Adapting Business Intelligence(BI) and Advanced Analytics for the Retail Industry to boost customer loyalty.

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Retail businesses can boost their customer loyalty by adapting bespoke marketing strategies that can be designed to create a personalized shopping experience for customers through insights from their data by leveraging Business Intelligence tools and Advanced Analytics.

Following are few insights from doc

• The cost of acquiring a new customer can cost an organization 7 times more than retaining an existing customer
• A 5% increase in customer retention results in a 25% to 100% increase in profitability
• 80% of your company's revenue will come from just 20% of your customers
• Probability of selling to an existing customer is 60 - 70%. The probability of selling to a new prospect is 5 - 20%
• Businesses only attribute 21% of customer churn to poor customer service while it actually is 70%. 
• This is also one of the major contributors to a decline in customer loyalty stats on any retailers chart.
• Companies that prioritize customer service, experience and other loyalty based initiatives generate 60% more revenue than their competition.
• 91% of customers who move over to a fellow retailer for their needs usually do not move back to their previous retailer. It is very important to retain customers as the fierce competition in the retail sector are always on their toes to acquire a new