Retail customers are spoilt for choice, CMOs need to accelerate customer centricity and drive loyalty.
Today’s retail customers are spoilt for choice and are being drawn in by never-before convenience. As a result, customer loyalty is on the decline. Retailers have to constantly invest in product innovation, promos, expensive engagement and margin-eroding incentives— despite this, customer loyalty eludes most retailers. In the US, loyalty is severely fragmented. On an average, customers belong to 14.8 retail loyalty programs and are active in 6.7. The challenge before retail CMOs is to create meaningful offers that generate incremental repeat business. But CMOs don’t have adequate customer insights to create personalized and effective one-on-one interactions that are the bedrock for emotional connects with customers. This is why their loyalty programs show poor ROI. Now, technology has a powerful solution. ROI can be improved by leveraging Platform of Intelligence that accelerate customer centricity and drive loyalty.
A Platform of Intelligence for Retail CMOs
It works to integrate siloed data across category and customer management and the plan, execute and monitor functions of retail trade promotion and sales. It uses analytics, algorithms, Artificial Intelligence and Machine Learning to create customer insights. These allow the platform to answer critical questions like “When, what and why does Customer X buy?” The platform then matches the customer insights to its library of personas and spews out next best actions. Using this, the marketing team can confidently take informed decisions in real time that result in increased customer loyalty and growing share of wallet.
Delivered Business Value for Retailers
| A Leading international retailer | A South African retailer | A Leading health food and wellbeing retailer |
| 21% increase in email responses, a 2% lift
in redemption rate, and a 5% improvement in customer spend through hyper-personalization |
Improved sales by 5%, store utilization by 15% and reduced marketing spends by 5%. | Delivered a 1% increase in margin and a 2% increase in overall sales and achieved 17% ROI and improved customer retention by 18%. Integrated CRM, Customer Loyalty and the insights system to enhance customer experience through personalized campaigns. |
Your retail business can benefit from ITC Infotech’s Platform of Intelligence if you have:
- Limited line of vision across touch points
- Suboptimal customer engagement across apps, websites and social media
- Distributed data across platforms
- Long conversion cycles that impact profit
An End-to-End Integrated Platform for Marketing Leaders
The ITC Infotech solution combines analytics, real time recommendations, real-time campaign automation and even a scalable, intelligent virtual assistant that creates outstanding customer engagement. As ancillary benefits, retailers can leverage the data generated by the platform to predict demand, prevent lost sales and manage inventory levels with precision. Plus, the solution comes in a risk-free, outcome-linked, zero-capex model. In effect, the platform delivers hassle-free loyalty management. Click here to know more about our solution.
Reference:
Author:
Amit Tulshiram Derkar
Senior Manager, DX Offerings & GTM,
ITC Infotech
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