Leveraging data for a better retail experience

As a retailer, you might notice patterns as you review your previous weeks’ sales numbers. You’ll likely see best-selling items, slow times of day, and other useful metrics that could help you improve your growing business.

Those patterns may become even more pronounced if you examine all your sales over the past year. Better still, you can use this data to enhance the customer experience – allowing you to generate even more sales (using fewer resources). In fact, something as simple as personalizing the user experience could boost sales by as much as 15%.

So, how do you use all the data coming into your retail business?

How to leverage retail data for a better customer experience

There are several ways to collect, analyze, and use your business’s data. However, below are some of the more popular methods:

  • Collecting customer information using surveys, polls, and social media
  • Creating a loyalty program, complete with perks and rewards
  • Focusing more marketing resources on your most valuable customers (MVCs)
  • Using artificial intelligence (AI) to quickly spot patterns in your data
  • Personalizing all correspondence with each customer’s name

Although these steps take extra effort, the potential impact of collecting and using this information can be significant. For example, an estimated 86% of shoppers are willing to pay a premium for a truly memorable customer experience. However, roughly one third of shoppers will abandon your business if they have a single bad experience.

Take advantage of all the information

You didn’t launch a store to sift through data and crunch numbers – but not taking advantage of the information flowing into your business means that you may be leaving money on the table. You might even be losing money by failing to meet your customers’ wants and expectations.

For a more thorough discussion of how leveraging data can improve the customer experience and make your business more profitable, check out the accompanying resource.

Infographic created by Fiserv

Brian Farrell is a coach, helping clients achieve their personal and professional goals. He's also the creator of the "QA2 Method". For more about Brian, visit bfarrell.com