Knowledge is power. All retailers are aware that this is very applicable in the business they are in. What better way to gain knowledge than to analyze data and take based on the lessons derived from it?
Customer differ in terms of their buying behavior. This is due to a lot of factors that influences them before and after they go in and out of your store. But based on their purchase history and personal data, you can extract valuable data that will let you know how you can incentivize your customers so they will continue to patronize you.
Understanding your customers and knowing what motivates them to be loyal to you will give you an edge towards your competitors and it can level up your service so you can boost the amount of revenue you are getting from it. Follow our discussion below about tips on how to put your valuable customer data in good use.
Identify Your Store’s Busiest Hours
Only through data can you know what your store’s peak hours are. This is important as it is the period of time where it will be crawling with customers who will stand on long waiting lines. That seems like a good thing but it’s not, because it can delay your revenue or even lead to its loss if people are left waiting for too long without you doing anything about it. What you can do is to decongest your store during peak hours by incentivizing your customers to persuade them to shop at a different time.
Using your knowledge about your customers’ behavior can help you to improvise strategies such as offering discount and giving away rewards so it can change and you will be allowed to pave the way for a smooth flow of cash to your business. This would also give you the opportunity to create a better workflow for your staff and improve your services during your store’s busiest period.
Analyze the Performance of Retail Chain Stores
Part of owning a Retail Chain Business is knowing that different stores will have different performances. Some of them will be successful and patronized while some will be stagnant and ignored. But, gathering accurate data is not simple, especially without a fully integrated system that will reconcile data of different stores because only through it can you clearly and instantly see the performance of each store and analyze its weaknesses for you to know how to address them. Some good ideas include a discount offer at a particular time or an event for customers who have not been at that underperforming store for a certain period of time.
If you have a retail franchise business, then knowing what stores are included on the list of poor performers is even more crucial as it can help address bigger issues related to customer service or stock levels that are not easy to identify.
Know Your Customers’ Feedback on different Products
It is also essential to know what customers want and what they think about your products. This will also help you monitor and control the stock levels of your most bought products as long as you have strong data tools. But not just that, because it also helps you gain knowledge about market trends that you can maximize for extra profit for a certain period of time. Plus, it gives you a head start of the time when these trends need to be replaced after they become outdated.