The holiday shopping season is over, which means many retailers are through the busiest time of the year. In fact, the average company rakes in approximately one-third of its online earnings across each November and December, according to Retail Gazette. Thanks to all of that web traffic, retailers are now sitting on mountains of data about customers that can help them make sales throughout the year.
If companies don't think they have hoards of data, they are mistaken, Econsultancy reports. Analytics platforms can help businesses harness information from recent transactions and average order values in order to create more targeted marketing efforts in the future.
For instance, retailers can determine how much shoppers spend on average every time they visit the site or store and complete a transaction. Depending on each customer's budget, the company can recommend products that are in line with that person's purchasing history to encourage additional sales.
However, it's important to remember that simply harvesting data does not guarantee success. Retailers must also cleanse the content for data quality
to ensure expired or incomplete information is eliminated so analysts can make decisions based on the most accurate facts.