EbizframeBI- Enhance Customer Loyalty For Your Retail Business

How Retailers are getting benefited by enhancing Customer Loyalty using Market Basket Analysis by ebizframeBI for Retail Industry?

Due to the emergence of multi- channel sales, what is also commonly called as Omni channel retailers are challenged to sharpen their customer-centric strategy to maintain better brand loyalty. In order to increase sales revenue and market share, retailers need to understand complex customer behaviour across various touchpoints, relationships among products and their visibility inside stores, as well as across various other digital channels.

ebizframeBI for Retail Industry helps retailers to run more targeted loyalty programs ensuring better customer retention.

Outcomes possible with Loyalty Analytics for Retailers:

• Improved customer experience - Create customized loyalty programs across segments and geographies to improve customer engagement and end-to-end experience.
• Higher LTV and referrals- Increase customer lifetime value (LTV), customer satisfaction, and brand endorsement by implementing rewards-based recommendation programs.
• Better ROI on transactions- Drive better customer engagement directed through Loyalty Programs for improved purchases at higher frequencies and increased spend per transaction
• Increase in brand stickiness- Improve customer retention and brand stickiness by leveraging insights across channels

Data-driven predictions on customers’ buying patterns are essential for increasing sales across locations and products. ebizframeBI for Retail Industry helps retailers make strategic decisions based on the right association/mix.

Method used to achieve the same:

Market Basket Analysis: By understanding customer purchasing patterns, retailers can increase sales using market basket analysis. In this process, large sets of data, such as purchase histories, are analysed to find product groupings and products that are likely to be purchased together.

Possible outcomes with market basket analytics:

• Right store identification- Determine which store is best for driving footfalls, running personalized promotions, boosting sales, and maximizing profits.
• Improved selling opportunities-The ability to predict sales at the right time and place to the right customer and to drive campaigns to increase cross-selling and upselling.
• Focused market strategies-Hyper-targeting the market by creating customer segments based on their buying behaviour to improve ROI.
• Better SKU placements- Strategic placement of a product SKU next to the associated popular selling product SKUs to improve visibility and sales through products ‘bundling’.

To know more on ebizframeBI for Retail Industry and its Retail Analytics, please reach out to us at: marketing@essindia.com

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