Improve Segmentation, Next Best Offer, & Voice of the Customer Insights
Retail is one of the fastest growing industries. New trends are emerging and competition is increasing, especially in the online market. Consumers are much more tech savvy and are highly involved in the online world. This new online trend is changing the retailer-customer relationship, placing customers in control.
Consumers are constantly sharing ideas and opinions with friends and the general public through numerous online platforms such as Twitter, blogs, and review sites, where they are exposing the positives and negatives of retail based on personal experiences. They are also sharing their wants and needs; what can the retailer do in order to convert them into a loyal customer. Expectations from consumers have increased. They need more engaging, immediate and consistent experiences.
Due to the growing online trend, retailers are leveraging new communication channels such as social media, digital advertising and email in order to listen, educate and attract consumers in order to remain competitive in this large and growing industry. All this new online communication that both consumers and retailers access on a regular basis is creating even more data for retailers to store. It is time to extract valuable information from all the existing data in order to meet customer demands, increase sales, improve business performance and become a stronger competitor in the market. Retailers have to be innovative when it comes to identifying which customers are the most profitable, who should receive offers, and which products influence the purchasing of others.
Angoss expertise, combined with data mining and predictive analytics, can help retailers define a view of customers by analyzing the wealth of data that resides within their organization. They can use this data to determine how to strategically segment the target market in order to predict future behaviour and meet all retail goals.
Retail Analytics can help improve numerous retail business functions such as: