5 Ways Retailers Can Best Leverage Data Analytics

Email     |     Share  
1 | 2 | 3 | 4 | 5 | 6 | 7
Next 5 Ways Retailers Can Best Leverage Data Analytics-3 Next

Target Key Demographics

Data analytics can provide a huge advantage to retailers looking to remain competitive in today’s market, particularly as more consumers shift to online shopping and crave more seamless omni-channel experiences.  A recent survey of U.S. retailers by 101data revealed that respondents categorized Big Data initiatives as “important” (38 percent), followed by “very important” (35 percent). A major component of targeting requires insight into how to serve promotions to specific groups. The same survey showed that 50 percent of respondents believe targeted offers and promotions would be the process with the biggest impact on customers. For example, a woman’s clothing retailer can use insights to shift their promotions based on specific groups, e.g.. moms, teens, and pregnant women. The targeting of these specific groups can be based on certain points during the day, when the targeted group – such as moms – is more likely to be online, in order to capture their attention with promotions that are most impactful for the specific micro-segment.

In today’s competitive landscape, it’s no surprise that retailers are struggling to attract consumers – both online and in-store. In fact, BDO analysis found that 92 percent of companies noted risks related to U.S. growth and expansion, up from 56 percent in 2013. The brands that are attracting and retaining customers successfully are leveraging data to better target consumers.

However, data can be a very complex issue for retailers, as they’re not just pulling from large datasets, they’re also pulling from multiple sources. Consider all of the channels that go into a retail campaign: marketing funnel, social channels, customer data, lead generation data and so on. To manage campaigns effectively, retailers need to see the whole picture and know what data from which channels is most impacting their campaigns.

In this slideshow, Sisense VP of Product, Jeremy Sokolic, highlights how retailers can drive the most valuable insight and propel their business forward.


Related Topics : Vulnerabilities and Patches, Resellers, Broadcom, Broadband Services, Supercomputing

More Slideshows

IBM Watson How and Why Companies Are Incorporating the Power of IBM Watson

Watson continuously learns from previous interactions, gaining in value and knowledge over time. Learn how companies are harnessing that AI power to create and improve products and services. ...  More >>

infra100-190x128 Top 10 Strategic Technology Trends for 2017

Here are the top 10 strategic technology trends that will impact most organizations in 2017. Strategic technology trends are defined as those with substantial disruptive potential or those reaching the tipping point over the next five years. ...  More >>

Global33-290x195 2017 and Beyond: How Digital Innovation Will Impact the World

Digital innovation is by far the biggest influencer, changing the way we do just about everything, from shopping to communication to running a business. ...  More >>

Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.