So how can companies leverage big data to keep their customers loyal this holiday season? In preparation for their customers’ holiday shopping experience, companies should analyze their big database, segmenting data from inquiries like the following:
- What products are their customers buying?
- How are they purchasing the products (in store versus online)?
- What time of day are they shopping?
- What triggers caused the purchase? Are customers opting for cross-sell and/or up-sell
- What are the customer’s demographics?
These points are just scratching the surface. Big Data Analytics can go much further.
Most retailers have a CRM system to track customer purchases. They can analyze products that are purchased together to create upsell and cross-sell opportunities. Companies can review purchase times and trends. Retailers can set up displays throughout the day to take action based on the data analytics that told them what products are more heavily sold during a specific time of day.