Businesses generate tons of data on a daily basis. There are major changes in consumer behavior due to online purchasing and delivery. To keep up with these disruptions, retailers are turning towards data and analytics to help them make better business decisions. Some of the retailers are figuring out better means to collect data and increase the efficiency of marketing over multiple channels, while others are understanding how to use the data they are collecting more effectively.
Here are a few methods retailers can use to help them make the most from their existing data,
Consolidate data from all your channels to get a single view of the customer journey.
Ensure the quality and accuracy of the data obtained. Verify your data sources, remove duplicates and validate.
Utilize your data to communicate customized promotions to segments based on their previous purchase.
Add more value by personalizing content and taking the shopper through the customer journey instead of promoting based on demographics.
Increase average ticket value by combining products that are frequently purchased together through your previous data.
Utilize the address and footfall details obtained to identify a new store location.
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