Online retail and omnichannel experiences are skyrocketing. Some experts expect that by 2030, many retail experiences will include artificial intelligence (AI) and augmented reality. For retailers that adapt to this rapidly-changing market, this represents a unique opportunity to drive greater business value and grow market share. But only if they can become truly data driven and react in real time.
By deepening your understanding of customers, seamlessly connecting experiences across channels, and using predictive analytics to track and react to new trends, you can become a digital leader in the retail space. Those who successfully harness the power of their data can increase customer satisfaction, improve operations, and ultimately increase market share.
Advanced Analytics Is Transforming Retail
Many retailers are drowning in oceans of information and are unable to isolate valuable insights to drive key results. Advanced analytics helps retailers come up for air by identifying and analyzing the most relevant data from customers, devices, stores, orders, inventory, shipping, and customer service and providing a dynamic view of your organization.
By digitally transforming your organization, you can implement the retail solutions your customers want and expect:
- Hyper-personalization suggests the best next products to buy, targets offers based on previous purchases, and creates incentives for long-term customer loyalty.
- Customer demand for control over the journey increased during the pandemic. Shoppers continue to choose e-commerce and home delivery, over in-store shopping.
- Connected associates with fast and easy access to the most relevant multidomain 360-degree data views, leading to enhanced customer satisfaction.
Heleen Snelting, Director of Data Science at TIBCO, states “Customer intimacy benefits shoppers because engagement tactics are adapted to individuals based on various signals and touchpoints across all channels. And these tactics allow retailers to organize flexible processes that accelerate service and facilitate seamless two-way conversations.”
Desigual Increases Customer Satisfaction
One of today’s most popular Spanish clothing brands, Desigual wanted to create a dynamic view of its customers and products to eliminate pain points, improve customer relationships, and infuse delight into the shopping experience. The company used TIBCO solutions to change its data architecture and deploy more than 10 swarm stacks for projects—ultimately leading to empowered associates with access to important customer information.
With its new data foundation, Desigual introduced creative new ways of upselling such as an assisted shopping program that suggests which items customers would like based on past purchases. Another is the Smart Fitting Room application that detects the clothing brought into the fitting room, displays on a screen which sizes and colors are available in-store, and alerts the staff if they need to bring another size.
According to Eduard Ponce, Architecture Coordinator at Desigual, “With TIBCO, we empower the staff to be nearer to the customer so they can create a great shopping experience. With a simple set of rules, we orchestrate to keep many systems updated in real time, like product stock and customer information, both critical for our business. Now, all of our stock and customer information is in one system for easy accessibility by the staff.”
Connect Your Channels Now
Customer-centric data is the fuel of retail success and growth. Without the ability to tell stories with analytics, it will be increasingly difficult for retailers to engage with customers in a meaningful way.
David Rosen, VP of Technology and Customer Leadership at TIBCO, states “No retailer in this current environment can afford not to take a data-led, customer-centric approach. The magnitude of the competitive stakes are only exceeded by the magnitude of their customers’ expectations.”Customer-centric data is the fuel of retail success and growth. Without the ability to tell stories with analytics, it will be increasingly difficult for retailers to engage with customers in a meaningful way. Click To Tweet
Learn more about transforming your analytics to improve customer experiences by reading this whitepaper on Omnichannel Analytics for Retail.