What does Real-time data mean for Retailers? – Azpiral

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Real-time data

What does Real-time data mean for Retailers? – Azpiral

Real-time data is often defined as “Real-time analytics is the use of, or the capacity to use, data and related resources as soon as the data enters the system.”TechTarget 2017.

Real- time data is becoming increasingly important to the retail sector. Real-time analytics enable retailers to predict and meet customer expectations and improve their customer’s overall experience (CX).

Online shopping has shaped the expectations of consumers across the globe. Easy access to information on products or services, the capacity to compare product specifications, prices and the ability to shop at any point of the day or night has placed a greater pressure on retailers to understand and deliver a holistic customer experience in-store.

In-store shopping remains a crucial part of the customer’s buying journey. In a study conducted by Forrester Research, 57% of consumers prefer to research products online yet only 15% prefer to make purchases mostly or exclusively online. Consumers like to touch and feel products and also like to talk to sales associates for reassurance before they purchase.

More often than not consumer use two or more channels and a mix of online and offline channels before converting online or in-store. It is important that retailers understand their customer’s full buying journey in order to influence it, gain insights and meet their customers’ expectations.

Real- time data analysis is key to retailer’s success as well as the answer to unifying the shopping experience between online and in-store shopping and meeting customers’ expectations.

The benefits of Real- time data for retailers include;

1. Real-time data gives you context around your customer insights.

2. Depending on the technology used, retailers can deliver personalised offers in-store.

3. React to what’s happening in- store in that moment.

4. Test marketing campaigns performance using real- time KPI’s.

5. Real-time information makes it much easier to test and experiment with in-store advertising to quickly analyse the response.

6. Enables a better customer experience.

The physical store will remain significant to the buyer’s journey despite the digital era evolution. Real- time data can aid retailers to gain valuable insights about their customers and optmise the customer experience at each touchpoint.
For more future trends for retailers read more https://www.azpiral.com/future-trends-store-mobile-payment

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