Retail chains present throughout the world are always grappling with the dual challenges of rigorous competition and declining sales. As the retail sector relies upon loyalty programs to attract customers, quite a lot of retailers have faced disappointing returns from such set-ups. Still, they choose to go with such kind of programs because the customer information gained this way can be used in selling more to them and reap-in higher lifetime value.
Therefore, many marketing initiatives revolve around the existing customer base with their anticipated needs, personalities and motivations. Though, a program is only effective when it is based on observed behaviour like the shopping trail of consumers, their profile, preferences, purchase basket and channel mix to allow the right products to reach the right user within the given timeframe. The retailers harness technologies, such as cloud, mobile, internet with process innovations like lean logistics to be benefitted from business transformations and march ahead in the competition league.
IT Solutions for Retailers
Now, what is required is a range of retail IT solutions for the entire lifecycle of this sector that goes from procurement up to sales to offer you a competitive edge. The software industry today serves to the segments, such as discount stores, grocery, department stores and specialty retailers. It works with the leading retailers focusing on customer management, shopping cart portal, merchandising and legacy application reengineering. They help their retailing clients in designing efficient operations through offering retail IT services in sourcing, supply chain visibility and inventory optimization.
Services to Manage Master Database
The solutions offered in this domain cover sourcing, technology and consulting to solve complicated business problems for deriving measurable business value. Huge amounts of data is generated through the entire retail ecosystem including mobile devices, RFID tags, web transaction, GPS enabled tablets and embedded sensors leaving the retailers with specific consumer information. This information needs to be managed to make room for personalized consumer offers and pricing for both revenue growth and customer intimacy.
What Does Analytics Do?
The analytics solution for retailers analyses data from the enterprise database sources, such as customer survey feeds, POS systems and external data sources like social media to design and execute targeted marketing campaigns. These analytics make use of established regression techniques as well as advanced predictive models in delivering elaborate predictions on multi-dimensional analysis. These models have already been implemented on platforms, such as IBM SPSS, Microsoft SASS, SAP Predictive Analysis, SAS and Open source R.
Role of IT Experts
The solution leverages big data technologies to store, extract and process social media information and analyze sentiments. Master data is critical to an organisation as it involves information about products, customers and suppliers that is key to establishing workflow and taking business decisions. This centralized database needs to be accurate and updated to manage internal operations, customer behaviour and partner interactions within a company. This is where a software service provider plays a role in consolidating the data and centralizing processes.