The customer journey is not a singular path for retailers to follow anymore. As consumer behaviour is changing, customer journeys too are evolving. In the age of data, the retail industry is getting more innovative every day, to offer personalised solutions to customers and improve their shopping journeys, with the power of customer data :
Significance of a POS
One of the most important aspects of data-driven retail comes with POS usage. An efficient POS improves customer experiences significantly, by relying on customer data that produces helpful and accurate insights. Being the single point of contact for shoppers that walk into your store, a POS software profiles customers with the help of a CRM portal (Customer Relationship Management portal), to track their purchase history, analyse inventory and aid plans for effective loyalty management.
Flexibility of payment is yet another crucial benefit that comes with a POS. A POS also allows faster transactions, making payment experiences easy and hassle-free. In the digital world, shoppers want to pay as per their convenience, be it digital wallets, card payments or through apps. A POS allows easy integration of third-party payment modes, along with major digital portals and mobile payment options.
Additionally, a Salesforce report states that 80% of shoppers still prefer brick-and-mortar stores to check out new products. For shoppers who prefer to walk into physical stores, understanding their demands is imperative and POS helps in demand forecasting.
Analysing the Right KPIs for a Retail Business
To put data to good use, the first step for retailers is to define their KPIs. In order to define the KPIs of abusiness, a strategic understanding of business goals and objectives is required. Additionally, retailers get plenty of data, but leveraging customer data and using it for further strategising and planning helps make customer journeys successful. The right KPI metrics help retailers plan marketing strategies better, as well as offer insights to improve operations. Important KPIs like foot traffic, sales per square foot, inventory turnover and conversion rates provide scope for improvement in overall business growth. Marketers have a big role to play, as they turn useful data into productive actions which yield elevated customer experiences.
Are you prepared for tomorrow?
Data analytics is transforming the retail industry by providing holistic growth to shoppers in terms of experiences. Walmart uses big data analytics to optimise their in-store shopping experience They use POS data to track customers’ behaviour and recommend products based on that. Not just Walmart, many other small to large retail giants collect supersized data to improve the shopping experiences they provide.
Going beyond traditional systems, retailers are now using predictive analytics and AI to uncover insights, capture market trends and make intuitive recommendations.
The Power of Retail Analytics
Surprise delight and effectively capture the attention of your shoppers, to garner more business from them, with the help of data-led advanced retail analytics. This is why investing in the right retail solution is a necessity for retailers. Experience iRetail suite of services that offers customer data, forecasts demands, creates loyalty programmes and has personalisation capabilities. Book a demo now!