Have you already chosen which big data strategies to apply in your business? The pursuit of competitive advantage is becoming a more complicated challenge in a market that is saturated at the same pace as the competition between company’s advances. Optimization of customer service is the approach that best results delivery to the retail business but to succeed in any initiative in this line, we must ensure access to quality knowledge. How to get it?
Technology, analysis and talent combine to extract all the value of the great data and to put it into successful customer centric strategies. Below are few big data strategies that might helpful for your business to establish it ASAP.
Big Data Strategies to increase Sales and Customer Satisfaction
Have the necessary data (from historical records, transactions present or Internet and social networks) is not enough. Although this is a first step, technological tools are needed to exploit their potential, making it possible to implement big data strategies such as the following:
- Optimization of the distribution of products on the shelves: from resizing departments to the ideal location of a product in store, everything influences when creating an atmosphere that invites cart. To learn how to facilitate access to certain articles, how to increase the tour in the consumer shop or how to attract attention to certain products in promotion lack data. The same applies when it comes to getting the optimization of assortment: distinguishing between core products and accessories and segmenting each family and type of items to find out the sales volume of each reporting profit or preferences Customers. Would you know how to turn information into profitability?
- Impulse of sales figure and adjustment of inventory function: do you imagine the advantages of avoiding stock breach? Could you do it while saving costs in the inventory function? Again, this is a matter of information. Some strategies big data, when carried out with the right tools make possible adapt the supply needs to circumstances, without losing alignment with demand at any time, thanks to the advanced predictive capabilities that enables forecasting of Sales. Improved inventory management is within the reach of retail businesses that know how to cast the right questions to their business intelligence systems.
- Increased customer retention rate: acquiring new customers is more expensive than retaining those who already have, therefore, resort to loyalty analysis facilitates the definition of a plan to boost satisfaction and brand loyalty. Based on the identification of the most loyal customers, an analysis of the transactions is carried out that will allow to detect different patterns of behavior. Based on them, we proceed to customer segmentation that facilitates the design of offers and customized promotions and also enables consumers with higher odds of abandonment time to develop an effective response. Did you think all your customers were the same? Did you treat them the same way?
The modeling of the marketing mix, price analysis and dynamics of fixing them, analysis of shopping or applied to categories and product groups are just some examples of the potential of the data.
Do you take action based on knowledge? In your company have you left behind the intuitions to adopt a model based on data? To know all that big data can do for your business and start developing the competitive advantage that will differentiate you from other retail companies Download this free guide, “Top 10 big data strategies in the retail sector ” where You will find practical recommendations that will help you to turn your results and improve the relationship with your clients.