Retail Customer Intelligence: How a Global Retail Firm Boosted Customer Retention with a Holistic User-Engagement Strategy
The global retail sector is going through a phase of unprecedented transformations. Rapidly changing customer needs and rising competition from department stores are increasing challenges for companies operating in the retail sector. To keep pace with the market requirements and succeed in the long-run, retail companies will need to adopt a customer-centric approach and realign […]
The global retail sector is going through a phase of unprecedented transformations. Rapidly changing customer needs and rising competition from department stores are increasing challenges for companies operating in the retail sector. To keep pace with the market requirements and succeed in the long-run, retail companies will need to adopt a customer-centric approach and realign marketing activities to meet changing customer needs. This is where Infiniti’s retail customer intelligence solution comes into play. By leveraging Infiniti’s retail customer intelligence services, businesses can focus on acquiring new customers and retaining valuable ones.
The client is a global retail firm based out of Central Europe.
The company’s overall market growth slowed from an annual increase of 60% to 15%. Also, they were losing valuable customers to their competitors. The client, therefore, wanted to increase customer retention and drive sales. However, the company lacked a clear view of the reasons behind rising customer churn. Also, the company’s fragmented data management system made it difficult for the client to identify and track customers or obtain user feedback. As such, they approached the experts at Infiniti Research to leverage their expertise in offering customer intelligence solution. By collaborating with Infiniti Research, the client also wanted to reduce customer churn, identify reasons for customers switching to other brands, and evaluate their satisfaction level.
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Our Integrated Approach
As a part of the retail customer intelligence solution, the experts at Infiniti Research worked closely with the client to understand their challenges and business objectives.
The initial phase of the retail customer intelligence solution involved identifying target customers and segmenting them into various groups, such as groups with a higher tendency to churn, groups with high loyalty customers, and groups including high-influence users.
The second phase of the retail customer intelligence engagement involved analyzing customers’ buying behaviors, preferences, and interaction with the brand. This also involved analyzing customer journey across every touchpoint. This enabled the client to design initiatives that would improve user-experience along each step of the journey.
In the final phase of the retail customer intelligence solution, the experts provided recommendations to the client on strategies for acquiring new customers and retaining valuable ones by realizing factors that drive customers to competitors and understanding customers’ decision-making process.
With Infiniti’s retail customer intelligence solution, the client was able to increase its customer retention rate by 56%. Also, the new user-engagement strategy helped them to overcome fragmented, non-standardized approach to engagement. In addition, the experts supported the client in developing a user-churn prediction model. This further helped the client to gain a unified view of the customer journey.
By leveraging Infiniti’s retail customer intelligence solution, the company was also able to:
- Understand customers’ needs and implement programs to address customer pain points
- Develop a dashboard that provided a clear view of user-churn data and customer satisfaction level
- Visualize real-time changes in the market
- Streamline marketing efforts and minimize costs
Our COVID-19 business continuity support solutions can help retail companies to tackle the business impact of COVID-19 outbreak and prepare for the post-COVID-19 era.