Walking into a store used to be a straightforward process. A customer wants a product, and the store can provide it. The customer becomes loyal because of the store satisfying his needs and providing quality service. The retail industry has undergone significant changes over the years. In the past, walk-in purchases have made keeping track of retail success simple. Today, the retail industry remains to be reliant on data.
One of the most important data gathered is the needs of the customers. Once an organisation keeps track of customer behaviour, it can act to meet their changes. Another challenge retail continues to face is keeping customer loyalty. One of the best ways to observe behaviour and loyalty involve Business analytics and intelligence. These tools can help retail businesses identify problems and provide the right strategies.
The Challenges
The internet and technology have played significant roles in customer decision-making. These factors have caused businesses many challenges, but can be addressed through the use of analytics:
Access to Products and Information
Today, offering quality service goes beyond assisting a customer walking in a store. Retail organisations must understand the channels their customers use and take advantage. By knowing where they go to, businesses can understand their needs and preferences. This results in a business tailor-fitting their marketing strategies to ensure they arrive at the right customer base.
Increased Demand
Aside from accessing your brand anytime and anywhere, customers have become more demanding. Access to information and services means consumers know what they want. Online reviews, recommendations, and personal experience all contribute to increased demand from customers. With the help of analytics, organisations can understand shopping patterns and adapt to changing needs.
Purchasing Power
Because of the wide access to information, customers take longer before making a purchase decision. Think about how many brands or products they consider before settling to only one. Marketing analytics help a retail organisation identify new customers and keep loyal ones.
The Right Analytics
Any organisation needs to review data gathered with an unbiased perspective. When data is seen appropriately, organisations may experience an increase in profits, reduced costs, and better sales in the future.
To review analytics better, it’s a must for any organisation to have someone who can read them thoroughly. A graduate of MS in Business Analytics from a Singapore university for example, can determine the right step from data. Schools in Singapore have a wide range of courses that suit the needs of retail and non-retail business entities.
Augmented Intelligence is another way to understand individual needs and provide recommendations. The advantages of using augmented Intelligence include pattern detection and reduced bias. Augmented Intelligence remains to be a popular form of Business intelligence used today.
Each retail organisation has different needs, and so do customer preferences. On top of that, businesses today have to understand customers have ready access to information and other brands. The unpredictable nature of customers has led businesses to analytics and intelligence solutions. Because of data and analytics, businesses can understand their points for improvement and use the right strategies.
