How to Use Database-Driven Analytics to Flourish Despite Economic Crisis - Page 2

Download the authoritative guide:

3. Mobile marketing for convenience

Delivering promotional offers when the shopper is most likely to be interested in the product or service is the goal of most marketing campaigns. The proliferation of mobile phones provides retailers with an opportunity to extend an offer or other relevant communications at a time and place when the consumer is more willing to respond. Technology now exists for retailers to target a shopper approaching a store, for instance, with an offer designed specifically for them based on their previous shopping behavior and interests.

4. Sales analytics support highly effective customer engagement

Technology cannot supplant a salesperson, but it can help. By providing retail staff with better tools to engage the customer, the customer is more apt to buy as the retailer wants them to buy. Among the tools being deployed are PDAs with access to customer history and mobile POS systems that reach customers fast. The wild card factor in this could be smart phones loaded with custom applications that support store-level service.

5. Fresh take on space planning

Shelf space is prime real estate and needs to be treated that way. New tools permit retailers to optimize category and section space on a macro level, delivering greater return per foot while allowing for store-level differences. Tighter item assortments may follow, where they boost section productivity without disappointing target shoppers. This is a great opportunity to improve "customer centricity" and tailor store assortments at local level.

6. Pricing optimization analytics

Price management and optimization software helps retailers decide what cost increases to pass along to shoppers and when. In some instances, it may be less injurious to the retailer's bottom line to hold a price or pass along only part of a cost increase on high-profile items.