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3 ways retailers can use analytics to optimize in-store CX | Data analytics

The brick and mortar retail industry is taking a moment of digital transformation. After years of lagging behind in technology, vendors are exploring options when it comes to improving retail at all levels.

| Scott Reese

The retail industry is finally taking a moment of digital transformation. After years of lagging behind in technology, retailers are exploring their capabilities when it comes to improving retail at all levels.

This seismic evolution has not gone unnoticed by some of the world’s leading digital giants. Recently, Mastercard and Verizon Business announced the creation of a joint venture to revolutionize customer payments, contactless exchanges and personalization of consumers using 5G-based technology. The partnership promises to bring innovative thinking to retailers and enable them to expand their services and solutions.

But 5G technology is just the tip of the iceberg of digital retail transformation. Another powerful component that brands are already considering is retail analytics. In fact, the analytical landscape is evolving – and in North America, revenue is expected to exceed $ 8 billion by 2027, according to Global Market Insights. Despite this, nearly three-quarters of companies surveyed by Deloitte admit that they do not use “a single common set of tools and techniques in the enterprise to access and analyze data”. This hinders their ability to generate information based on data, even if they know how to collect it.

What is the reason for this outrageous rupture? A lot. First, many brands do not feel they have the resources to make sense of accumulated analytics. Second, some leaders have not learned that the data obtained can reveal brilliant ideas that can help in everything from operational efficiency to consumer habits.

The last reason for not using forecasting analytics in retail is the lack of domestic fans and supporters. Without top management and digital champions at the store level, team leaders don’t understand how to integrate data information to enhance the in-store experience – and often turn to older models. After all, if higher education does not fit into analytics, why should they?

The good news? Each of these barriers to improving the retail customer experience through the use of retail data analysis are far from insurmountable. And if you work in retail and want to use data already collected, you have a choice. Here are some strategies to help you offer a fresh and up-to-date in-store experience with data:

1. Evaluate data to shed light on consumer buying habits
Customers often behave in a predictable way. For example, they can reach for certain shelves no matter what is on them. Or they can shop cyclically – but not necessarily on a cycle that would be obvious to you.

Data analytics helps to understand what is going on outside of a simple buying and selling process. The more you understand your customers (consider cart sizes and order trends), the better your ability to forecast revenue. And you can often collect the necessary data through the service point software, which is already integrated into the ordering process.

2. Use retail data analytics to schedule your staff
This is a difficult job market for retailers. Many prospective candidates are giving up part-time and full-time employment under the post-pandemic “Great Resignation” as well as other factors. Therefore, your ability to accurately staff your store is more important than ever.

Data can help you understand your customers ’traffic flows to avoid overstaffing and congestion. For example, you may find that your meat counter is busiest from 4pm to 6pm on Mondays and Thursdays. This little piece of information can allow you to pinpoint exactly where to place your people and what hours they should work. In addition, counters and beacons can provide you with real-time information about customer time and number of visitors to ensure that your team members are always where they are most needed.

3. Allow data to inform your personalized trading companies
Buyers like to feel that they are getting a one-of-a-kind retail experience. You can make them feel unique by using analytics to create recommended journeys that feel intuitive and individual. At Sephora, for example, personalization has become the backbone of the brand. Through the beauty salon app, customers can sign up for an appointment, virtually experiment with products and receive individual recommendations.

Here’s the thing: don’t underestimate the powerful benefits of hyperpersonalization. There is a reason why this process has been related to increased sales in the retail sector. In addition, personalizing the customer experience can reduce sales and marketing costs by up to 20%, increase conversations by up to 15% and improve employee engagement by nearly one-third, McKinsey reports.

Digital transformation is booming in retail. Retail analytics can help companies effectively expand customer relationships and revive a sense of consumer confidence. All that is required is the willingness of retailers to learn to make better use of the data they already have on hand.

Scott T. Reese is the CTO of Harbor Retail

https://www.retailcustomerexperience.com/blogs/3-ways-retailers-can-leverage-analytics-to-optimize-in-store-cx/ 3 ways retailers can use analytics to optimize in-store CX | Data analytics

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