IOT
How data analytics underpins modern shopping experience If retailers adopt a pioneering approach to data analytics , the rewards not only include improving the CX of their online channels , but also extend to bolstering customer retention and attracting new audiences .
“ Data is the catalyst driving a seamless experience for online shoppers . Analytical solutions harness a customer ’ s purchase and demographic data , shopping preferences , and buying patterns to personalise the experience ,” explains Ambeshwar Nath , SVP and Industry Head , Consumer , Retail and Logistics , at Infosys .
“ Today , consumers have refined tastes and expect personalised services as well as enhanced and convenient shopping experiences . They ’ re willing to experiment with different retailers in search of the best experience , leaving retailers to rely heavily on data to satisfy customers ' requirements and ensure they have no reason to switch loyalties .”
The analysis of shoppers ’ data – including the total time spent on the website , commonly purchased products , and the extent to which sustainability drives product choice , for example – generates critical insights , which can be deployed by retailers to accurately improve their services and create precisely targeted marketing campaigns . “ Retailers across product categories and store formats can enhance the shopping experience by investing in analytical systems and recommendation engines that convert data into rich insights ,” Nath adds .
“ Leading retailers make smart use of customer data to enhance convenience , maximise the basket size and even personalise the product offering .
“ As more customers gravitate to digital channels , there will be an influx of unstructured data from primary and thirdparty sources . Retailers should capitalise on data to better understand customer needs , design personalised programmes to deepen engagement , increase wallet share and develop strategies to enhance
96 May 2023