MIN­ING FOR IN­SIGHTS IN LOY­ALTY DATA

Progressive Grocer (India) - - Technology -

Re­tail­ers with ma­ture loy­alty pro­grams have house­hold-level shop­per data show­ing bas­ket ac­tiv­ity over time that ex­perts say can be used to iden­tify prod­uct trends, seg­ment shop­pers, de­fine prod­uct affini­ties, and more.

Hari Shetty, global head — re­tail ver­ti­cal at Ban­ga­lore, In­di­a­based con­sul­tancy Wipro Ltd., agrees, but only if gro­cers have the ca­pa­bil­ity to an­a­lyze the data in a ma­ture loy­alty pro­gram.

“The more gro­cers and other re­tail­ers know about their cus­tomers — the way they shop and when, their pre­ferred meth­ods of com­mu­ni­ca­tion, their buy­ing pat­terns and habits — the bet­ter they can tai­lor prod­ucts and ser­vices, which im­proves the over­all cus­tomer ex­pe­ri­ence,” as­serts Shetty.

As ev­i­dence, he cites key find­ings from a study of re­tail­ers by the Lon­don-based Econ­o­mist In­tel­li­gence Unit:

• 64 per­cent be­lieve data in­creases brand loy­alty • 52 per­cent say Big Data en­abled them to ex­pand their sales by of­fer­ing the next log­i­cal item

• 64 per­cent of re­tail­ers have made fi­nan­cial gains in cus­tomer re­la­tion­ship man­age­ment through Big Data

• 66 per­cent sig­nif­i­cantly in­creased the amount of in­for­ma­tion held about cus­tomers last year “It’s ob­vi­ous that the more you know about your cus­tomer, the more ef­fec­tively and ef­fi­ciently you can de­liver on their needs,” notes Shetty, “and loy­alty pro­grams are one way to do just that.”

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