Big Data ensures the availability of ample amounts of data through several channels, all at our fingertips. Assortment of the quality data and using it for the right purpose is a challenge indeed!
One of the major uses of this assorted quality data is defining the marketing strategies and introducing the right kind of campaigns for your product. Retail data analytics can help you gain meaningful insights out of tons of business data and information.
Marketing Campaign Segmentation:
We segregate the customers as per their frequency of purchase, average purchase price, locality from which they belong, accompaniments, categories of their purchase etc. Marketing campaigns can be customized and segmented as per the segmentation of the customers using the above retail analytics data.
Product Sell-Through Rate:
By using big data in retail, retailers can also analyse data related to products or services offered and find which brand, taste, quality and pricing resonate the most with the current and potential customers. By altering the product packaging and display based on these big data intercepts, retailers can improve sell-through rates.
Marketing Campaign ROI:
For all the campaigns run on a digital platform, either customized or generic, the company shall be able to assess the return on their total investment of the campaign.
Customer Feel Good Factor:
Targeted marketing always brings along a bond between the customer and the retailer. Who doesn’t like to be remembered? It is this recall value that indulges the customer in shopping more often from the retailer thereby increasing the customer loyalty.
Analytics play a pivotal role in defining the strategies for marketing and get the maximum out of it. Targeted spending on targeted campaigns would in turn enhance the scope of achieving the targeted results.
Expert retail analytics companies can help you make the most of the advancements made in the field of retail analytics.
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