Retailing is fascinating because it’s the very essence of a market – a place that begins and ends with the customer. And the cash register / online shopping cart is where the supply curve and the demand curve meet, generating an endless stream of customer data made very valuable with analytics.
So what can retailers do with analytics?
- First and foremost – ask and answer questions more quickly and completely.
- Solve more complex problems than previously thought possible.
- And gain deeper insights into customers’ tastes, preferences and likely next moves.
Some retailers, such as Chico’s, use analytics to link web browsing to store purchases so they better understand the overall shopping patterns and preferences of customers.
With analytics, retailers can know exactly what customers want – and make sure they get it. Wouldn't that make a difference?
Imagine knowing their preferences, buying behaviors and what they are thinking (and saying) about your brand. Retailers are doing that with analytics. Then imagine using that insight in both marketing and merchandising decisions – so everything in your operation begins and ends with the customer. Accurately. Profitably. And more meaningfully for the customer.
With analytics, retailers can know every customer and make interactions more personal – online, offline and omni channel.
With analytics, retail gets it right. Everything at the right price, in the right place and at the right time.
Want to learn more? Click on the video frame below and watch – it’s only a minute and a half and well worth your time.