The world wide web has given retail businesses multiple opportunities to reach out to their customers anywhere in the world. But, the conundrum is that shoppers often lose track of where they encountered the brand and will just as happily reach out to a competitor who may have similar offerings.
Therefore, the retail brand must have a way to seamlessly interact with the customers from multiple touchpoints. Retail businesses also have a siloed approach to their customers, which limits the scope of engagement and leads to a loss of opportunities to serve the customers better and more comprehensively.
Getting a comprehensive view of customers, Customer 360 as it is referred to, can enable businesses to improve customer lifecycle management right from identifying the target customer to acquisition and retention with the right product mix, pricing, and personalization.
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This is enabled through retail analytics, which is empowering retail businesses with Acquiring, Segmenting, Engaging, Campaigning, Recommending, and Retaining customers to reduce churn and forecast future trends.
Gartner recommends that embracing digital transformation technologies such as AI and data analytics will be critical for retail businesses to prevent stagnation. MarketsandMarkets estimates the global Retail Analytics market size to grow at a Compound Annual Growth Rate (CAGR) of 21.2% to touch USD 11.1 billion by 2025 in the next five years. It identifies growth factors as rising demand for dashboards, for data visualization, cloud, IoT, and the resultant increase in data generation.
Indium Approach to “Customer 360”
Indium Software has more than two decades of experience in leading-edge technologies, with a special focus on digital solutions such as Big Data, analytics, and AI. Its Customer 360 analytics focus enables:
- Retail businesses with multiple products to showcase a wide range of “personalized” options to prospective customers
- Those with a smaller number of products to increase repeat business, by helping with better marketing and campaign management
- Convert customers who make just “one purchase” to possibly become brand ambassadors
In addition to analytics and AI/ML, Indium has a strong data engineering team that enables data management and integration to extract data from external and internal sources, transform them, and load (ETL) to create data warehouses that can be effectively used for meaningful analytics.
Indium uses technologies such as Python, Tableau, Shiny, R, SQL, and NoSQL to provide actionable insights from data available across the different systems within the organization such as supply chain, inventory, sales and marketing, and customer behavior.
Indium’s patented text analytics tool, teX.ai, also enables extracting structured and unstructured data such as text, audio, video, and images. This empowers businesses to listen to social media chatter and perform sentiment analysis that provides deeper insights into customer expectations and provides the retail businesses with an opportunity to improve their product and service quality.
Some of the ways in which businesses can use these insights include:
- Optimizing customer experience by leveraging data: Fine-tune and enhance customer experience by measuring user experience
- Establishing a relationship between data and people: Respond in real-time for improving customer delight and improving collaboration between different departments
- Creating a single-source of truth: Get a unified view of enterprise-wide data to make informed decisions
- Integrating data from multiple sources: Data from sources such as CRM, POS systems, web and app analytics tools, campaign managers, marketing automation tools can be integrated into a data lake and transformed to provide insights
- Improving forecasting: Analyze past and present customer behavior to predict future demand
Indium’s teX.ai also can help retail businesses, especially e-commerce marketplaces, to improve their product classification, enhancing the chances of product discovery, cross-selling and upselling.
Benefits of adopting a “Customer 360” approach
Gaining deeper insight into the profile and needs of customers can help businesses improve the quality and nature of engagement with customers as well as increase operational efficiency and collaboration between teams.
Some of the key benefits of Customer 360 include:
- Personalization of services: Understanding user preferences can enable push marketing in a more focused manner, thereby increasing conversion rates. This can also help with cross-selling and upselling of products to increase the value of the transaction.
- Improved inventory management: Being able to forecast demand can help manage inventory and plan merchandise better to reduce inventory.
- Price optimization: Analytics can help with the pricing strategy based on customer behavior and alerting customers when value offers are announced to improve sales.
- Enhancing customer experience: To improve customer delight, an easy-to-use navigation system that is personalized can go a long way.
- Personalized marketing communication: Sending personalized communication of relevant offers and new products can increase and meaningful engagement with customers.
- Improved ROI: With business intelligence, retail businesses can uncover new opportunities and improve the return on investment.
- Run multiple campaigns in parallel: With on-demand prediction models, you do not have to sequence campaigns
- Gain insights about customer journey: Capture customer action and non-action data points to enrich customer profile
- Set scores for better insights: Integrate the insights such as scores, lists, characteristics, and metrics for customer deep dives to create meaningful campaigns
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Retailers and brands can analyze the performance of different products, product categories, and stores to step up focus on areas that are lagging and strengthening areas where there is already good traction to expand the reach. With Indium’s Customer 360, retail businesses can create a comprehensive strategy aimed at improving customer satisfaction and retention.
To know more and increase your ability to engage and delight customers more, contact us now: