Retailers are facing fierce competition within their industry to win over customers. Organizations must engage and persuade consumers by offering a unique and personal experience to stand out from the competition. It is here retail analytics can become a game-changer. So, how can retailers leverage analytics in making business decisions? In this article at Retail Customer Experience, Scott Reese explains how retailers can leverage analytics to optimize the in-store customer experience.
Retail Analytics Boosts Customer Experience
Evaluate Customers’ Buying Habits
Embrace a customer-centric data model. Most customers expect brands to anticipate what they need, even before realizing it. “Data analytics helps you understand what is happening beyond the buy-sell process. The more you understand your customers, the better your ability to forecast revenue,” explains Reese. Studies reveal that nearly 86% of customers admit that personalization affects their purchasing decisions. Analytics help you build lasting relationships with existing customers and attract new ones.
Predict Customers’ Next Action
Experts believe retailers can make customers feel unique through retail analytics by constructing intuitive and individualized experiences. Instead of making an educated guess based on theories, customer analytics enables retail brands to know exactly where customers are spending time online, what social media platforms they use, and when they are active.
Reduce Churn Rate With Retail Analytics
Losing customers can be expensive for organizations. Retail analytics allows businesses to pay attention to unhappy customers or focus on entire market segments. Furthermore, they can create opportunities for internal teams to develop necessary changes to retain customers. Data allows business owners to pinpoint where to allocate resources. Additionally, real-time information on customer dwell times helps leaders to ensure that their team members are always there when customers need them the most.
Today, many retailers evaluate how technologies can connect the dots to fix broken customer experiences. Promoting the best customer experience will improve ROI, enhance conversion rate, increase shoppers’ loyalty, reduce expenses, and improve productivity.
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