Christmas was a bumper year for consumers, with the average person spending £821 per person in the UK alone. This has given much of the retail sector confidence their prospects for 2015 – but how do retailers and shopping centres ensure that it’s their business benefitting from increasing consumer spending power, not their closest rivals?
As an expert in consumer behaviour, we’ve put together 4 recommended steps for retail organisations wanting to build more profitable shopper relationships for the year ahead:
- Make better use of business information
Big data will continue to be a hot topic for the retail industry in 2015, but the challenge will be turning this wealth of shopper information into actionable business insight. For retail stores and shopping centres, the key to success lies in consolidating multiple data streams to analyse trends, and identify areas where performance can be improved.
- Understand shoppers at micro level
Today’s shoppers don’t want to be treated as just a number – they crave increasingly personalised, tailored service. In order to deliver this, retailers need to ensure their consolidated data streams are capable of providing insights during the day, and can monitor behaviour throughout the centre or store – not just at the entrance.
- Give each person greater tools to do their job
The purpose of data-driven insights is to serve shoppers better, so why restrict analysis and reporting solutions to the IT department? Retail businesses need to provide personnel throughout their business – from the head of operations to store or centre managers – with information that enables them to understand key performance measurements impacting their role, so that they can make accurate and informed decisions.
- Don’t just gather insight – act on it
Most importantly, business intelligence alone doesn’t build more profitable consumer relationships. Only by analysing data, identifying areas for improvement and acting on this insight will retail organisations be able to generate tangible results. As our latest insight guide – Uncovering Amazing Customer Potential – outlines, shoppers are more capturable than ever before. What retailers and shopping centres must do now is use this wealth of information to create captivating customer experiences.