The success of retail business relies on knowing who are the most valuable customers today, and ensuring their loyalty and brand attachment for tomorrow. “Know your customer” is still the unshakable rule of retail business. Today it means using business intelligence (BI) software to analyse complex customer data. With BI, companies can answer a wide range of critical questions about their customer base. The questions can include:
- What are my company’s segment-wise top revenue-generating customers?
- What are cross-selling / Up-selling opportunities?
- Which customer segment has have contributed most to revenue growth?
- Which type of customers look for discounts?
- Which types of customers have highest number of returns?
- What types of customers are most profitable?
Business analysts, marketing managers, and other decision makers need more detailed information. They need to ask tougher questions about their customers. They need to delve further into the data to understand how their customers’ behaviour aligns with their production processes and sales cycles.
In order to become pro-active and truly shape the future of a business, it is important to predict what customers want and how they will react. In addition to understanding customers, it is paramount for any enterprise to understand how its business has performed at any given time in the past, now, and future. However, it is becoming essential that not only is the analysis of business performance done on real-time data, but also actions in response to analysis results can be performed in real time and instantaneously change business process parameters.
Defining your best customer involves several factors: the revenue they generate, the frequency of their purchases, the cost to serve them, and more. Analyze each of these factors in isolation or combination to create profiles of each of your customers and evaluate their respective value to your business. Analyze customer profiles by sales channel or by industry segment to identify cross-sell opportunities, new markets, or under-performing markets. Use this information to direct your activities on retaining high value customers.
Changes in your customers’ buying patterns, an increase in their rate of returns, or the length of time they stay in your shop are all indicators of their satisfaction with your company. Examine these and other indicators to gauge individual customer satisfaction and to identify overall trends that can be leveraged into increased customer value. Identify downward trends to retain customers before they leave.
Nanuka customer analytics in retail analysis will enable retailers to quickly identify improvement areas that will result in higher margins and overall increase in transactions. The set of data analysis and visualization tools will enable you to determine optimal display and product placement based on traffic patterns, product exposure, dwell times as well as purchasing trends.
You will be able to determine which products stop more people that walk by and how many of them get converted into buyers. Our unique set of video tools will enable you to pinpoint issues with specific displays and identify improvement actions at a fraction of the cost of typical observation studies.