Until a couple of decades back, the customers had personalised shopping experience due to the familiar salesman or saleswoman at the stores in their neighbourhood. These days, the personalized shopping experience has vanished and due to the information bombardment, customers are now more confused than ever, regarding the products which they should actually choose when they are shopping.
The personalised shopping experience has been replaced by big data and customer insights which could help businesses offer the customers exactly what they need with the help of data gathered from previous purchases. Insights have become the life and blood of the retail industry as they help retailers get a better understanding of the consumer buying habits and provide them with better customer experience.
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Let’s explore some of the ways how retailers could get better insights from their customers and offer them exactly what they need.
- For predictive analytics
When you combine customer insights with big data, you will have a better and clearer understanding of what the customers really need, not just what you think they need. Big data can often understand customers query better than a sales agent as it comes it with much more accurate analysis. When a customer mentions that they have to buy a particular product, with the help of customer insights, predictive analysis can then be used to serve them with and the price range of the brands that have higher probability of being chosen by the customers which results into better experience for the customer and better sales for retailers.
- Plan and manage inventory
There is nothing more infuriating for customers than to visit the store and find out that the product which they are looking for is out of stock. With the data gathered from reports and other sources, stores could better monitor and manage their inventory and avoid such mishap from happening. Insights could also lead into more efficient processes as the retailers don’t need to keep adding stocks of products that don’t sell with, automating a process that used to be done manually.
- Help customers save more money
With the help of detailed and extensive customer insights, you would often notice that certain products that sell more than the others and to which demographics. With this in mind, retailers could provide its customers better recommendations during their purchasing decision stages.
- Ensure better shopping experience
Nobody likes going to the store and spend hours just to search for a particular product. Having data and consumer insights help the stores in offering the customers the exact product which they want in the shortest period of time and provide better product placement. This enhances the probability that the customer would buy similar products in the same row. When the customer manages to complete their shopping in the shortest period of time possible, they would be returning to the store more frequently with satisfied experience.
Most of the laborious works in the past no longer have to be done manually as there are several of methods and tools that could help automate them together with the insights gathered from these transactions. Consumers want to have the best experience when they’re shopping in-store, so retailers need to focus on how to better guide customers whole throughout the buying process as they would in guiding online shoppers.