These days, the decision to abandon purchases can be made due to anything from competitors offering lower prices on the same products, to difficulties navigating your website, to customers simply being distracted and abandoning their carts before completing the purchases.
That’s why it’s important to act on any opportunities you have to help your customers move through the purchase process. Here are five ways to utilize data and analytics to strengthen your retail brand and its sales.
1) Consistent experience
Brands are struggling to stitch together the data from their websites, mobile apps, and in-store experiences. In fact, less than half of all brands even have a mobile app-analytics strategy. Brands must unify all of their data to help customers interact with them seamlessly and easily.
2) Personalised messaging
Retail brands are now using this marriage of online and offline experiences to help them personalize their messaging as well. If you know a customer has spent time on your site looking at a particular type of product, when she enters your store next, you can personalize her experience by providing her with a coupon for that product, for example.
3) Mobile engagement
Mobile usage is becoming increasingly important as well as increasingly innovative. In addition to mobile apps, mobile has changed the way payments are made. This completely revolutionizes the customer experience. In some cases, the cashier has been rendered almost unnecessary.
4) Audience segmentation
Data can also help brands to understand more information about each customer . This can help them not only personalize messaging appropriately, but also anticipate customers’ needs. Based on what they — and others like them — have done in the past, brands can understand how to best help their customers.
5) Supply-chain optimisation
There’s nothing worse than selling a lot of a product in a particular area and not being able to keep it in stock. Data and analytics can help you to understand which products are selling in which locations so that you not only understand demand, but also stay ahead of it.
(Source: Multichannel Merchant)