysis of a customer’s past purchases, and browsing history, you can offer promotions that will appeal specifically to the individual you are sending it to. From sending direct offers to their inbox, to ensuring that the customers will see products they are interested in, on a social media platform or website they frequent, there is so much potential.
Ensuring the customer has a satisfactory journey
From the home page of your website, or from first stepping foot in your store, to making their purchase, and beyond, by using big data you can make sure that every customer has the best journey possible. You’ll have a clear view of every step of the process, and this will give you the insight to put right anything that isn’t perfect. You’ll be able to identify your high-value customers and understand how they behave, in order to give them the best service possible.
Improving your operations and supply chain
Finally, big data is also highly valuable at the back end of your business. By using big data analytics, you can streamline your business which will result in lower costs to you, enabling you to remain competitive. There is so much data waiting to be gathered and analysed to provide you with an amazing level of insight into your processes.
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