Novel influences impacting retail customer intelligence
Regardless of which industry is being discussed, the most intelligent operations tend to enjoy the highest possible revenues and profits each year, and the ways in which firms gather insights have been forever changed by modern business intelligence solutions. In many ways, retailers appear to be the best-positioned to derive value from big data and other modern analytics tools, specifically because of how consumer-related market fluctuations can be better analyzed and predicted than others.
Retailers can find a breadth of resources that can help to generate valuable, indicative data regarding the preferences, behaviors and demand of their current and prospective clientele. The trick is to not only understand where to find this information, but how to get it moving through the evaluation and analysis chain fluidly and ensure that it is pushing decision-making in the right direction with timely, accurate and valuable insights.
The video question
Forbes recently reported that video analytics might act as the next frontier of retail customer intelligence, with retailers finding unique and revolutionary ways to take data garnered from these pursuits and realize its value. According to the news provider, although this is still a relatively new pursuit for most involved, the diversification and enhancement of strategies have already become clear, leading even more competitors to get moving on these prospects.
"It's an interesting development," Professor and Director of the Master of Digital Media Program at Vancouver's Simon Fraser University Richard Smith, told the source. "Grocery stores actually used to have big windows with one way mirrors around the roof of the store. It was partly because of loss prevention but also to get a better sense of their customers."
It might be important to note here that the uses of business intelligence solutions are relatively boundless, and companies can apply the software to virtually any type of operational procedure for improvement purposes. Forbes pointed out that retailers can mine data generated by the cameras in their stores to predict which types of customers might go to certain areas of the facility more commonly, then adjust their product placement accordingly.
Although this might seem a bit too complex for a retailer to take part in, the solutions are becoming commoditized, opening the doors to all types of businesses regardless of what their IT capabilities might be currently.
Making it count
The most important consideration to remember when sculpting a modern retail customer intelligence strategy is the identification of needs and objectives, and alignment of investments with those requirements. Big data and other analytics programs are certainly more palatable today than in the past, but there will never be a time in which decision-makers do not need to commit resources to the establishment of sound policies and strategies to guide these investments in the right direction.
With help from a proven provider of customer intelligence solutions and support, retailers can step into the modern era of strategic oversight for stronger performances each year.
