You’ve probably heard of this many times but I’ll say it again: any business will falter if you don’t use your data effectively and accordingly. It is always a best practice for most retailers or mass-merchandisers to use the data collated from internal real-time reports such as Sales and Purchasing/Inventory reports. Significantly, you can use these reports as a guide to improve your organizational chart in improving the quality products and sales. Ultimately, the data will help you come up with great decisions toward customer satisfaction, productivity, especially, sales.
Surprisingly, most retailers and brand manufacturers are now more diverse, willing to collaborate, and adapt to the importance of using the data. In a survey by Alteryx and RetailWire, 81% of respondents use data to gather shopper insights while 76% consider it to improve performance. Unfortunately, some of the retailers don’t pay too much attention to data. As a result, the company’s customer satisfaction and sales are compromised.
How will you use your data to improve your productivity, customer satisfaction, and sales? Here are 6 simple ways:
- Use the right tools
One major reason why customers switch retailers is the constant out-of-stock problem. As a result, you will gain unhappy customers and will put your business in jeopardy. Therefore, it is imperative to know what relevant tools to use in gathering data to keep your stocks full.
One of the brilliant tools most retailers and merchandisers use is the POS or sales reports. These tools help you determine and plan on which stocks should be prioritized. Additionally, these reports help you understand your customer’s behavior by looking closely at the products they frequently buy.
- Outsource your Customer Service
The second tool is to find reliable front liners. Enhancing your customer service goes hand in hand with increasing your sales, too. Having said that, look for charismatic customer service people, who can look after your customers well. Outsourced customer service is an ideal option to ensure customer satisfaction. These companies are more equipped as they are using the latest technology to gather data to further improve your sales and organization.
- Develop data-centric programs.
Loyalty programs that most retailers create are proven helpful in improving sales and productivity. Why? Through loyalty programs, you can easily determine who your usual customers are. Also, you can find out which of your items are highly recommended or not.
- Email Marketing Software
Most of the email marketing software available on the market provides reports you could use for tracking. If sending out emails is your way to stay in touch and reach out to your customers, track or gather the clicks or activity most of your readers do. Use it as your engagement tool to improve customer satisfaction.
- Combine offline and online data
Our market is now diverse and open-minded. Therefore, utilize this opportunity by gathering insights from your online platform (website and social media pages) and offline data (in-store interactions). Studies show that most consumers go to the company’s website first before visiting the actual store. Through that data, you would know what made them decide to purchase the item onsite rather than online.
- Combine online data and human interaction
While innovative computer tools and reports are helpful, human interaction such as feedback is extremely helpful, too. Gather your staff, front liners, inventory clerks, and hear their insights about your products and customers. Your people get information on the spot as they are your front liners, so, ensure to combine the data collected online and through your people.
Over to You
Retailers are luckier nowadays because of the wide variety of choices, resources, or help available offline and online. However, without proper knowledge and patience in learning your data, it would be useless. Just like the old saying goes, you reap what you sow; therefore, invest in learning as you and your business will benefit from it. Utilize these ways so you can improve your productivity, sales, and most of all, customer satisfaction.
How about you, how do you utilize your data? Share your best practices in the comment section below!
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