In just the past ten years, the percentage of retail purchases that occur online has almost tripled, from 2.9% in 2006 to 8.1% in 2016. As customers become have more information available to them through digital sources, so must retailers. By gathering the right data, businesses can develop more effective retail marketing strategies tailored to each client. When the customer follows a personalized product recommendation informed by solid metrics, the conversion rate is 5.5 times higher.
With the right retail marketing analytics software solution, you can keep track of a staggering amount of data to analyze and leverage into more effective marketing campaigns. By tracking and organizing this data, you can draw valuable conclusions on the best ways to utilize your company’s marketing budget and other resources. Through careful study of customer behavior, you can predict future behavior and avoid wasting money on ineffective campaigns, instead building efficient, collaborative retail marketing strategies.
Data helps develop a clear picture of not just the market as a whole, but of each customer individually. With this information, you’ll be able to put together personalized campaigns to appeal to each individual client, with 1-to-1 messaging initiatives alongside your broader marketing campaigns. Of course, before any of this is possible, you’ll need to find the right retail marketing tool for your business’s unique situation. The good news is that there are certain characteristics shared by effective retail marketing solutions.