Not too long ago, retailers' success depended on their ability to understand and cater to the average customer, but that strategy has now been thrown out the window in favor of personalization, reports Venture Beat. Rather than receiving generic circulars featuring products that are on sale in stores, consumers are viewing up-to-the-minute offers for merchandise they recently perused, but didn't purchase, on the devices they use most. Information about these preferences may now be available to brands that deploy big data strategies and address management platforms.
This new relationships offers benefits to both sellers and buyers. Companies don't have to spend as much on large-scale campaigns that have a margin of error built in, and consumers don't have to sort through as much junk mail to get to the offers in which they might actually be interested.
Businesses are also tapping into customer analytics to learn how to improve buying experiences, according to Retail Solutions Online.
"One point of data most retailers lack is wait time at the register," Steve Jeffery, CEO of Brickstream, told the source. "With newer video technologies, we can now calculate individual wait times, queue length, the number of open lanes, the amount of product on the belt, transaction time and even abandonment."
These metrics can be leveraged to determine where retailers are succeeding and where they might need improvement.