Analytics: The Key to Customer Experience and Loyalty
Retail Online Integration
In this article, Seeta Hariharan, VP & Head of TCS’ Digital Software & Solutions Group discusses analytics as a significant factor for enhancing customer experience and cultivate loyalty.
Businesses that understand customer needs provide a memorable experience and cultivate loyalty. These successful companies have shifted from gut-based to fact-based decision making by capitalizing on customer insights, and are leaps and bounds ahead of the competition.
While it's easier for smaller businesses to get to know each of their customers intimately, companies of all sizes can also obtain a 360-degree view of their customers. With the right digital tools and insights, retailers can make customers feel special, listened to and cared for. It's this familiar and emotional experience, based on customer intelligence and insights, which ultimately cultivates fierce loyalty that will last a lifetime.
Personalization is Paramount
Retailers are looking for ways to win over consumers, whether it's in-store, online, at a kiosk or on the phone. Data-driven insights prime marketers to generate the offer that's most relevant for each individual customer to increase product upsell and cross-sell opportunities. The ability to customize offerings and promotions helps retailers stand out from the pack.
Right Product, Right Time, Right Channel
Traditionally thin margins, complicated by increased pricing competition from internet retailers, have driven companies to search for every cost savings opportunity available. With a clear understanding of customer behavior, retailers have the ability to predict future shifts in product purchasing. This allows them to align supply and demand to stock shelves and online distribution centers based on insights, which leads to more accurate inventory levels across channels. Retailers can also use dynamic pricing to direct consumers to the desired channel, such as online purchase or in-store if that's where the stock resides.
Enhance Customer Loyalty
A top objective for retailers is building trusted relationships with their customers over time. By integrating customer insights into cross-channel loyalty and rewards programs, retailers can leverage data to generate offers that are targeted, personalized, relevant and timely.
Digital Transformation: A Strategy for Success
These are elements of a successful customer experience and can be obtained by leveraging digital technologies to inform operational business decisions. A digital transformation enables retailers to provide customers with a seamless omnichannel experience by predicting their preferences, anticipating price issues, customizing offerings, fostering loyalty and maximizing lifetime customer relationships. It's a win-win for everyone.
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