The impact and value of data analytics in the retail industry is huge, more so in the ecommerce segment because it empowers retailers to offer all forms of personalized experiences to the consumers. Armed with the power of interconnected smartphones, the consumers are well informed and well connected. Personalization no longer remains a mere facet of luxury marketing and shopping experience, it has become a very powerful tool to direct the consumer journey for a retail business. There is a paradigm shift in the type of services the consumers expect from the retailers. For retailers to succeed or even grab the attention of the buyer, it is imperative to be able to deliver content that are centered around the buyers’ purchasing context.
A few statistics that drive home the point of the informed and connected consumer:
- 41% of shoppers have used a smartphone to research an online purchase while 30% have made a purchase.
- 39% who have purchased online after researching in store wanted to touch and feel the product before purchasing.
- 38% of the marketers have not yet implemented any personalization strategies.
The consumers expect a consistent buying experience, irrespective of the channel, which is why retailers strive hard to present an omni-channel experience. With the amount of digital footprints and online interactions left behind, the application of big data analytics solutions is an effective by-product. These analytics solutions are also the fuel that empowers retailers and marketers to understand their consumers’ requirements, the information they seek while buying and the amount they are willing to shell out. For a consumer, they seek these kinds of information in a way that is consistent with their purchase journey, regardless of whether they shop online or in-store, from a smart device or a desktop.
For an ecommerce web development company, analytics solutions are a driving factor behind the strategies designed and implemented by retailers, which revolves around three core principles – knowing better, aligning better and responding better.
Customers expect enhanced, personalized services from the retailers in the type and pricing of products on offer. The retailers, on their part, can leverage the available customer information, besides mining other data streams for related information. This hot only helps them gain better insights into what their customers are buying right now, but also being able to offer the right products at the right time to their customers.
Review and redesigning strategies along with the service offerings form a major part of the customer engagement plans. Following a consumer-centric approach, instead of a channel-based one, requires the application of big data analytics solutions across the organizational and consumer funnel to drive relevant and consistent digital experiences.
The retailers need to model their strategic imperatives according to what their consumers want and address these requirements from a competitive viewpoint. Prioritizing is a key element and the business outlets need to know the pulse points of their audience, so that they are able to effectively cater to the consumer demands.
(Source: ComScore, econsultancy and eMarketer)