How Customer Analytics in Retail and eCommerce can help Businesses to grow

Customer analytics in retail and eCommerce is a vital part of operating businesses and implementing marketing strategies. The data a retailer collects from customers can be incredibly beneficial to make improvements to the business.

With the wealth of data, the average business accumulates in its everyday operations. It is essential to have a clear strategy for collecting, sorting, filtering and analyzing the right customer data for specific goals and requirements of a business. Retailers can use this data to refine business processes, improve customer engagement in predictive analytics.

Introduction of Customer Analytics to Business

When a business tracks customer data and uses it to make an informed business decision, it is leveraging customer analytics. Insights into customers' behavior can help retailers make changes to their sales, marketing, and product development strategies to optimize customer acquisition, improve customer satisfaction, and continue growing the business. Retailers can gather this data through various ways, including software, online forms, and AI-infused systems.

If the business is struggling in sales or unable to figure out why a new product is not connecting with customers, analyzing customer behavior and communication is the first step to solve these problems.

Following are some effective ways companies can follow to optimize customers’ experience:

Data Unification

Data unification helps businesses create a single customer view. They can better understand and engage with customers by analyzing their interest areas. Data unification involves unifying consumer data across all internal systems of a company. If a business platform is large, the process is not easy to carry out. In addition, it could be time-consuming and costly.

The unification tools from a new generation of data make such a task straightforward. They can pull dozens of data sources together that encompass millions of data points. Moreover, the results can be expected within weeks, instead of months.

Various companies are using data unification to remove conflicting customer data, resulting in improved data accuracy and customer service.

Produce Information from Data

Consumers provide a business with an opportunity to churn out data from the moment they enter the website, like clicking, navigation, and browsing activities. Information of a customer is absorbed by websites and software and stored in their database. Analytics software uses this data to predict accurately.

Tools such as Google Analytics 360 give business deep insights by analyzing the data it gets. For instance, from which browsers and operating systems the customers are coming from, what consumers like or dislike the most could help a business to grow.

Real-time Insight Delivery

Artificial intelligence (AI) is arguably an incredible driver of the digital customer experience. In 2019, Gartner discovered that enterprise use of AI technology grew 270% in the past four years. Besides, AI is predicted to make approximately USD 4 trillion by 2022.

To make AI impactful for CX, actionable measures have to be taken in real-time. These are not accessible to CX or marketing teams in a consolidated form they can use directly. This is the reason why AI performs analysis of larger data sets to determine meaningful relationships within each data. It can even predict the likelihood of future behaviors with high accuracy.