Since the term ‘Big Data’ was coined in 2005, its use in optimising business processes and performance, and understanding customers has only become more important.
The value of Big Data has become apparent across all industries, from healthcare, financial services and agriculture, to government, law enforcement and retail.
The latter is the focus of this blog — specifically the data around seasonal trends in-store.
It’s already well established that data influences everything in retail, including logistics, stock planning and marketing.
But the thing about data is that there are so many levels to it, so many ways it can be used and so many insights that can be gleaned from it.
When it comes to seasonal trends and campaigns, how can retailers make the most out of the data that’s generated?
To sum it up, retailers can:
• Use data to create a holistic view of customer behaviour, as well as trends within the store itself. The combination of real-time data (gathered from each transaction at the point of sale) and historical data, can help build an enhanced retail picture. In addition, the combination can make retailers more agile in reacting to changes and capitalising on events and opportunities as they happen.
• Take the use of data further than campaigns. Data can provide additional insights around seasonal events and associated campaigns, helping retailers look beyond the obvious (for example, chocolate promotions at Christmas) and build out complementary campaigns, cross-selling other items that relate to customer behaviour.
• Use redemption windows to their advantage. Not all campaigns, promotions and offers need to be redeemed immediately. With the use of data insights retailers can make the most out of seasonal campaigns (build-up, event, post-event) by tailoring offers for each phase and guiding customers along a journey.
• Capitalise on post-event activity. There’s no reason for the campaign to finish after the seasonal event. Rather, using data to tailor promotions once again, retailers can continue the momentum generated from the campaign.
We discuss these four areas in greater detail in our latest guide: All Four Seasons in One Day: A retail CMO's guide to capitalising on seasonal trends and using data to shape the customer journey. Using Data and shaping the Customer Journey. Specifically, the guide looks at the value that retailers can gain from analysing seasonal trends and campaigns, and how they can effectively use insights to generate a more engaging, relevant and personalised experience to their customers.