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Data is a Retailer’s Best Friend

One of the main challenges retailers face today is lack of data. You can’t drive revenue unless you understand your customers’ shopping behaviors and that’s why data is so important.
Diane Ashby, senior enterprise business development manager at Samsung Electronics America, believes retailers don’t currently have the information they need to meet customers where they are.
Why is that?
The reason is that retailers are in a race to take back their data from big players like Amazon, and to evolve themselves to accommodate online shoppers. Most retailers are trying to prevent Amazon from dominating the retail world as it does online shopping. Only through technological advances will retailers begin to deliver the type of ultra-convenient shopping experience that the majority of shoppers now expect.
A recent Forbes article reminds retailers that they need to act like their own Amazon when it comes to data, “you have your own core customer base, you know who your best customers are and you know who your true advocates are. Use the behavioral data you have to create clear and distinct segments of those individuals and market to them just like it’s your own Prime Day.”
Today’s consumers expect a high level of customer service and personalization. However, retailers can’t serve up a fast, convenient and personalized omnichannel shopping experience to their customers unless they truly understand their behaviors and that is where data comes into play.
One new way retailers can obtain valuable data is through our BOPIL™ (Buy Online, Pick Up in Locker) solutions. With BOPIL, retailers receive customized reports and obtain key information, such as the time their customers are picking up their orders, how long the orders are staying in the lockers and more. This helps retailers better maximize BOPIL and target their customers. This is vital as McKinsey reports that companies that use customer data to inform their practices see 85% more sales and 25% more gross margins than those that ignore their data. Our lockers allow you to tap into your customers’ behavioral data so that you can improve key areas of customer acquisition and retention.
The retail space is at its most competitive right now and retailers of all sizes need to start investing in the power of data to understand their customers and ultimately drive sales.

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How do you use data to better understand your customers? Comment below.