This blog post contains excerpts from the whitepaper Using Artificial Intelligence for Effective Customer Retention, by Retail Pro® and AppCard. Download the whitepaper to learn more about how artificial intelligence can help retailers improve customer experience and retention.
In the era of customer experience, retailers are challenged to use technology to understand their customers, and meet their growing expectations.
- Internet of Things Connectivity – Connecting data across all integrated devices, for a streamlined, omnichannel shopping experience
- Omnichannel Integration – Leveraging retail management platforms as the data hub to gain a 360° view of shopper behavior
- Artificial Intelligence – Applying holistic data intelligently to personalize the retail experience for increased customer retention
Retailers want to stand out from their competitors and they aim to do so with product diversity and exceptional service. The key advantage for SMB retailers is that they are hyperlocal and better able to recognize and engage with their shoppers in a meaningful way. However, that does not make them immune to the pressures of eCommerce and competition with neighboring businesses. Retailers who take advantage of these tech trends are well positioned to provide better customer experiences, and increase customer retention.
Today, almost everything from products to merchandising to display now has sophisticated sensors that collect and relay information for analysis, and offline stores are utilizing connected IoT devices to collect data that will help them understand shopper behavior.
Connected mobile data especially helps retailers communicate with shoppers before they visit, while they are at the store, and as they leave. It also helps marketers better understand which marketing channels and routes resonate best with their customer base, resulting in increased sales.
Many modern retailers are leveraging retail management platforms to integrate all of their retail tools, so they can tailor the retail experience to Generation E(xpectations). These platforms are the instrumental backbone for retail loyalty strategies. They allow retailers to unify data from disparate systems – POS, beacons, heat maps, RFID sensors, ecommerce, social media, and any other technologies – to get a holistic understanding of their customers.
Advanced analytics are no longer just for big-box retailers. Store managers and owners alike are becoming data-savvy, thanks to interactive visualizations that allow them to answer questions in real-time. With the help of AI, retailers can identify trends and predict their shoppers next move. AI-driven marketing means retailers can deliver the right message, to the right customer, at the right time.
To continue reading more about technology trends in retail customer experience, download the whitepaper now. In this whitepaper:
- The evolution and challenges of loyalty in the era of customer experience
- Leveraging tech to personalize the retail experience for Generation E(xperience)
- A successful rewards program is within reach – fewer coupons, more sales
- The importance of data-driven, personalized marketing