Within any industry, understanding the needs of your customer is of the utmost importance, and in no industry is this more relevant than the retail sector. Catering to the needs and requirements of customers is the cornerstone of retaining customers in the retail industry, and keeping loyal customers is easier and more profitable than winning new ones. Lack of customer loyalty is often as a result of poor customer relations, which again makes it vital to have a clear view and understanding of the customer, in order to drive exceptional customer service and retain profitable business.
Retailers have access to a wealth of information regarding their customers, in a variety of disparate sources, which can help to drive improved understanding and customer service. However, unlocking the value of this data can be a challenging task. Harnessing the power of business intelligence and analytics tools will help retailers to gain insight from their information, but technology alone is not sufficient. Retailers need to develop a close understanding of their business and what they wish to achieve from data analysis. This, in combination with the right technology from the right partner, will assist with improving service levels and response times, ultimately improving customer satisfaction and as a result, retaining their loyalty.