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Top 3 tips to use data better this holiday season
Kids will soon be back in school across the US, and that means retailers are already looking ahead to the holiday season. A new poll out from Looker indicates more retailers are focusing on data for the holidays - capturing the right data and then analyzing and using that data to offer better experiences.
Most retailers say better understanding of their customer base is a top focus for the upcoming holiday season according to new data out from Looker. In fact 66% say better understanding is a key to their planning for the holidays. Still about 40% say they're not as effective as they'd like to be at analyzing the data needed to give shoppers a good experience. Researchers also found:
• 25% want to experiment with new data models but don't want new hardware/software
• 22% want to provide data to staff as it is needed
• 16% want real-time data that will help them offer better customer service
To help retailers better harness and use the data at their fingertips, Looker CEO Fran Bien offers these tips:
First, identify the most valuable customers.
"Use your transaction data to identify which customers bring you the most consecutive value. Then focus your best efforts on those with the highest lifetime value by targeting them with special offers and intuitive product mixes," said Bien.
Second, rev up referrals by offering rewards and discounts to members.
Third, learn from returns.
"Do you have customers who return items with a much higher frequency than others? Are some products or specific sizes returned over and over again? Use your analytics to identify these trends. From here, you can choose to modify your products if you manufacture them as well or revisit your vendor stocking decisions," said Bien.
Image via Shutterstock
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