Retail Industry is in existence from the very ancient time. Now the retail industry became a way more sophisticated shopping mall, very known to everyone in today’s approach in comparison to the “rude booths”, over the centuries. Retailers built reports summarizing customer behaviour using metrics such as conversion rate, average order value, recency of purchase and total amount spent in recent transactions. These measurements provided general insight into the behavioural tendencies of customers.
Ideally, a retailer’s customer data reflects the company’s success in reaching and nurturing its customers. Retailers built reports summarizing customer behaviour using metrics such as conversion rate, average order value, recency of purchase and total amount spent in recent transactions. These measurements provided general insight into the behavioural tendencies of customers. However, reports summarizing average behaviour don’t provide the useful insights needed to determine how individual customers are likely to behave because general behaviour tendencies are simply too broad. In order for retailers to create a meaningful dialogue with customers that honours the shopper’s preferred level and mode of engagement.
Challenges in the Retail Industry:
Oftentimes, the questions are enterprise-wide in nature; traditional siloed analysis is simply not enough:
- Who are the next 1,000 customers we will lose—and why
- Which suppliers are most at risk of going out of business
- Which customers are our biggest influencers?
- Will our workforce profile match our needs in two years?
- How will demographic shifts affect our market share?
- Which high-performing associates are we at risk of losing?
Your company may offer a customer loyalty program or perhaps even a store credit card, both of which are important tools for driving sales. Of course, they also are great avenues for collecting customer-specific data to help your marketers target audiences more precisely. These offers may encourage a customer to buy more of a particular item or drive them toward an entirely new item that is relevant to his or her lifestyle — and that helps increase sales in the process…unlock more
In this e-book we will explore:
- Challenges in the Retail Industry
- Sales Analytics
- Using In-store Analytics
- Customer Analytics
- Marketing Analytics
Unlock the whole report on Retail Industry for in-depth knowledge about this industry.
The e-book “B2B Analytics and Its Scope in Industry Report 2018” is a practical roadmap for the businesses and startups. This e-book provides Customer Analytics, Sales Analytics and Marketing Analytics key trends for the readers. The e-book will also help the users to list the points where to concentrate more efforts in pursuance of the priority basis.
We’ve created this e-book to guide the businesses to operate smoothly and cross all the hurdles related to the customer, sales and marketing. The e-book will help the companies and startups to reach and engage in new ways with the targeted audience.
For customised market research reports for any kind of startups and business in any industry, you can contact Craft Driven Market Research team here directly.