Here’s what you’re probably thinking: How can I possibly customize the shopping experience for each and every one of my shoppers? Is that even a reasonable ask? Think about the square footage, SKU count, manpower, and marketing I need to manage day to day … I can’t adjust that for each shopper who visits my store.
You’re right … sort of … let me explain.
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 retailers can leverage artificial intelligence to deliver personalized marketing communications.
In order to leverage data effectively, retailers must be able to derive actionable insights that fuel marketing campaigns or operational decisions.
Enter Artificial Intelligence for Retail Businesses
Driving Effective Customer Retention Today
The retail industry has undergone major changes and retailers are acknowledging that it’s 6-7 times more costly to acquire a new customer than to retain one. This same research shows that boosting customer retention by as little as 5% can increase profits up to 95%.
With these compelling statistics, offline retailers are urged to leverage eCommerce-like data collection to deliver personalized experiences that will keep customers coming back for more.
Download the whitepaper to learn about:
- The evolution and challenges of loyalty in the era of customer experience
- Leveraging tech to presonalize 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
Personalized marketing campaigns see higher conversion rates, improve customer experience, and ultimately reduce churn and increase loyalty. The key to personalization is truly knowing your customer and what they’re buying. Digital businesses can easily collect browsing and purchase histories to build customer profiles, and deliver personalized offers and recommendations. So what can brick and mortar businesses learn from digital marketing strategies of online retailers? Stick with me and I’ll explain…
Mother’s day is just around the corner (Sunday, May 14)! Now’s the time to get started planning your Mother’s Day promotions. As the third largest retail holiday of the year in the US (Hint – the others won’t be until winter), you really don’t want to miss it. Offering special rewards for Mother’s Day purchases is a great way to get shoppers through your doors. Read on for some of our top marketing ideas for Mother’s Day!
This article features an interview with Jake Fermanian, Vice President of Super King Markets, a 7 location independent grocer in the LA area.
What to do with all of this data!?
Well isn’t this a great problem to have: I now have a system in place to collect 100% of my transaction data in real time. What should I do with it? Who should have access to it? How do I leverage it to increase my bottom line? Where do I begin?
Data is only as good as what you’re able to do with it. You can collect all of the T-logs you want. You can run as many reports in excel as you want. But let me ask you something; what are you going to do with it?
As a small business owner, you’re probably always keeping an eye on KPIs like daily sales numbers, top selling products, and returns by cashier. For the most part, you can access this kind of information right from your Point of Sale system. What the POS does not do, however, is associate these transactions to an individual customer. Sure, if you’re a clothing store and you know how many customers bought denim jeans, this is useful from an inventory and purchasing decision, but what about from a marketing standpoint?