Business Intelligence

Creating a successful omnichannel retail strategy with predictive analytics

By February 3, 2017 No Comments

Omnichannel is a familiar term in the world of retailers, whether they're primarily based online or in brick-and-mortar stores. The appeal of an omnichannel strategy – one that includes bridges between different sales channels, offers a smooth experience when using any or all of them and promotes easy contact with customers – is clear.This approach fits the wants and needs of many modern shoppers and creates connections across what used to be disparate and sometimes disconnected elements of an organization. By using business intelligence software to gather valuable consumer data and develop effective marketing and communication strategies, businesses can move toward omnichannel success.

"It's critical that retailers develop connections with shoppers based on hard data and effective analytics."

Tapping into modern consumer paths
In an article for the IBM Big Data & Analytics Hub, author Valerie Moloney highlighted how quickly common customer behaviors have changed. While a frequent path to purchase in the 1980s – and up through part of the 1990s – was to choose items out of a catalog, that's no longer the case. The straight-line path of using just one method of interaction provided by a single retailer isn't extinct, but it's now rare. Modern shoppers frequently compare costs and product quality across multiple businesses, interacting with them on websites, through social media, inside physical stores and more. This more systematic approach to finding the right item at the right price means retailers have to adjust their strategies – not just to match current preferences, but to prepare for the future as well.

Gathering consumer data and leveraging it to sharpen, target and generally improve omnichannel shopping efforts is a necessary part of success in this endeavor. With so many channels in play for potential interactions – from emails and social media to retail websites and stores, not to mention the many devices used to interact with digital elements – it's critical that retailers develop connections with shoppers based on hard data and effective analytics.

Aviana's collaborative efforts with clients in the retail sphere have yielded success for a wide range of businesses. We have experience working with global organizations and taking the many elements of international operations into account. We help retailers with considerations ranging from demographic analysis to inventory efficiency and product bundling and promotion. To learn more about our work in this industry, including case studies with major retailers, visit our dedicated industry page.

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