Adapting Business Intelligence(BI) and Advanced Analytics for the Retail Industry to boost customer loyalty
- The official Game Changing strategy of the decade for boosting sales and customer loyalty.
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.
- Smartmonk Innovations
Retailers have access to an oceanic amount of data. They capture transaction data everyday from every stock keeping unit (SKU) about every sale, every customer and every store. The companies with access to such vast data have been using very sophisticated market research and operational process techniques to find answers to a variety of questions such as: What Products? How much? Which location? What discounts on which products and where?
In addition to this specific data and market research at their disposal these companies now have insights from social media and other similar data sets. The potential in this data can be leveraged by Business Intelligence (BI) and Advanced Analytics to turn this wealth of information into actual value and decision making insights. Data powered by advanced analytics allow companies to make better, faster decisions in their day-to-day business and deliver improved performance.
The fierce competition in the retail sector has brought to light the importance of customer loyalty for the retailers and this can be achieved by mining volumes of data and empowering it with analytics and Business Intelligence to gain valuable insights into customer behavior and trends. This will in-turn help making decisions and building strategies that are loyalty inducing by creating a personalized shopping experience that recognizes individual customers, offer customized discounts and treatment.
We have extensively researched customer loyalty, its significance for retailers and have utmost knowledge on the analytical solutions that need to be carefully adopted to drive customer loyalty.
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