Ask any retailer and they’ll tell you that an enhanced customer experience is at the top of their ‘must do’ list. Improving customer experience is the key to winning new customers, keeping existing ones happy and bumping up revenue and profit.
There are many ways to improve customer experience, but there is one thing that underpins all of them – and that is data. Data is at the heart of all strategically sound business decisions, including those that a retailer takes in order to improve customer experience.
As a recent Forbes article highlighted*: ‘Meeting the high expectations of consumers is the dream of any company, but it is an achievable goal only for those organizations who are committed to managing data for its application in intelligent decision making.’
So let’s take a look at how to use data to improve customer experience – here’s our top seven tips:
An enhanced customer experience depends on many factors in the retail ecosystem – and they all start with data and analysis. Data and customer experience truly do go hand in hand.
What is data analytics?
Data analytics means analysing ‘raw’ data to find patterns and trends, and to draw conclusions. It often involves combining, or aggregating, data from multiple sources, which, when viewed together, can uncover insights that would otherwise have remained unnoticed. Data analytics often uses automation and algorithms so it can handle vast amounts of data, far more than could ever be processed by the human brain.
What is the value of data analytics?
The value of analytics is that, essentially, it turns data into information. The process of analysis uncovers insights that help a business to optimise operational performance, streamline formerly inefficient processes and gain a deep understanding of customer behaviour, so that retailers can align their processes to the way that shoppers want to interact.
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