3 Common Pain Points for Retail Sector from NRF’s Retail Big Show 2017

 In Analytics, Business Intelligence, Retail Analytics

The ever so popular NRF’s Retail’s Big Show was held recently in New York City. We got to attend the show and learn a lot of new and intriguing facts and information regarding the retail industry experience.

The show offered plethora of knowledge about various aspects of retail industry like the challenges the retailers face and their customer related experiences. It also provided them with information on how they can enhance their industry’s performance by bettering their customer relations and finding innovative ways to solve their common issues.
With a lot of information flowing across the event, there were few common pain points that we noted that retailers face more often than not. We have gathered three common challenges that retailers face frequently as noted at Retail’s Big show. They are as follows:

  • How to optimize collected Data
  • Integrating online marketing with offline marketing
  • The desire to know customer better

How to optimize collected data

It is no shocker that retailers collect customer data to make better business decisions,which in turn,enhances their overall operational efficiency. And usually in retail industry, there is some sort of CRM mechanism or software in place to store all the data collected through their customers.

What came across as a problem for retailers was that they collected all the needed data but they were facing issues about how to optimize the collected user data. And with data being collected from customers quite often, it ended up becoming too much of data for the retailers to go through. And this posed a problem in terms of budget and time management. This was one of the pain points observed at the Retail’s Big Show.

Now, CRM platform is a great help to retail industry as it helps them figure out ways to amplify their business relations with the customers which in turn helps boost the growth of their company. So having a CRM software implemented acts as a catalyst when it comes to enhancing their company’s performance. The solution when it comes to how to optimize the collected data is to have that data  get analyzed at the right time.

Big data analytics plays a huge role here as it helps analyze the data at the right moment thereby getting rid of the problem. It analyzes the raw data thereby providing feasible insights which helps them drive amazing results.

Integrating online with offline marketing campaigns

Marketing campaigns, be it offline or online, are indispensable for any industry to  sell their products and for their effectual branding. But this time what came off as a major pain point for retailers at Retail’s Big show was that they were not able to generate better decisions regarding customers by using two different means of marketing i.e. online and offline separately. Customers use different modes of interaction.

These modes include social media, mobile, through store, etc. And this caused an issue for companies. The reason being, that the companies were not able to figure out whether the interaction gets done by a single customer or multiple customers. This also created an issue of some customers recognizing the brand only online but not offline.

So, combining online and offline marketing campaign seemed to produce more efficient results.Also, in case of promotion messages, rather than sending all the customers with the same promotion messages, they reached to a different, more creative solution. And that is, to send the promotion messages catered to the needs of that particular customer.

By sending such messages to customers that matches up their requirements and tastes, it signals the customers that their needs are valuable to the company, which in turn makes the organization more reliable in the eye of the user. The more reliable the organization is to the customers, the more loyal they are to the organization.

Therefore, keeping all the customers’ needs in mind and integrating the offline and online marketing campaigns helps their business evolve more.

Desire to know customers better

Retailers wants to know their customers better. This wish was also noted in the Retail’s Big Show. And this is great for retail industry as it helps them make more effectual business decisions. To know the customers more effectively, it is important to have some form of data collected about them.

This is done in the form of surveys and feedbacks. This helps the companies know the needs and taste of their customers which helps them great deal while making different business decisions.

The data collected also needs to get analyzed further by using some kind of powerful platform which helps efficiently analyze the data. The accurate analysis of data produces actionable insights which helps uncover hidden patterns in the organization and predicts the future trends and it enhances their business relations with the customers.

It also brings to their eye the areas that needs to get changed. Customers are very valuable for the retailers as they help the retailers transform the way they manage their business.

So, those were the three common pain points that we noted at the recent NRF’s Retail’s Big Show. It certainly provides valuable information about the retail industry and helps the executives and organizations all around the world stay updated.

Overall NRF’s Retail Big Show 2017 was a huge success. We look forward to meet you in NRF 2018. The dates for  NRF 2018 has already been posted. You can visit NRF’s website to stay updated (nrfbigshow.nrf.com)

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