Digital in retail provides analytical insights (part I)


Digital in retail provides analytical insights (part I)

Digitalisation in business is a no-brainer. And in retail it takes the famous KYC (know your customer) to a whole new level, all while maintaining customer privacy, of course.

Key benefits of bringing digital and analytics into the equation:

  • Real KYC to be able to identify their needs, and then possibly address them,
  • Tailor your customer needs to your offering by tailoring your communication to meet their perceived needs.
  • Anticipate in time and location the need of products according to the consumers’ behaviours, so that you are better positioned for a contingent higher demand.
  • Higher sales mean higher motivation of your sales crew, thus higher employee satisfaction and retention.
  • Measure effectiveness of each individual sales person in comparable terms (shifts, times, value, customer satisfaction, etc).

I could go on and on, but these are more than enough to demonstrate that Digital means sales significant increase and, moreover, the optimization of your margin.

Simple just-in-time stock in the specific shop or point of sale that will need extra products because an external event will bring unintended affluence of customers, will be the difference for a boost of sales, which otherwise would never materialize.

Mystery shoppers will also bring additional value if they are armed not only with digital tools for instant reporting, but are able to provide real-time evidence of the actual site appearance, product display and customer perception on site. This will prevent sales deterioration and brand erosion.

If you don't think these two examples are important enough for the retail sector to embrace digital technology and analytics. I will discuss the value of introducing digital technology and analytics into the retail business from an employee perspective in another article.

Nov,14 2021
Maria J.Alonso – CEO Qaleon