Staying Relevant in Retail in the Age of Data

Ushering in a New Era

As the digital era takes over, global retailers continue to double down their analytics initiatives. From customers in large global entities to smaller shop retailers, these initiatives are beginning to drive competitive advantages for data-driven organizations. When it comes to retailers, digitalization and omni-channel strategies have spurred the much-needed technology investments that are focused on the customer. The retail industry as a whole is transitioning from being product-focused to being more customer-focused. The evolution is long overdue, and with it, there is a growing need for a sharp focus on customer metrics. In 2019, we have already started to see various customer metrics taking the center stage. Customer retention, churn, digital reach, enterprise voice of the customer, growth, sentiment, lifetime value, emotional scoring, customer satisfaction, digital engagement, and net promoter score are some of the metrics that have become familiar at all levels of the organization.

It is no news that over the years, every customer with a smartphone has proven to be a source of data. However, the new frontier in personalization will analyze eye movements, emotional data, and DNA in addition to searches, purchases, and views to pinpoint precisely what customers need in real time. Evidently, hyper personalization is the very next step in our fixation with data. We will get to see retailers tapping into real-time behavioral data to understand consumers on an emotional level and take analytics technologies to the next level. AI, image recognition, and mood analysis are already providing in-depth and detailed understandings of consumer attitudes, reactions, and patterns.

These evolving capabilities are paving the way for more opportunities to research and learn, to experiment, to innovate, and to fulfill the requirements of customers, as we tend to move toward analytics ubiquity. With data volumes growing exponentially, a data-driven culture has become an imperative. As such, people who are readily embracing data analytics are primed to reap the maximum benefits in the long run and retain their competitive advantage.

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