Retail businesses have always worked hard to build long-lasting relationships with their customers. To stay a step ahead of competitors and of the consumers themselves, retailers need to really get to know their customers in depth. It is imperative not only to know your existing customers on a personal and financial level, but also to be able to visualize the customer journey. This gives retailers information on customer behaviours, how to best respond to them, and other insights such as how much they spend in physical stores versus online. By combining in-depth knowledge on your existing customer portfolio with external data sources, you can identify behaviour patterns and trends, thus creating more accurate forecasts and attracting new customers.
With an expanded volume of data on customer behaviour, you have more available information than ever before — and thereby more opportunities. Access to data, relevant insights and the right tools gives tomorrow’s retail businesses great potential to increase competitiveness and stay a step ahead. Analyses and insights from combined data make it possible to generate targeted offers, streamline sales and marketing activities, and identify new customer groups. Smart data makes this possible.