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Customer Needs + Food Retail

Preparing for the New Normal and the Changing Food Retail Market with Customer Needs Assessment

Food Retail Market Overview

Food retail has changed significantly in recent years with the evolution of packaged food, ready-to-eat meals, health awareness, and consumers’ demands. Price, convenience, and wellness have become the most significant focus, and customer needs have shifted in accordance with these trends over the past decade. The advent of the COVID-19 pandemic caused a substantial setback for companies in the food and beverage industry and food retail market. While there was a sudden upsurge in demand for home-cooked food, packaged food, and retail food, companies struggled to maintain business continuity, meet changing needs, track new hygiene and safety protocols, and overcome the implications of the pandemic.

Understanding customer needs the first step towards creating an ideal customer experience (CX), attracting and retaining consumers, and maintaining a strategic edge. With customer needs analysis, companies can develop superior products, improve their in-store and eCommerce shortcomings, provide consumers with unparalleled offerings, and significantly differentiate their products and services. As the industry grows, many industries leverage customer needs assessment and customer intelligence solutions and address their weaknesses to improve operations before entering the post-COVID era.

In a growing market such as food retail, companies require in-depth insights into their customers’ needs, preferences, and demands, to maintain high customer satisfaction. Request a free proposal to learn how Infiniti’s customer needs assessment helps food retailers understand their target market.

Business Challenges

The client is a renowned food retail chain based in North America that started to lose ground due to the rapidly changing consumer preferences and needs, the sudden upsurge in demand, and the impact of COVID-19 on the food and beverage industry. The retailer witnessed a significant change in its competitors’ offerings and noticed an increased need for omnichannel marketing and sales platforms. As the pandemic’s business implications worsened and nations announced lockdowns, consumers became highly dependent on convenient, well-priced, and hygienic packaged foods, canned foods, and ready-to-eat meals. To keep pace with this sudden change, ensure consumer satisfaction was high, and meet consumers’ new needs, the company chose to leverage Infiniti’s expertise in offering customer needs assessment. With this engagement, the food retailer wanted to:

  • Understand consumers’ satisfaction in a better way regarding their products and services
  • Overcome the impact of COVID-19
  • Identify, evaluate and meet consumers’ needs
  • Improve their omnichannel marketing and sales services

As the food and beverage industry develops strategies to mitigate the impact of the COVID-19 pandemic, consumers’ needs and demands have changed drastically. Request more information to learn how our solutions help companies prepare for the new normal.

Our Approach

Infiniti’s customer intelligence experts developed a detailed approach that included four phases. They helped the client attain the relevant data to improve their offerings and adjust to the market changes. The customer needs engagement included the following:

  • The first phase included a customer satisfaction analysis to help the food retailer understand and evaluate their customers’ feedback for their offerings and competitors’ offerings.
  • For the second phase, Infiniti’s experts conducted a customer needs assessment to identify changing and unmet needs in the food retail market and improve their offerings as per data.
  • A best practices assessment was conducted in the third phase to help the company identify methods to improve its online sales platforms and digital marketing initiatives.
  • Lastly, our experts conducted a competitive intelligence study to help the client compare their offerings with competitors and identify organizational weaknesses.

Business Outcomes

With Infiniti’s customer needs a solution, the client developed an unparalleled understanding of the factors impacting their market and the changing dynamics influenced by the COVID-19 pandemic. The customer needs assessment data helped the client identify unmet needs, offer differentiated products to maintain a competitive edge, increase customer attraction, and help consumers cope with the pandemic’s impact.

The customer satisfaction analysis helped the company identify its shortcomings, missing offerings, and ways to improve its offerings with customer input and relevant data. Moreover, this allowed the company to stock more relevant products and strengthened its service platforms substantially. Additionally, the best practices assessment helped the food retailer identify better strategies for omnichannel marketing and eCommerce sales platforms and enabled significant change and growth for their business.

With insights into competitors’ effective strategies, weaknesses, offerings, and target market segment, the client successfully adapted their marketing strategies and included more personalized and demanded offerings in their retail stores. Further, Infiniti’s customer needs assessment helped clients develop and maintain a loyal customer base as they prepare to enter the post-COVID era and overcome the negative impact of the COVID-19 crisis on the food retail industry. The engagement enabled sustainable growth, helped the client develop data-driven strategies, improve their offerings, and successfully launch an improved online platform for sales.

An upsurge in demand, changes in hygiene policies, and new market trends require unique and relevant approaches. Connect with our industry experts to learn how our solutions can help your organization adapt to every change and prepare for upcoming developments.

Customer Loyalty

Thought Leaders Discuss Improving Customer Loyalty with Three Unparalleled Best Practices

Introduction to Customer Loyalty

In an increasingly competitive world, businesses are highly dependent on efficiency, data-driven strategizing, and customer loyalty to maintain growth and stay ahead of competitors. As industries grow, consumer-centricity has become a focus for companies, and providing an improved customer experience is crucial to high retention rates. While targeted marketing initiatives, significantly differentiated offerings, strong customer service, and meeting consumer needs is important to attract the target market segment, improving customer loyalty has become a requirement for sustainable growth.

Customer loyalty is the likeliness of target consumers to repeatedly purchase products, leverage services, and interact with a brand. As companies develop and expand, ensuring a satisfied consumer base and improving loyalty can help gain a competitive advantage, increase profitability, maintain continuity, and continue growth. Infiniti’s customer intelligence experts help businesses across industries identify factors that impact customer loyalty and improve customer experience (CX). In this article, our experts identify and highlight three best practices to enhance customer loyalty and become an industry leader.

Request a free proposal to utilize actionable insights, data-driven strategies, and unique business solutions for a loyal customer base.

Best Practices to Improve Customer Loyalty

Varying industries can attract, engage, and retain consumers in differing ways; however, experts have found three effective best practices to help improve customer loyalty across sectors, as detailed below:

Focus on Customer Service and Engagement

Keeping consumers engaged can be a challenging task, and it requires data-driven strategies, incomparable customer service, and the significant addition of value. With growing digitization, customer service has changed significantly, leading to the growth of social media, webchats, AI, and year-round accessibility as necessary forms of communication. Social media has become an imperative medium of communication, engagement, interaction, and personability, also serving as a way for consumers to find, evaluate, and access companies’ offerings. Creating engaging social media campaigns, interacting personably with consumers, and offering customer service through various mediums can improve consumer satisfaction, lead to repeated purchases, and enhance customers’ loyalty.

Reward Customers in Multiple Ways

Rewards and loyalty programs have been a highly beneficial and popular path to retaining consumers. However, the new Millennial and Gen-Z market segments interact and engage more with personalized cards, complimentary offerings, and expressions of gratitude. There has been a significant rise in small businesses’ growth due to the availability of direct contact, personalization, and interaction. Companies can improve their customers’ loyalty by including personalized notes, developing trend-driven and conscious offerings, and providing deals, discounts, or loyalty programs that meet demands and preferences. Increasing demand for environmentally conscious, cruelty-free, hygiene, natural products, and morally-sound offerings can also enhance customers’ loyalty.

Attracting, engaging, and maintaining relationships with consumers is imperative for the growth of companies across industries. Speak with our industry experts to learn how our customer intelligence solutions enable improved loyalty.

Acknowledge and Adapt to Feedback

Lastly, businesses that invite acknowledge, and accept feedback can develop improved products and services, create the CX that consumers demand, and maintain an interactive relationship with their target market. Creating a CX that enables honest feedback, improvement, and personability can propel the company’s growth and significantly improve customer loyalty. Additionally, acquiring feedback from consumers directly enables well-informed business decision-making, easier product research, and development, and helps companies target unmet needs in the market. This also helps businesses create substantially differentiated offerings from competitors, improve customer attraction and retention rates, and maintain a loyal customer base.

Why Businesses should Leverage Infiniti’s Customer Loyalty Solutions

Infiniti’s customer intelligence experts offer expertise in helping companies identify, evaluate, and strategize for consumers’ needs, demands, and preferences. Our solutions help address weaknesses in companies’ offerings, tackle low customer satisfaction rates, improve overall performance, and enable significant growth. Companies can identify factors that impact customers’ brand preferences, analyze their shortcomings, and develop improved products and services, directly influencing and enhancing customer loyalty.

Request more information to learn the value of customer loyalty and explore the benefits of an efficient and improved customer experience.

Customer Segmentation

Why is Customer Segmentation the First Step to Growth and Success for Businesses? Customer Intelligence Experts Discuss

Introduction to Customer Segmentation

With the rising population, growing economies, rapid urbanization, and digitization, companies’ approach to sales, marketing, and product development have transformed to a great extent. Businesses have shifted their strategies to be more consumer-centric and driven toward ensuring customer satisfaction and loyalty. As competition increases, so does the need to attract and retain customers while maintaining mutually beneficial and healthy consumer relationships. These evolving business needs have led to the need for customer segmentation processes across industries.

Customer segmentation is categorizing consumers as per various parameters that may be geographic, demographic, or behavioral. These categories also vary based on the business models of businesses. For instance, B2B business models prefer to categorize their clients on factors such as industry, location, and workforce size. Whereas, in B2C companies, customers are classified according to factors including age, gender, spending behaviors, and value to the brand.

This process has proven highly effective and useful for various departments and functions within companies. It enables targeted marketing initiatives, helps develop well-received products, and improve the value of various customer-centric investments. Leveraging customer segmentation solutions help companies enhance sales, increase customer attraction and retention rates, and maintain healthy consumer relationships. In this article, Infiniti’s customer intelligence experts discuss the significant benefits of customer segmentation in various departments of businesses.

Struggling to engage, attract, and retain customers? Request a free proposal to learn how Infiniti’s customer segmentation solutions can help your business identify and target the ideal customer base for your offerings.

The Benefits of Customer Segmentation

Customer Segmentation

Improved Marketing Initiatives

Segmentation of customers helps marketing teams identify their target consumers and invest in developing efficient, targeted marketing initiatives. In a highly competitive market, ensuring that your business identifies and addresses consumers’ needs better than competitors can be a significant differentiator. Additionally, consumers are more likely to engage with content relevant to their personal needs, demands, and preferences. By identifying consumers’ needs, Infiniti’s customer segmentation solutions help businesses develop improved and targeted marketing initiatives and increase conversion rates with quality leads.

A business requires a strong and loyal customer base to scale and succeed. To learn how Infiniti’s customer segmentation solutions can help your business attain loyal customers, request more information.

Data-Driven Product Development

Developing a novel product that addresses target consumers’ needs can be highly challenging in a rapidly evolving market. Therefore, segmentation of customers and a comprehensive understanding of consumers’ unmet needs, gaps in the market, and particular demographic preferences help businesses develop unique products that address consumers’ demands. A data-driven product development process combined with targeted marketing translates into a successful product launch, improved customer relations, and higher consumer satisfaction. Infiniti’s customer segmentation solutions help businesses developed personalized products and services and reduce ineffective investments.

Increase in ROI

Lastly, customer segmentation enables quality over quantity. Personalized offerings and targeted marketing initiatives lead to acquiring and retaining high-quality leads, increased customer loyalty, and stable growth. While the process requires streamlining the target audience and losing a wider customer base, it enables improved approaches with a higher chance of converting into fruitful transactions or contracts. Targeted marketing initiatives with higher returns lead to a significant ROI and helps businesses maintain a well-informed marketing budget. Additionally, companies avoid investing in the research, development, and launch of products that fail to meet revenue expectations or improve customer attraction and retention. Infiniti’s customer segmentation solutions have helped businesses across industries determine an improved marketing budget, conduct an efficient product development process, and realize significant savings.

Speak with our experts to leverage our expertise in enabling targeted marketing initiatives, data-driven product development, and improved ROI with customer segmentation solutions.

Customer Segmentation + Online Healthcare Service Provider

Analyzing Consumer Needs and Improving ROI for an Online Healthcare Market Client with Customer Segmentation Solution

Online Healthcare Market Overview

The healthcare industry adapted to the rise of digitization rather quickly and efficiently. Over recent years, the rising adoption of mobile devices, the introduction of the Internet of Things (IoT), and the promotion of online services have given rise to the vast field of digital healthcare. Online healthcare services range from providing relevant medical information, online consultations, health education services, and more. As digitization continued to spread, online healthcare market players aim to improve their offerings, differentiate their strategies from competitors, and address their consumers’ unmet needs. Therefore, many industry leaders leverage customer segmentation solutions to gain an in-depth understanding of their consumers.

Infiniti’s customer segmentation solutions have helped many companies categorize consumers, evaluate their needs, identify profitable customer segments, and adapt their strategies and offerings to accommodate for their consumers’ demands. Customer segmentation also enables improved marketing strategies, personalized offerings, better product development, and higher patient engagement rates. In the growing online healthcare services market, it is becoming increasingly crucial for companies to attain and understand their consumers’ opinions and feedback proactively. To scale successfully, market players must prioritize their consumers’ needs, demands, and preferences.

Advancement and progress are imperative in the healthcare industry, and the online healthcare market is an example of the same. To keep growing with the market and ensure high customer satisfaction levels, request a free proposal.

Scope of the Customer Segmentation Engagement

Over six weeks, the online healthcare service provider gained in-depth insights into the evolving digital healthcare sector and understood their consumers’ needs and preferences. Infiniti’s customer segmentation engagement also helped the service provider categorize their customers and develop improved marketing initiatives, pricing strategies, and offerings as per consumer needs. The offering included a market segmentation analysis, a competitive benchmarking analysis, developing targeted marketing initiatives, and customer satisfaction assessment.

Business Challenges

The client, a leading online healthcare service provider, struggled to keep pace with the rising competition and witnessed a steady decline in customer attraction and retention rates. The service provider was losing market share due to their traditional marketing approach, while competitors employed targeted marketing initiatives. To address the high customer attrition rate, the client sought to gain a comprehensive understanding of their consumers’ needs and preferences and analyze their competitors’ marketing strategies. Therefore, the online healthcare market client sought to partner with Infiniti Research and leveraged our customer segmentation analysis expertise. By categorizing their consumers based on factors such as spending behaviors, age, gender, and value for the brand, the client wanted to increase their customer retention rate and gain a strategic edge in the online healthcare market.

Continual customer attraction and retention is crucial to the growth and success of any business. Request more information to learn how Infiniti’s customer segmentation solutions can help your company grow and succeed in the healthcare industry.

Our Integrated Customer Segmentation Approach

Infiniti’s customer segmentation experts developed a comprehensive approach consisting of three phases to help the online healthcare services provider address their challenges. For the first phase, our experts conducted a customer satisfaction and need assessment to evaluate the efficacy of the client’s offerings and assess consumer feedback regarding the client’s services and platforms.

In the second phase, Infiniti’s customer segmentation experts categorized target market segments according to their age, gender, spending behaviors, and value for the brand. Providing the client with crucial insights into the personalized needs of the different customer segments and enabling improved marketing initiatives and product development.

Our experts then conducted a detailed competitive benchmarking analysis to identify and evaluate key competitors’ and industry leaders’ strategies in the engagement’s final phase. The study also provided the client with comprehensive insights into successful marketing approaches and efficient customer attraction strategies.

Business Outcome

Customer Segmentation + Online Healthcare Service Provider

Leveraging Infiniti’s customer segmentation analysis provided the client with unparalleled insights into their consumers’ needs and preferences, helped them identify and adopt better marketing strategies, and enabled data-driven product development. Customer segmentation conducted by the analysts’ team helped the client understand and meet their consumers’ varying demands and unmet needs. With our experts’ recommendations, the client developed an extensive targeted marketing initiative that helped attract customers. Additionally, with the customer satisfaction assessment information, the client made crucial and relevant changes to their platform and offerings to meet customer expectations, which helped increase their customer retention rate substantially.

The competitive benchmarking analysis provided the client with insight into successful marketing strategies employed by industry leaders and helped them develop an unparalleled marketing approach. The online healthcare service provider also focused on personalized product development, based on the data acquired from the customer need assessment. With the customer segmentation solution, the client increased their customer attraction and retention rates, improved their ROI from marketing, exceeded their revenue expectations, and regained a substantial market share in the online healthcare market.

Identifying, analyzing, and understanding consumers’ needs is the first step to the top in the online healthcare market. Speak with our experts and gain comprehensive insights into the value of customer segmentation analysis in your market.

Retail Industry + Customer Intelligence

Customer Intelligence Solutions Help Retail Industry Clients Revolutionize their Offerings: A Compilation of Success Stories

Consumers and retailers have been exposed to significant changes in the retail industry recently. Experts forecast further change in the coming years, and these changes are expected to reshape the industry. Being in a customer-centric industry, retailers find it necessary to understand their customers’ needs, preferences, and changing behavioral patterns. Keeping abreast of customers’ demands and unmet needs helps companies develop personalized marketing approaches and customized offerings.

During the COVID-19 pandemic, the retail industry witnessed a significant change in demand patterns, customers’ needs, and spending patterns. The pandemic led to various challenges, including supply-demand mismatch and supply chain complexities, and substantial losses for industry players. Digitization and the increasing preference toward eCommerce websites have led to a major change in how customers interact with the retail industry.

Therefore, retail industry players must research to understand their customers’ needs and develop strategies to address their demands and preferences. Infiniti’s customer intelligence solutions have enabled retail industry players to gain comprehensive, data-driven insights into their customers, streamline marketing efforts, adopt agile solutions to meet customers’ needs, and substantially reduce customer churn rate.

To demonstrate the value and success of our customer intelligence solutions, our experts have provided the following compilation of recent achievements in the retail industry. The following three case studies include a detailed record of the various approaches developed by our customer intelligence experts for retail industry players.

The retail industry is rapidly evolving, and customers’ demands are changing drastically. To keep abreast of customers’ changing needs with our customer intelligence solutions, request a free proposal.

Developing a Comprehensive User-Engagement Strategy for a Global Retail Firm

A global retail firm based out of Central Europe witnessed a steady decline in its growth rate and struggled to retain customers. The company required clarity regarding customer churn causes, sought to increase their customer retention rate, and drive sales. Our customer intelligence experts developed an approach that included identifying and segmenting target customers, analyzing customers’ preferences, and providing insights to create strategies that increase customer retention. This engagement helped the retail industry client increase customer retention rate by 56% and develop a user-churn prediction model. The customer intelligence solution also helped the client understand customers’ needs, keep track of continuous changes in the market, and substantially minimize marketing costs.

An unparalleled strategic advantage can be the biggest differentiator in an increasingly competitive environment, such as the retail industry. Speak with our experts to learn how our customer intelligence solutions can help you stay ahead of the curve.

Overcoming the Impact of COVID-19 on the European Retail Industry with Infiniti’s Customer Intelligence Solution

A Central European retail firm suffered significant supply chain challenges due to the COVID-19 pandemic and struggled to manage demand-supply requirements. Additionally, the changing customers’ behavior patterns due to increasing digitization created an urgent need for omnichannel approaches, with a comprehensive understanding of their customers’ preferences and spending habits. Infiniti’s customer intelligence approach involved setting up new online portals, developing new partnerships with e-retailers, and rethinking their merchandising strategy. Our solution enabled the European retail industry client to expand hyper-personalized offerings, launch innovative delivery models, and substantially improve their technology setup. The retail company also enhanced its digital offerings, simplified its product portfolio, and adopted agile, creative initiatives to address customer needs.

Customer Intelligence Solutions Helped a Fashion Retail Industry Client Reduce Customer Churn Rate Substantially

A fashion retail brand based out of Central Europe offered huge discounts to retain customers and initiated a major price war between its competitors. The retail company also struggled to meet customers’ changing demands and witnessed a decline in their sales rate. The client sought to address these challenges, develop an omnichannel business model, enhance customer loyalty, and devise a customer-centric marketing approach. Our customer intelligence experts set a comprehensive four-phased approach that included a customer needs assessment, customer satisfaction analysis, demand management solution, and marketing strategy engagement. The solution enabled the fashion retail industry client to personalize their offerings, realign their marketing processes, and implemented a new customer segmentation approach. Additionally, our customer intelligence solution helped the client reduce their churn rate by 13% and gain 7.5% retail share in their new product category, generating millions of dollars in revenue.

To prepare for changing dynamics, trends, and customers’ preferences, and develop novel strategic business models to champion the retail industry, request more information.

customer buying behavior

How the Covid-19 Pandemic is Influencing Customer Buying Behavior

As the COVID-19 pandemic continues to spread, customer buying behavior and spending patterns are dramatically changing. Today, customers worldwide are trying to stave off uncertainties by stacking up food and utility supplies. The pandemic has caused a big boost to online grocery shopping, especially the household staples and health-related goods, such as bottled water, hand sanitizer, toilet paper, face masks, and much more. While the fashion and other luxury goods market continues to slide. However, customer buying behavior and spending trends for health-related goods and emergency pantry items differ. To help retailers stay proactive and plan their next moves, the experts at Infiniti Research have outlined the key customer trends observed globally.

An accelerated shift from st­ore to e-commerce in grocery

Our initial survey in March revealed that around 27% of customers had already changed their buying behavior. While the survey conducted this week shows that number nearly doubled to 58% as the government implemented precautionary measures such as store closure and social distancing to prevent the coronavirus spread. Consequently, e-commerce platforms are witnessing dramatic spikes in sales, which is driven by new customers trying online grocery shopping. As such, online brands are compelled to stack their online inventory to maximize profitability.

Yet another trend observed is that local retailers in the COVID-19 affected areas are witnessing an increase in product demand, compelling them to order inventory from their online counterparts. In a way, this is even helping e-commerce businesses to maintain profitability during this period.

Facing difficulties in stocking up supplies based on customer buying behavior? Our customer segmentation analysis can help you to identify different market segments and get a deeper understanding of buyer characteristics based on behavioral, psychographic and profile variables. RFP here.

Customers doing bulk shopping

The unpredictable nature of the coronavirus outbreak is compelling shoppers to stock-up and buy in bulk. Prior to the coronavirus outbreak, customers were accustomed to getting anything they needed within a day or two. However, the situation is not the same anymore. Major online stores are not accepting new grocery orders for now as they are facing exceptionally high demand for delivery slots. As a result, the trend of placing large orders seems to be on the rise. A recent report from Infiniti Research shows that in the four weeks ending March 22, a record amount on groceries was spent at supermarkets across the world, especially in the European region. Demand for groceries has soared to such a huge amount that e-commerce giants are unable to fulfill customer needs and requirements. 

 

Spike in shelf-stable products and depleting markets for fresh and exotic foods

The demand for fresh and exotic food items are declining and there is a rising demand for packaged or canned food products. This is because customers are not willing to take the risks of consuming items that may have travelled long distances and exchanged many hands with little or no way to prove their hygiene quotient. Instead, consumers are increasingly opting for packaged food items which are risk-free.

Owing to this changing customer buying behavior, retailers will need to conduct thorough market research and gather data-driven insights to efficiently make their next moves. Also, analyzing customer buying behavior, spending patterns, and usage is a way forward for businesses to gain a competitive advantage in the long run.

Understand customer buying behavior and meet their needs by uncovering factors influencing product or service loyalty, advocacy, and repeat purchases. Contact us to leverage our customer intelligence solution.

Quality and trust take top priority for consumers

As the COVID-19 pandemic continues to spread worldwide, customer buying behavior is moving away from a cost-saving nature. Today, customers are more concerned about the quality and safety of the products. This trend in customer buying behavior is compelling businesses to communicate their safety measures clearly to customers. This majorly applies for baby care and food companies where customers demand the highest safety. These strategic initiatives can help businesses to build the trust and enhance sales.

How Business Can Respond to Changing Customer Buying Behavior

#1 Emphasize on Quality and Efficacy

As customers demand products that are free of risks and of the highest quality, businesses must focus on communicating how their products are risk-free. For instance, food companies can specify safety measures undertaken by them while manufacturing and packing products to build the trust of customers.

#2 Be transparent about local origins

Today, shoppers demand complete transparency from farm to factory to distribution and details of procedures undertaken to assure product safety. In this context, promoting a product’s local origin can help businesses to drive sales. 

#3 Leverage technology

With digital connectivity taking a greater hold on everyday habits post the coronavirus outbreak, businesses that leverage the latest technologies and enable seamless interaction through direct-to-consumer offerings are expected to gain a competitive advantage. 

By keeping a continuous track on customer buying behavior, businesses can better plan a contingency plan and act smartly. Our customer intelligence solution can help you understand changing customer buying behavior and spending patterns. Request more info here.

Winning Customer Mindshare in the Banking Sector with AI-Driven Customer Intelligence

Up to a few years back, retail banking customers had modest expectations in terms of banking experience and loyalty. In the last few years, however, the balance in which retail banking companies could succeed on their own terms has begun to shift under the pressure from changing customer expectations and preferences. Furthermore, new entrants in the banking sector such as fintech companies are also further pushing the boundaries for customer experience. Today customers increasingly expect interactions with their banks to be as sophisticated and personalized as the ones provided by industries like retail. As such, it is becoming extremely critical for banking sector companies to step-up their customer intelligence capabilities to better gauge customer needs and think beyond customer experience to a broader measure – customer mindshare.

Customers leave a lot of interesting footprints on the internet. Artificial intelligence (AI) driven customer intelligence solutions is a useful source for providing more insights and better automation for banking companies. Here some of the key reasons why experts at Infiniti think that AI driven customer intelligence could radically transform and simplify processes in the banking industry.

Customer intelligence is a powerful tool to boost sales and gain greater customer mindshare. Request a free proposal to know how Infiniti’s customer intelligence solutions.

Benefits of AI-driven customer intelligence in banking

customer intelligenceEnhanced personalization

Banks sell products in the form of loans, accounts, and investment service. The customer data collected in the process needs to be turned into useful insights in order to personalize and enhance offerings. AI -driven customer intelligence solutions will help banking sector companies to not just understand what the smartest recommendation is to enhance customer journey but also how to develop the most personalized products or services that can be delivered at the right time.

Customer interactions create abundant data for companies to act upon. Not sure how to turn it into actionable insights. Get in touch with our experts to learn how we can help your business turn data into dollars.

Improved trust and customer loyalty

Aggressive sales techniques no longer work well with customers, given the fact that they have ample options available at their disposal. AI-driven customer intelligence helps businesses to better transform their customer outreach based on customer behavior and preferences. Leveraging AI in customer intelligence solutions can also help businesses create meaningful conversations with the customers by identifying when they require banking related advice.

Capture opportunities

Whether it is a review or of a product/ service or customer feedback, any data of customer interaction is highly valuable for banking companies. This data goes wasted if customer intelligence based on AI is not used to curate and analyze data to identify missed opportunities. This allows for creating more personalized products and engaging interactions for the customers.

Learn how our solutions can help you stay updated with the latest retail industry trends

Retail Industry + Customer Intelligence

Building Customer Intimacy for a Global Fashion Retailer with Customer Intelligence Solution

Customer experience and satisfaction have come to the forefront across industries. As such, it is now imperative for companies to create a 360-degree view of their customers to know and respond to them in real-time with a highly personalized approach. When it comes to the fashion industry, which is one of the most volatile and rapidly changing sectors, staying relevant and exciting could prove to be challenging. Brands must keep constant tabs on how consumer shopping trends are evolving and identify the gaps before it’s too late. Those brands that fall behind from doing so often fail to thrive in the long run. Furthermore, with the world going digital, consumers are rapidly integrating tablets and smartphones into shopping. This makes integrating digital into business a key to optimizing the brand experience. Top fashion retailers turn to customer intelligence solutions to gain a better idea of how their customer shopping patterns are changing and identify what they need to do in order to adapt.

By bringing together customer, sales and inventory information from siloed applications, brands can benefit from access to powerful consumer insights for better decision-making across sales, merchandising, marketing, logistics and improve customer experience. Know how we can help you achieve this.

The client

The client is one of the most iconic fashion retailers having stores set up in 50+ locations around the globe. The company has been in business for over 40 years.

Business challenges

The client recently moved to an omnichannel model of business in order to keep up with the changing trends in the fashion industry. Despite this, they noticed a constant decline in their profits from online channels and also a dip in footfalls in their brick and mortar stores. They approach our industry experts to leverage our customer intelligence solution and identify where they lacked in keeping their customers hooked on to their brand and understand ways to enhance their profit margins. Using customer intelligence services, they wanted to:

  • Gain a single view of customers (including purchase history, feedback, and preferences) across different touchpoints
  • Identify issues faced by customers both instore and on online platforms and analyze ways to resolve these issues
  • Enhance their merchandising to suit the tastes and preferences of target customers
  • Formulate strategies to avoid strategies of stock-outs of excess stocks that can have a significant impact on the profit margins

Get in touch with an expert to know how we can help you solve key business challenges.

Solution offered

As a part of the customer intelligence engagement, our experts undertook a customer segmentation analysis to group different target consumers of the brand based on the touchpoints through which they interacted or purchased from the brand. Infiniti’s experts then followed a customer need analysis to better understand the needs of the target customers and gauge their satisfaction levels. This helped identify the gaps in service and products and gave the company a fair idea of their areas of improvement.

Apart from the customer intelligence solution, the experts also used demand planning and forecasting analysis to identify the optimal stock levels that the business must maintain in order avoid situations of overstocking or understocking or avoid supply-demand mismatch.  The client also gained comprehensive insights and strategies on how they can optimize their supply chain processes to better meet the demands of target customers.  

Business impact

The customer intelligence engagement helped the client in:

customer intelligence

Learn how our solutions can help you stay updated with the latest retail industry trends

future of retail

Role of Customer Intelligence in the Future of Retail

“Winning brands in the future of retail will be those that have the best customer intelligence.”

The future of retail is closely intertwined with an evolving customer journey that is being largely transformed by technology. Today’s consumers are more connected and empowered than ever before, ergo they demand retail experiences that are relevant, real-time, and seamless from screen to store. To be successful amidst such changing retail scenarios, retail companies must have an in-depth and unified understanding of their customers at a personal level. This is where the role of customer intelligence comes into play.

What is customer intelligence?

Customer Intelligence refers to the information derived from customer data that is collected through both internal (generated through interactions with the customer) and external sources (demographic data like age, income, and occupation). The key purpose of customer intelligence is to better understand customers by analyzing their buying patterns and their key motivators of purchase to drive future growth of the business.

The future of retail lies in providing exceptional customer experience regardless of whether your store is online or offline. Request a free proposal to know how Infiniti’s solutions can help your business gain a deeper understanding of your customer base and choose the right strategies to cater to them.

Customer intelligence in the future of retail

future of retail

We have reached a point where the future of retail will largely revolve around customer experiences. Customer intelligence solutions play a vital role in helping retailers identify what their customers want and the best strategies to cater to customer needs. Retail industry experts at Infiniti believe that customer intelligence will be vital for the future of retail due to the following reasons:

Growing rate of informed customers

Modern customers have unlimited access to information. They also have adequate knowledge about a brand, their products or services, and also about the competitor brands. Study shows that a fair majority of today’s customers are more likely to shift brands within a week of experiencing a bad customer service. The future of retail will largely be dominated by demanding customers, and businesses that choose to ignore them will be risking a PR disaster. Customer intelligence is the best chance available for retailers to understand its customers and ensure better customer service.

Get in touch with our retail industry experts for more insights on Infiniti’s solutions for retailers.

Personalized rewards and discounts

Customer intelligence is a great tool for retailers who want to reward their loyal customers with personalized rewards and discounts. IoT will play a significant role in the future of retail to help retailers achieve this. Loyal customers can be sent personalized discounts using sensors located in the store.  These sensors can detect when customers are near certain products and then alert customers of a special discount via their smartphones. Such strategies of understanding customers and giving them discounts on the products that they regularly shop will result in customer delight and such techniques will eventually go mainstream in the future of retail.

Better supply chain management

Retail customers are increasingly demanding faster delivery of high-quality products. Customer intelligence solutions can help optimize speed and accuracy through the supply chain. With the help of customer intelligence retailers can predict what products will be in demand during a particular time period. Every component of the supply chain, starting from planning to production to the return can be optimized for efficiency in advance.

Visualize real-time market changes

Understanding the market and customer needs is one of the key challenges faced by retailers. In a crowded industry like retail, it means that even a tiny break in monitoring the market can cause a huge setback in terms of acquiring new customers, revenues, and ensuring overall customer satisfaction. Customer intelligence solutions provide retailers with actionable insights from a stream of steady data. The customer data lets brands comprehend broader market trends and integrate predictive analytics and best practices into their business.

Learn more about Infiniti’s market intelligence solutions and gain an overview of how we help our clients with tailor-made solutions to suit their business needs.

customer retention strategies

Supercharging Your E-Commerce Business with Proven Customer Retention Strategies

Customers are the lifelines of business, irrespective of whether it is a brick and mortar store or an ecommerce business. According to industry experts at Infiniti Research, more than half of a company’s future revenue will come from approximately 20% of their existing customers. Furthermore, it is always wiser to lay greater emphasis on using customer retention strategies to retain existing customers, as attracting new customers could cost a company five times more. In the absence of strong customer retention strategies, companies will struggle to establish a strong customer base, eventually causing profits to tumble. By implementing customer retention techniques for online and in-store platforms, businesses can effectively encourage customers to keep coming back for more, by creating positive, personalized, and innovative experiences.

How to retain customers: 4 proven customer retention strategies

Launch win-back campaigns

Win-back campaigns involve contacting customers from whom you haven’t heard from in a while. This is an attempt made to win back these customers using highly targeted campaigns. This is one of the most popular customer retention strategies among several old-school direct response marketers. Timing is a crucial factor in the effectiveness of such customer retention strategies. E-commerce companies must try to win back customers as early as possible by offering attractive rewards and discounts. In order to get the timing right, it is essential to understand the frequency of purchase of the buyers. If on an average, customers order every 2 months, then it would be beneficial to implement a win-back campaign around the 60-day mark.

Before formulating your customer retention strategies, it’s critical to first and foremost understand who your customers are, and which of their actions matter to your site. Request a free proposal to know how our customer intelligence solution can help you identify your target customers.

Loyalty programs

The primary idea behind a loyalty program is simple, reward your customers for frequent purchases. Customer retention strategies like giving out loyalty points is highly effective and is commonly used by several successful companies. E-commerce companies can also benefit from such customer retention strategies. Although implementing a loyalty program does not guarantee increased sales, but when combined with a competitive product and great customer service it can play a key role in increasing sales and improving customer retention. Furthermore, it may be difficult to attract new customers into the loyalty category. However, offering some surprise loyalty points with their first purchase can one of the effective customer retention strategies to ensure repeat purchases. Get more info on how our solutions help you build customer relationships and promote customer loyalty.

Subscription-based business model

Many e-commerce companies are known to resist the subscription-based business model. But before dismissing the idea completely, companies must consider the fact that if a person has been buying the same supplement every month for several years, giving them the opportunity to save time and money by subscribing to regular delivery would turn out to be favorable. If they are able to pull this off, it means that the business would gain the benefit of recurring monthly revenue. When coupled with great customer services, customer retention strategies like monthly subscription guarantees a boost in the overall sales performance.

Every company wants revenue growth. But it is more important to achieve profitable revenue growth! That means minimizing churn and maximizing customer retention. The challenge is that customer retention strategies are not long-term, sustainable strategies. The better long-term, sustainable strategy is finding ways to make customers want to stay loyal to the brand. The million dollar question is: How do you make them want to stay? Request a free brochure to know how our customer intelligence solutions can help you find the answer.

Paid memberships

Offering additional perks through a paid membership is another highly successful customer retention strategy that is not only an additional revenue generating source for companies but also promotes customer loyalty. Take the example of Amazon prime which has been highly successful in getting customers to sign up to their membership program by offering exclusive benefits and discounts to members all year round. However, not every ecommerce company can be successful in implementing this model. To start off, they must have a loyal customer base and also serious thought and planning to implement it. If successful, paid memberships will reward loyal customers and increase their level of commitment to the business. Moreover, paying the small fee will give them yet another reason to come back and purchase from the company.

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