5 Ways Retailers Can Best Leverage Data Analytics

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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.

 

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