Navigating the Retail Revolution
Embracing the Change: The Rise of Data-Driven Retail
The retail industry isn’t what it used to be. In this fast-paced, digital-driven world, retailers must evolve into data-centric organizations to succeed. They must give their customers a seamless experience across all channels. Business intelligence for omnichannel retail is the secret weapon that enables retailers to offer customers maximum value and thrive in an increasingly competitive market. When harnessed correctly, omnichannel business intelligence allows retailers to gain a real-time, comprehensive view of customer activities across multiple channels, making it a significant competitive advantage.
Leveraging Data from Various Retail Channels
Other data sources become incredibly relevant in building a robust cross-channel retail strategy. Social media data, for instance, can help identify customers who are more likely to spend time on your site. Information from the call center about customer requests over the phone allows for creating targeted campaigns to enhance customer experience, drive sales, and increase customer satisfaction.
Retailers can utilize data from customer activities to understand customer needs and how to engage them effectively. They can also enhance product presentation on social media based on customer preferences identified on the website.
Building User-Generated Systems for Personalized Experiences
Many organizations are building user-generated systems to create engaging and personalized customer experiences. These systems use structured and unstructured data to deliver a personalized user experience. The data sources for these systems typically include sales databases, web server logs, call center data, social media data, system records, customer surveys, call logs, and more.
Business intelligence (BI) solutions are responsible for integrating data aggregation and providing real-time visibility into the customer experience across all channels. BI is a potent tool for understanding customer behavior better and providing a seamless omnichannel experience.
Omnichannel retailers aim to provide customers with what they want, regardless of where they come from. Managing inventory across all channels can be challenging, but it’s necessary. Retailers can use sales from one channel to replenish products in another, but the inventory must be constantly monitored and adjusted.
Business intelligence aids retail stores in accessing past sale patterns to forecast product sale volumes. Analyzing data from past seasons can ensure the optimal mixture of sizes and styles for the product assortment. Retailers can then use these insights to determine the best combinations of inventory and track costs and profitability for each product, leading to better decisions about which items to include or exclude from their assortments.
From Startup to Growth
Investing in the Right Channel
Online retailers must consistently evaluate where to best invest their resources by considering key performance indicators. These indicators are crucial for omnichannel retailers to understand where they generate returns.
Critical KPIs include brand awareness, conversion rates, customer loyalty, and engagement. Rather than solely focusing on sales, it’s essential to consider how to raise your brand awareness. Look at the conversion rates across channels and see what’s driving buyers to take action. This will give you a better idea of what your customers want and when they want it.
Measuring Customer Engagement and Loyalty
Do you know the value of every touchpoint your customers have with your brand? They may not buy anything but are still building a powerful connection to your products. Targeted promotions and offers are the most efficient way to reward customers for loyalty.
Final Thoughts
The retail industry is changing, and to survive and thrive, retailers must adapt. Business Intelligence offers retailers many opportunities to understand their customers better, improve their operations, and ultimately, increase their bottom line.
Ready to transform your omnichannel retail strategy with the power of Business Intelligence? Contact Un_Standard today for more information. Let us help you unlock the full potential of your data and turn it into your most significant competitive advantage.
About the author
David Garrard
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David Garrard
Agent Provocateur and Chief Creative Officer at Hone Ventures and Un_Standard. We create strategies for businesses of all sizes that improve customer relationships and help businesses grow. In his spare time, he loves experimenting in the kitchen and chasing after his three cats, Hallie Tosis, Lester Een, and Jim G. Vitis.
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