3 Reasons Why Data is More Important Now Than Ever Before
Snippet: In this highly volatile market, keeping a close eye on the shift in consumer behavior, can make or break a business, which is why data is important.
During a crisis like the COVID-19 pandemic, retailers are forced to adapt to a situation that they have never experienced before in modern history.
The sudden surge of consumer demand for cleaning supplies, canned foods, and even toilet paper proves that during a crisis, anything could happen. This is why retailers shouldn’t be relying on historical market trends alone.
In this highly volatile market, keeping a close eye on the shift in consumer demand, behavior, and lifestyle can make or break a business. This can only be done through collecting and analyzing data — which is why data analytics are more important now than ever before.
Here are 3 reasons why you should leverage data analytics for your business:
- Gaining valuable insight into consumer behavior becomes easier
If you’re using a powerful data analytics tool like SYCARDA, you can take full advantage of the convenience cloud technology can provide. You will be able to access, track, and receive various reports of your stores (both online and offline) anywhere, anytime.
This means you can also monitor the progress of current sales or marketing promotions in real-time, and become more agile in responding to issues in the day-to-day operations of your business.
- Create personalized customer experiences
By using the insights gained from data analytics, you can gain a better understanding of your customer behavior, preferences, and how they engage with your brand. By identifying the pain points and desires of your customers, you can create a more personalized experience and build a stronger relationship with your customers.
Understanding the customer preferences will also allow you to predict potential behavior and product interests. This is especially important in times of crisis when there’s a shift in consumer shopping patterns. When supported with relevant and real-time data, you will be able to come up with effective marketing strategies, optimize your inventory management, and as a result, increase customer satisfaction.
- Retaining customers beyond the pandemic
Using the insights you gained from your data, you can create different customer segmentation based on their demographics, behavior, preferences, level of shopping frequency, and so much more.
Based on that segmentation, you can tailor specific marketing campaigns for each of the customer groups, which will increase the probability of turning them into repeat customers for your business. This combination of segmentation and personalization will help boost customer engagement, drive sales, and retain customers long term.
The way forward
For retailers, the way forward after the pandemic will depend on their data and how they leverage it to face future disruptions and create customer-centric approaches that will attract loyal customers for their business.
This is why choosing the right analytics tool is crucial. With a powerful analytics tool like SYCARDA, you gain actionable insights and build customer-centric strategies for your business.
SYCARDA has helped more than 800 outlets around the globe (this includes supermarkets, F&B, pharmacies, fashion, etc) drive business growth. Now it’s your turn to reap the full benefits of data analytics. Reach out to us today!