Data is important. We all know it – especially in the retail sector where data plays a starring role in shaping pricing strategies, stock decisions, customer insights and marketing campaigns. This data needs to be good quality, which means it needs to be relevant, accurate and, most importantly, it needs to be gathered, analysed and used in real time.
The question then becomes, how can retailers capitalise on real-time data to drive real-time success for the business, especially around customer experience, engagement and retention?
We’ve created three top tips to help you get the most from your data:
#1 Harness the power of personalisation
Gathering real-time data at the point of sale can help you reward customers at the till with relevant targeted offers and can further influence wider marketing campaigns and promotions.
Accurate and quality data about customer buying behaviour can feed into offers – enabling you to deliver targeted promotions, offers and rewards based on previous behaviour and shopping habits. At the point of sale, personalisation can be elevated to deliver more benefits to both retailer and consumer.
You can return offers to customers based not only on past purchases but also on items in the basket, harnessing the data generated at the point of sale. You can also extend offers in the form of coupons or messages on till receipts, which can include stretch spend offers, discounts on new or regularly-purchased items, promotions on complementary products, or value-adds like product care information.
#2 Add automation into the mix
Combining automation with real-time data can help you improve your marketing efforts, particularly around trigger-based campaigns and promotions, and increase your chances of success. Historical data can certainly play a role in shaping marketing campaigns and refining offerings, but it’s having access to the real-time element that sets successful retailers apart from competitors.
When it comes to campaigns, for example, there is often a time lapse between customer segmentation and execution. As a result, what was relevant last month is perhaps no longer so. But how can you get around this? By using machine learning to automate the process, the delay between segmentation and delivery can be minimised.
#3 Make the most of measurement
During campaign execution you need to measure your progress. If you feed real-time data back to the marketing team during the campaign, they can get an accurate view of activity, suggest improvements or capitalise on current momentum.
When building and delivering a campaign, measuring its progress and success is critical to shaping future promotions and allocating budget. Is the campaign on track in terms of its budget? Real-time data can be used by the marketing team to make informed decisions throughout the campaign.
If the campaign isn’t delivering a return on investment, the sooner this is flagged, the sooner it can be stopped. In the same vein, if a specific aspect of the campaign is working particularly well, knowing this sooner can help retailers capitalise on the momentum and use the data for future promotions.
Very often success for retailers lies in having satisfied customers; customers that return to store time and again to spend their money. To give these customers the best experience, data can help you reach customers with the right messaging, at the right time with relevant offers that they actually get value out of. Whether that’s at the point of sale, or as part of a wider marketing campaign, real-time data is the key ingredient for success.
Want more tips?
Download our Creating real-time success from real-time data guide now.