Case Study: Focusing on Data Curation to Improve Retail Sales
Smart retail has always been about data. Retail companies know the importance of data curation more than anybody else. I’ll give you an example. Have you ever come across a situation where you find an almost reasonable pair of shoes displayed in a nearby store that resembles the way-too-expensive and trending ones by a renowned retail channel? I can say I have. That’s just the handiwork of relevant data. What it does is, it understands customer requirements and helps businesses come up with the best possible ways to meet them.
For businesses to survive in this highly competitive era, paying attention to customer expectations is important. And today, customers are more demanding than ever before. They don’t just want a product. They want a product that is personalized.
You see, retailers work with razor-thin margins. Hence, they are highly focused on data-driven marketing. And more the data available, easier the task. This is where implementing effective data collection strategies becomes necessary. Our Build My Forms application has come to the rescue. Here’s a case study about how a fashion retailer has been using this app:
This retailer has a small team of data analysts who call the shots in their data curation, insight extraction and strategy implementation procedures. They create customized forms to collect data from the customers. The team members brainstorm every few months to come up with the fields of a customized form. These mobile forms are given to the customers at the billing counter.
Some of the basic fields of the form that are kept unchanged include:
Name, gender and age of the customer
Feedback about the store’s collection
Comments on the staff’s behavior
Comments on the store’s playlist
As soon as the data entered by the customer is saved, it becomes available to the data analysis team in real time. This data is analyzed to understand customer preferences.
The idea is to ensure that the customers receive a relevant shopping experience every time they visit the store. To achieve this, here’s one of the ways the team utilizes the data: they identify shopping behavior based on the time of the day, weather, holidays, working days, previous shopping activities, etc. This data is utilized to create and implement targeted marketing techniques.
What other ways do you think retailers can capitalize on data? Share your ideas with us in the comments section below. We would love to hear from you.