How Data Analytics Made Business Give More To Their Customers
Dec 23, 2020
The Christmas Holiday is among the busiest period for businesses and has been more challenging due to the pandemic. But, we can see how they become more creative and boosted in delivering their products and/or services. Definitely, their plans and decision-making processes were backed with clear data analytic points.
The value of data in this season is most apparent among retailers, particularly in their approach to improving customer experience. As such, even if the pandemic has restricted them from putting their customers at the center of everything they do, more of them have applied detailed and more advanced analytics across their omnichannel to bring enhanced experiences.
Moreover, data analytics has enabled businesses to give their customers more of what they wanted, and through:
Since most customers today buy now through online and mobile applications, data analytics helped businesses plan omnichannel demand by providing a means of giving enterprise-wide visibility into inventory and shipping information together, and optimized their sales to deliver a more uniform approach to inventory management. One example is where inventory is quickly reallocated from one store or channel to another where it’s likely to be sold.
In addition to assisting with inventory management, data analytics helped retailers devise new ways to find customers, keep customers, make more money per transaction, and make operations more efficient, which in turn improved the way they analyze, set and deliver pricing and package up offers. By measuring differences in demand across customer segments, identifying key value items, clustering stores into zones, and assessing shopping behavior across channels. This also allowed retailers to effectively set prices while taking into account customers, channels, competitors, and categories.
The availability of data and technology allowed a deeper level of personalization for dynamic experiences, based on individual customer needs and preferences specific offers and ‘tracks’ of activity. Location-based offers provided another opportunity to create higher degrees of customer engagement and personalization. Retailers were able to leverage real-time updates like weather, local events, or competitive offers at the point of sale.
Despite how the pandemic may have put the celebration of Christmas to a "colder" season, it is undeniable how businesses continue to bring the "warmth" in this season by giving products that customers always wanted to have. Along with data, this season of celebration will evolve to something more advanced and meaningful, and today’s modern retailers will have the opportunity to collect more data than ever before.