Customer Analytics for Retail
Consumer shopping behaviour has changed dramatically over the years. Customers today use their devices to compare products, prices, check feedback, and read product reviews. Using social media, family, friends and peers weigh in on purchasing decisionsand when the customer is ready to buy, an ever-expanding list of online retailers are ready to fulfill the requirement. This crucial data on customer behaviour and habits is the toughest to obtain by retailers to predict the choice and liking of their customers.
Pain Points/The Opportunity
Massive amounts of unstructured data are generated in today’s technologically advanced retail business. However, due to high transaction volumes, many businesses face significant challenges in capturing and analysing this data. Using analytics after determining the age and gender of unique visitors, businesses can conduct real time sales analysis every week, every day or even every hour. This aids retailers in delivering real-time targeted communication to customers to increase customer satisfaction and reduce customer churn. Retailers must act now to win in the long run.