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Why personalization is key to surviving today’s retail market 

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The significant increase in the use of internet has also influenced the retail landscape. The purchasing decisions of the consumers alter dramatically as they use smartphones to compare prices while shopping in the store. Furthermore, consumers, nowadays, want to be treated like individuals and they expect that companies will anticipate their needs and make relevant suggestions before they even make contact. As today’s buyers are more informed and highly selective, they want consistency across every buying channel they use. In this cutthroat competition, retailers should provide a compelling shopping experience to buyers that should build a sense of loyalty that keeps them coming back.

It’s all about the data

In the highly competitive business scenario, data is considered as the best way to reach customers, to ensure efficient customer journeys and to explore opportunities to proactively meet the customer needs. Products like Microsoft Dynamics NAV enables retailers to leverage customer data across multiple channels including transactions, behaviors, interactions and more. Built-in Business Intelligence enables retailers to derive valuable insights to gain a 360-degree view of their customers. With useful business insights, retailers can easily understand the individual needs and preferences of each customer in order to respond with personalized engagement at every touch point. By creating seamless shopping experiences, retailers can increase revenue, customer satisfaction, and brand loyalty. 

Embracing new ways of business

By bringing the scattered view of customers to the centralized database, retailers can easily determine how buyers interact with their brand and products. By understanding their interests and behaviors, retailers can create and manage a range of promotion strategies, such as limited time offers and buy one, get one free. Business suites like Microsoft Dynamics 365 provide insight into customer buying patterns and demographics, enabling retailers to deliver unified commerce across all channels.

Delivering intuitive experiences at every engagement

Retail industry is no more about in-store or online purchasing as customers are now using mobile phones, apps, interactive kiosks, etc to make purchases. They expect consistent and personalized shopping experience across multiple channels. By connecting online and offline experiences, retailers offer flexibility to customers to shop as they want to. Based on buying patterns and browsing or purchase history, retailers can send targeted offers, loyalty rewards, gift cards and more to customers to improve their sales.

Delivering exceptional, personalized service to drive lifetime value

With customer information available on the centralized database, your sales and marketing people can access it in real-time, enabling relevant and personalized customer experience. With centralized client history and profile, sales associates not only explore cross-sell opportunities but also ensure painless issue resolution for customers. By delivering post-purchase services in the form of customer feedback, retailers can build loyalty and inspire customers to return back in the future. 

How a customer data platform can help

Customer Data Platforms such as Microsoft Dynamics NAV offers holistic customer profiles including customer activity, purchase history, archived email correspondence, online searches, etc. By eliminating data silos, Dynamics NAV enables stakeholders to get a real time, clear picture of all relevant numbers such as the opportunity pipeline, sales orders opened and closed, cash cycle components, expense and revenue details based on groups such as regions, sales persons and calendar periods.

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