Businesses in Retail sector benefit from the Data Analytics by gaining insight into what is driving their sales, and what they can do to improve it further. Understanding the behavior of the customers and meeting their requirement proactively helps in improving the customer-satisfaction, there by improving the sales.

What customers want?

Some of the reasons why customers come to your store:

• has what they are looking for available in stock,
• is accessible to them near by locally / online / through mobile app,
• has optimal price structure,
• has attractive promotional campaigns,
• is receptive to the needs of customers and reacts in a timely manner,
• and whole shopping experience from start to finish.

When your store stops addressing some of these above points, you would likely start to see the customers moving away, exploring other shopping avenues.

What business owners want?

While the ultimate goal of any business is generating profit, the practical way a business owner can achieve that goal is through:

• Gaining new customers,
• Retaining old customers and making them come back (again and again),
• Edging out the competition.

The Key to Success

The key to success in retail business is: customer satisfaction, which is achieved by understanding the customer requirements. However:

• Not all customers are equal, nor are their requirements;
• Nor a given customer’s requirements stay the same always – they evolve;
• Customers are not living in isolation – influence of external factors is too high .

In an every changing landscape of customer expectations, where the requirements keep varying with time and space, as well as influenced by social factors, understanding the customer and achieving the full customer satisfaction, is a herculean task – which is where the Big Data Predictive Analytics come to rescue.

Big Data Analytics can help you understand and serve each of your customer’s need uniquely, by profiling the customer shopping behaviors and personalizing the offerings, all the while also helping you optimize your business operations and reduce the costs, by eliminating the waste and implementing accurate inventory planning.

With Predictive Analytics you gain insight into:

• Customer purchasing behavior:
  • What are my customers buying today?
  • What will they need tomorrow?
  • What has been this particular customer’s needs in the recent past?
  • When are my customers more likely to ask for this particular item again?
• Business dynamics:
  • How are my sales today?
  • What are items that need restocking?
  • What is the item that is getting more demand lately?
  • Which of my promotional campaigns is driving more traffic to my shop?
  • How would my sales get affected if I increase this item’s cost by x%?

If you would like to gain insight into your customers shopping behaviors, or learn more about how Predictive Analytics can help improve your sales, contact us.

Understand your customers and give them what they want, when they want, how they want and where they want, with predictive analytics.

Cenacle