Customer Loyalty Analytics in Retail. How can data analytics within retail help form a new breed of loyalty programs? How will analytics bolster existing loyalty programs and be a game changer in the retail industry?
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Brand loyalty has always been key in business. The question of how to keep customers coming back has been around for as long as the business has. In retail, loyalty is king, and the fight to have your loyalty card or program be top of mind and wallet has long been a struggle. Only a select few retailers can boast truly effective and meaning full loyalty programs, but in a digital economy, the loyalty game is set to evolve once more. How can data analytics within retail help form a new breed of loyalty programs, ones that are personalized, engaging and differentiated for the consumer? How will analytics bolster existing loyalty programs and be a game changer in the retail industry?
Contributor
- Sahal Lahar, Executive Vice President and Chief Information Officer, Brooks Brothers
Sahal is Chief Digital Officer and CIO of Destination XL Group. He has over 20 years of senior operational experience with a focus on digital and Omni-channel strategies. He is the principal architect and leader of DXL Group's digital commerce and customer engagement portfolios. Destination XL Group, Inc. is the largest omni-channel specialty retailer of big & tall men's apparel with over 350 store locations throughout the United States, Canada and England.
With more than 2,000 private label and name brand styles to choose from, big and tall customers are provided with a unique blend of wardrobe solutions not available at traditional retailers. Prior to joining DXL Group, Sahal served as Executive Vice President of Digital Innovation and Technology & Global CIO at Brooks Brothers, where he was responsible for driving strategic technology initiatives and the direct to consumer business. Prior to Brooks Brothers, Laher was Global CIO at Stride Rite Corporation where he worked closely with the Stride Rite executive leadership team in delivering an IT strategy that supported growth by integrating the global supply chain across brands and geographies. Sahal also held senior strategic consulting positions at Deloitte Consulting, Andersen Consulting and Data General Corporation.
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Retail Analytics MarketThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Retail Analytics Market .
The growth sectors of the Retail Analytics Market are identified with precision for a better growth perspective.There is no rebuffing that the landscape of retail is enduring a revolution that is unmatched in the recent phase of the business world.
The pace of revolution continues to accelerate the market of retail that is driven by progressively savvier and rising demand from consumers as well as shortening products, making it mainly challenging for retailers to keep up with every prospect.All the while, traditional avenues for growth of businesses, as well as newer forms of growth, such as online retail and expansion into international markets, are becoming more competitive than ever.The good news about the retail world is that it looks like a lot of players in the retail industry have already renowned the importance of data, through which retail is progressing.
A survey on the retail analytics market report predicts that the global retail analytics market is likely to expand at approximately USD 7 Billion by 2023 while gaining 17% of CAGR during its estimated growth course, which is between the years of 2017 and 2023.
Big data can also be collected and analyzed easily, but it is beyond the reach of traditional databases to use, which resulted in new trends and parameters to monitor it.Why Use Retail Analytics?In the process of gathering and analyzing information in an old-fashioned way is virtually impossible and totally ineffective in today’s time.
The same process indicated work organization and methods of communication.In the meantime, retail analytics solutions and strategies primarily offer intriguing possibilities for strategic planning, routine operations, and interaction with customers, bringing them to the next level in the business deals.A business being data-centric is easier to be done.
We, at Oodles, as an Artificial Intelligence Development Company, explore how predictive analytics in retail will propel ROIs with in-depth insights.
Predictive analytics services in retail solve 3 critical challenges-a) Efficient Assortment PlanningMachine learning algorithms surpass human intelligence in increasing the ROI on inventory investment by making precise recommendations of assortment volume, options, sizes, and more.
Learn more: Predictive Analytics in Retail
