Leveraging customer data, are retail businesses doing it right?

Posted by Oanh Nguyen on

All kinds of data that are relevant to retail operations are gathered every day in order to be analysed. Information about financial processes, marketing strategies or inventory procedures is very essential for merchants to make decisions. However, there is one type of data that is exceptionally important for retailers: customer data like name, address, past purchases, preferred communication channels. Although businesses might have already recorded this kind of information, there is a possibility that it is not utilised properly to enhance customer management methods.

Shopper information provides retailers with insights into who are buying which, the paying habits at point-of-sale and how customers want to interact with companies. Such knowledge and ability are crucial for any merchants to succeed.

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Personalisation – a vital key.

Keeping track of customer data can bring a lot of advantages, one of which is gaining more retail sales, especially through personalisation. Retailers can actually boost their sales dramatically by making their customers feel more valued through personalised content and interactions. These types of information can be obtained by means of collecting and analysing to decide which ways to reach consumers and then apply those plans.

A research by Infosys cited that personalisation is a dominant factor that drives customer’s decision to make future purchase from brands. 78 percent of respondents to the survey said that they would be willing to come back to a merchant that offered them choices relevant to their interests, needs and past purchases. Location–based discounts and deals were also influential, claimed 71 percent of respondents.

Going personal – what to avoid

Acknowledging the significance of personalisation strategies in planning customer loyalty methods, retailers will start to develop their own ways to create more personal connections with shoppers. Nevertheless, different companies have different kinds of patrons’ preferences. Hence, they should avoid some mistakes when building up customer personalization plans. Below are some suggestions from iMediaConnection.

First, asking for permission before using customers’ information. This will help businesses avoid losing patrons or damaged brand reputation.

The source also notified that retailers should revise their personalisation strategies to make timely adjustments and improvements if needed since consumer demands shift, and so do their tastes toward interactions with retailers.

This article originally appeared on RetailPro’s BlogTRG’s partner.

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