The retail world—which has a persistent need to be in sync with trends and timing—has never been a place for stagnation. Add digital disruption, new business models, world-wide pandemic, and increasing consumer expectations to the mix sustained profitable growth becomes even more elusive and challenging. With such a vast digital expansion, retailers must begin to find distinct ways to set themselves apart within the ever-growing digital landscape. Billions upon billions of dollars are spent by companies working to remain effective, which means retail leaders are now looking deeper into retail analytics for guidance, insight, and direction.
So, what are “Retail Analytics” and how can they be valuable? The term “Retail Analytics” points to the processes and techniques used with collecting, discovering, and analyzing your retail data for strategic and valuable consumer insights. Data such as foot-traffic and inventory levels help you map out the customer journey and provide details about your customers which can present an opportunity for retailers to better understand them and their CX (customer experience). Thus, providing alternative avenues for marketing and strategies to effectively raise brand awareness, move more product, or help businesses curate more compelling offers and incentives.
The opportunities to give your customers a personalized experience have now become the next level in retail marketing and it’s far more than just a simple strategy, it’s the survival mechanism that is every retail business reality today. This reality of personalization is critical. Here at FiO we have been leading the way in personalization and have taken things to the next level with Hyper-Personalization. You can read more about that from our previous blog Hyper-Personalization Just Got Real.
FiO’s “Future of Retail” solutions help retailers across all sectors, from luxury and apparel, grocery, retail banking, and more, to develop and implement customized strategies that address today’s challenges and tomorrow’s opportunities. FiO will help you understand your businesses CX with a higher level of retail customer experience, by delivering HyperPersonalization, Prescriptive Analysis, and Closed Looped Integration; “The New Competitive Arena for Retailers.”
That is exactly what FiO’s CDP and Intelligent Customer Relationship Suite are designed to do.
A recent Forrester’s study described how leveraging data-driven insights and taking an outside-in approach can help retailers differentiate from their competition and deliver personalized experiences that build lasting customer relationships. By working towards eliminating customer churn and giving yourself opportunities to develop deeper connections with your consumers, it will provide multiple opportunities to increase your brand awareness and reach within your already established base. In today’s climate with looming threats of a pandemic and consumer behavior being altered at an alarming rate this data is vitally important. Some studies show that 90% of corporate strategies will explicitly mention information as a critical enterprise asset and analytics as an essential competency by 2021.
It’s not enough to just gather data without having the tools and support to gain meaningful insights. Long gone are the days where you can throw up a 40% off sign next to your competitors 30% advertisement and steal their customers. Today’s consumers are all about themselves and want to be treated like number one. This speaks volumes to personalization and the next level of FiO’s Hyper-Personalization. Retailers must become much more strategic and intentional about capturing key points of data that directly affect the CX and turn that into meaningful and valuable transactions.
The bottom line is simple. Shift your entire business focus to the customer and their personal experience or end up like companies such as Sears or Toy’s-R-Us. Champions of their field that had every retail advantage and stood as giants atop their respective mountains. Only to miss the changing environment and expectations of their customers. Not exploring and learning about true personalization from their retail analytics and becoming a former shell of their once vibrant past selves.
Learn how FiO’s Hyper-Personalization, Prescriptive Analysis, Closed Loop Integration Platform can deliver an outstanding Customer Experience now. Click here to arrange a meeting.