Today’s retail environment is highly competitive, shifted online, and the presence of social media is affecting strategies that retailers deploy to drive their brand and consumer loyalty. With an abundance of data available from transactional, demographic, customer preferences, and social media, retailers have the opportunity to control their own destiny.
Unfortunately, for retailers, actionable insights are difficult and expensive to extract as data comes from multiple sources and often requires advanced skills to analyze complete data. The Ayasdi Platform provides a new approach for retailers to look holistically at data without queries, unifying the process of analyzing customer feedback, transactions, and social media to drive product innovation and launch differentiated customer loyalty campaigns.
The stronger relationships retailers have with their best customers, the more likely the customer will become a repeat customer and refer business to friends and virally through social media. By using current and historical transactional data, as well as, mixing publicly available data sources and social media, retailers can develop new strategies to drive customer loyalty and revenue.
The advent of mobile technologies and tracking devices give retailers the ability to record movements of customers throughout their stores or even online. Using movement data in the right way can drive instant buying incentives for customers and create more effective store (offline and online) layouts and displays to enhance profit per customer.
The ability to detect fraud before it happens and the ability allow transactions that look like fraud to process has major impact to customer loyalty. Utilizing customer transaction, system logs and personal data to detect and prevent fraud patterns can save retailers millions of dollars and give customers the high sense of security they expect when shopping.