- Look at the future of retail
Things have substantially changed because of the pandemic, and the changes might not go away any time soon. As such, consumer expectations have increased in number and complexity. This has set the bar high for retailers who need to do more than they used to do before. Today, customers are forced to collect more data from their customers from everywhere so that they can accommodate them. The only way marketers can capture the shoppers' attention and assess the competition is to take advantage of analyzed data and insights from different sources. Data allows marketers to develop messaging and products that suit their customers.
- Using predictive modeling to optimize pricing
The constant competition and the ever-changing pricing models are a challenge to retailers during holidays. However, big data and analytics can help retailers anticipate pricing based on the competitors’ prices and the market demands. Based on data from best-selling items, profits, and inventory levels, retailers can improve their prices and achieve their targets.
- Handling rising user traffic
During holidays, retailers are forced to work extra hard to meet the rising needs of the customers. This can even be worse for online retailers who are sometimes overwhelmed in holidays such as Cyber Monday, Black Friday, and even Christmas. During such moments, the cost of operations can skyrocket, mainly when it comes to cloud storage space. Due to the increase in traffic from customers, retailers can use previous data to assess the increasing demand, including aspects such as geographical location and timelines.
- Use analytics to plan supply chain
During holidays, supply chains face many challenges, and the pandemic might have made things even worse than ever. According to Shopify, ecommerce marketing holidays, returns for expensive products surge to 30% and may go as high as 50%. This means that if you don’t handle marketing well during the holidays, things may go wrong. This may reverse the efforts you have put for months. Therefore, you must take advantage of data to find the best policies that will work well in your supply chain. The correct data allows you to identify the mistakes made in the past and solutions to the problems. Analyze the vehicle maintenance logs, past service conditions, past problems, customer complaints, and feedback data. All this big data will allow you to improve your services. Furthermore, the correct information can be used to create custom digital lists for mailing and marketing.
As we approach the busy holiday season, big data and data-driven insights will significantly help retailers and customers. Big data and analytics give retailers the much-needed knowledge that enhances understanding of opportunities, challenges, and threats that may affect the delivery of services. As such, retailers must ensure that their strategies with regard to data offer insights and information needed to address problems in real-time. With this in mind and well addressed, you can be ready to start serving your customers properly during this busy season.