If your answer to any of the above questions is yes, then it is time to explore and utilize the value of Big Data. More about Fusionex here.
In the world of increased mobility and always-connected capabilities, the retailers are dealing with smart shoppers who even while standing in the store’s aisle research competitive offerings. This makes it increasingly important that the retailers focus on customer loyalty along with improving customer traffic. The aim should be to convert a first timer to repeat customer and a repeat customer to a brand advocate.
Many major retailers like Walmart and Target consider loyalty as a major goal and engage resources to collect, analyze and utilize vast databases of user information to gain competitive advantage – i.e. use of Big Data Analytics..
Big Data Management is collecting, analyzing and extracting meaningful insight from data. This helps the retailers directly address cost, quality and other issues and build a loyal customer base. Let us simplify it.
CUSTOMER INTELLIGENCE INSIGHT
Customer Intelligence (CI) can be defined as an effort to collect and analyze data about customer behavior. These insights enable the enterprises understand their customers’ preferences. Once you analyze the products, services and media that your customers use, you can make informed decisions and serve them better.
For Example, a search engine on close observation of what kind of multimedia users consume can make customized suggestions to a particular user based on what he and other people with similar preferences like. This is how an iPhone app called Ness uses your own social network and preferences to generate a personalized restaurant search engine. The customer retention is improved since the users get exactly what they are looking for.
HANDLE THE PARADOX OF CHOICE
Online businesses (eCommerce portals) offer their customers thousands of items to choose from. Many times this effort to expand their potential market backfires as the customers become confused with too many options. If the companies collect data and correlate it with Customer Intelligence (CI), they can straightaway direct the customers towards customized display. This way the customers will see exactly what they are looking for.
For Example, Netflix takes all of its customers’ viewing habits and movie ratings and runs them through a sophisticated algorithm to generate the 5-star recommendation system tailored for each subscriber.
CUSTOMIZED SCHEMES AND DISCOUNTS
Once the company uses Big Data Analytics program, it can track how their customers are buying products or using services. They can also utilize customer metadata information like their location, their friends’ preferences etc. to offer them location specific promotions, deals and discounts.
The New York Times reported in February that a famous retailer “used customer data and predictive analytics to figure out that one of their customers was pregnant, and even more remarkably, what trimester she was in.” They emailed her promotional material based on this insight.
We all have at some point opened our email just to find it full of irrelevant advertisements. Most customers can get annoyed with such irrelevant advertisements being sent to them repetitively. Big Data management system collects information related to customers like their age, location, gender, occupation, social habits and web-browsing habits and provides useful insights for enterprises to send relevant and desirable content (Emails/Newsletters) to their customers.
SOLUTION BEFORE COMPLAINT
With the help of Big Data Analytics, the enterprises can predict any issues that consumers could be experiencing with their products or services. This helps the companies be well prepared and provide much faster solutions to their customers. Customers who otherwise could have switched products due to the problem might be inclined to stay since the organization has been proactive.
Once the retailers understand the importance of Big Data Analytics, the biggest problem they face is lack of a proven process, high quality data collection, big data management tool, and big data analysts to implement it in their business strategy. It is important that you choose the right analytics solutions for your company. You can consult big data management consulting companies like BluEnt that help enterprises capitalize on these trends. Don’t wait. Connect with your customers today to win at the loyalty game.