Analytics, Customer Analytics, Big Data, Business Intelligence – we come across these terms often, don’t we? Well, all of them are synonyms of each other (you might already know this).
Analytics – as the name suggests – are tools that convey the ‘feelings’ of a customer (prospective or existing) to business owner(s) and act as a mentor while they make strategic decisions.
Now, customer behaviour could be literally anything – likes, dislikes, brand awareness, affinity for a specific product, and what not! Let me give you my own example. Recently, I was looking for a flight to my hometown. And I have the habit of checking out the offers first, then the fares. Unfortunately, there were none. So, I closed the site. And guess what! Within 5 minutes I got an offer of flat 20% OFF on airfare, from the same site.
This was a simple one; there are detailed case-studies available too.
The point is that small and big marketers alike take customer loyalty very seriously and go out of their way to cash in on it. Furthermore, retail analytics has picked up the pace and will prove to be a game-changer for the retail sector in the near future.