Today, the need for data science is felt in most sectors. Data science is one of the most important weapons of companies in the face of developing technologies. In this article, we will talk about the importance of data analytics in the retail industry.
Improving Customer Experience
The general expectation of the customers from the companies is that the companies see their own needs clearly and introduce new products/services to the market. In this process, customers also want to be in active communication with them. The aim of the companies here is to provide an accurate customer experience with personalized products for customers.
Thanks to the personal data collected in their hands, companies can directly communicate with their customers and offer them price offers. Thus, they increase the number of sales.
Use of Recommendation Engines
Recommendation engines can extract a variety of customer-specific options by comparing a customer's purchases with a recent purchase.
Recommendation engines are one of the uses of data analytics in retail.
Use of Data Analytics on Social Media
Social media has an important place for the retail industry. It contributes to the determination of customer trends by providing you with information about the products or services that customers look at and like on social media. Today, most companies use social media platforms and they can easily reach their customers thanks to these accounts. At the same time, thanks to this platform, they can greatly expand their audience
By determining how much the product/service to be sold is liked, its production can be decided accordingly. The brand can instantly see positive and negative comments about products or services through social media. With the Clustering analysis, it is determined which product or service is preferred more by the people in the age group determined. Various campaigns can be organized for the determined age group and sales can be increased.
Possible Customer Loss
According to some studies, acquiring customers is more expensive than retaining existing customers. For this reason, institutions resort to various ways in order not to miss their customers. Churn Analysis is an analysis method used to find out why customers give up on the product or service you sell. While performing this analysis, various information of the customer is compared and presented to you. Thus, your customer will be informed before giving up on you and you can take action accordingly.
Fraud Precautions
Fraud is increasing day by day in the retail industry. Making fake payments with credit cards and other payment methods or different fraud methods have been the target of the sector. Any business can be deceived by various fraud methods. However, it is quite simple to prevent them in the retail sector. You can avoid such situations by using data analytics.