Technology plays a fundamental role in the development of the retail sector, especially when it comes to turning the purchase process into an experience for the customer.
Aware that Big data offers competitive advantages that allow us to make a difference, Axis points out 5 reasons to promote the implementation of this technology in the retail sector:
Product optimization: controlling the stock of available products is one of the main concerns of those responsible for a store. Big Data allows you to categorize the assortment of products by developing classifications according to different categories, such as based on parameters such as the profit they report or the volume of sales they generate.
Customer loyalty analysis: Another benefit associated with processing massive data is that it allows you to develop customer loyalty strategies. This type of program offers the advantage of obtaining data such as differentiating customers who buy occasionally from those who do so regularly, knowing what their purchasing preferences are, etc. All this information allows retail to design different ways of approaching customer loyalty.
Trend detection: the analysis of the shopping cart (that is, the items that consumers purchase) through Big Data is a key aspect when it comes to detecting trends in terms of product consumption, knowing habits and patterns of consumption by consumers in terms of seasonality, gender differences, etc. In short, it allows us to understand customer behavior, thanks to which modifications can be established in the commercial strategy of retail, in the launch of products, etc.
Create a competitive pricing strategy: thanks to Big Data, an analysis of the commercial activity can be carried out by areas and type of product most in demand. In this way, a pricing strategy and special offers can be carried out in what is known as “hot zones” or areas with the highest purchasing activity. As a consequence, the number of sales is increased and results are improved at the same time that each consumer is offered the type of product that is most in demand.
Study of the competition: the benefits of this technology also allow companies to analyze the activities of competitors and, therefore, establish a strategy that makes it possible to make a difference. Big Data allows you to anticipate other commercial rivals and thus obtain a leadership position within the sector.