Today, retail has become the hottest zone for the big data analytics. Readymade consumer data can help your business to grow further in the long run. Basically, most of the retail margins are small. So, tracking the overhead and delivery closely can help the retail business to prosper. The reason being that these data's can prove to be effective for gaining new business opportunities in the long run basis. Finding new business opportunities and maintaining customer loyalty are the two most important things in retail business.
What statistics and data reveal that how data has helped various retail chains over the past few years?
As per the collected data of Wikibon the big data has supported the growth rate by 45 percent. These can again be proved if we consider the Mckinsey reports there also it is clearly mentioned that if the retail companies or retail business takes the assistance of customer data or big data then their ROI will increase by 15-20 percent. So, you will get a clear idea that how slowly but gradually the retail chains are gradually get’s dependent on the big data’s to reduce the headache of the marketing team. So, if you go through this chart properly then you can clearly understand the facts that how retail chains get benefited by the use of Big data over the past few years.
So, now let’s check out the facts that hoe data can help retail business to grow and prosper further.
- Building a 360 degree view of the customers:- By using the hadoop analytics the customer views, behavior and sentiment can be easily traced. Thus it can easily help the retailers to understand that which way they should adapt to interact with their customers. If the retailers use these data’s then they will get a proper idea on various ways they can adopt to increase their sales like using direct mail or by using other marketing channels. The shopping trends of the consumer and product choice and preferences can easily be understood if customer data is tracked properly.
- Measuring the brand sentiments:- Whenever you collect the data’s of the customer through customer polling or by
using focus groups then it fails to provide you the accurate data about the consumer behavior and sentiments. Using the customer data from various social networking sites you can easily track the customer’s sentiments and behavior. Thus ultimately it can help your business to take corrective steps in your advertising, product development and for enhancing your marketing programs for boosting up your retail sales figures.
- Creating customized promotion:- Based on the browsing history of the customers you can easily take corrective action
to provide your customers the required product and services as per their requirement. Pushing coupons on various products and by providing discount offers to various customers you can easily enhance the growth of your business.
- Improving the store layout:- The store layout sometimes plays a very crucial in attracting the attention of your
customers. If you possess the customer data then you can easily track the need of your retail chain customer and will plan the layout accordingly. Sensor Data like QR codes or RFID can help you to track the customer data and their shopping habits. In store mapping application like in store Coupons can help your business to grow further.
- Order Management:- For inventory management and tracking the data’s of the customers can play a very vital role. It can often be used for processing the order and to maintain the out of stock goods.
How retail chains gets benefitted by the use of the customers data?
There are various retail chains today present all over the globe which gets benefitted due to the presence of customer data. Target has the most well known success stories by co- relating its baby shower registry with guest ID program. With the help of this technology the retailer was able to identify other products that are used by pregnant women. Basically the Guest ID helps to track the web visits, web clicks, and customer support. This is why the brand target can easily track the needs of the pregnant women to satisfy their requirement. This has increased the profitability of their retail chain business effectively.
One of the Pizza chain offers pizza chain offers the mobile phone app for mobile marketing and for delivering the special offers. On the basis of local weather conditions mobile phone marketing and mobile phone app able offer the special delivery offers to his customers. Thus has increased the response rate of the customers by 20 percent. This makes the food delivery easy even during the power shortages or in the time of storm or in any sort of such natural calamity.
There are various other companies present today who are seeking the advantage of the customer’s data to provide the product of their choice and preferences. Every small and the big retail chains today have become dependent on the valuable data of their consumers to enhance their sales figure. Tracking the consumer data can help your business to grow further and to upgrade your data in a proper manner as per the choice of the customers.
Today, most of the brands are dependent on the data backup of their customers. But to find the appropriate channel is the most important thing. In this regard you need to get the assistance of such a brand which can help your retail chain the required customer data and back up which can help your business to grow at a rapid pace. Opportunities are always there to adopt the best data of the customers. Thus now the chances of your business expansion and business growth in the retail sector have increased a lot. This is why most of the retail brands in the global market are focusing their attention towards customer’s data
to increase and develop their sales figure over the past few years.