November 25, 2012
Each year, in anticipation of Black Friday, retailers try to predict hot ticket items and holiday trends; how much consumers will spend and on what. But thanks to big data analysts like Rhiza, guesswork is becoming so twentieth century.
Retailers now track customer purchases closely, whether through customer loyalty programs or information purchased through a third party, such as credit card providers. By analyzing data on how different types of consumers behave, and at specific times of the year, businesses are better able to suggest new purchases that fit their buying profile. Retailers can even anticipate their customers’ needs and suggest appropriate upcoming purchases.
They say you can’t teach an old dog new tricks, but if the old dog in question happens to be an ingrained consumer habit, you may not have to teach new tricks to be satisfied with the old dog’s actions. You can just tailor your actions to suit the client better.
To capitalize on all that amassed data, however, businesses need to identify what kind of data they need and the questions they want to answer. At Rhiza, we work with our customers to help make it possible.