customer intelligence services Archives - Business Intelligence

Tag: customer intelligence services

Retail customer intelligence

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 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.

Business Challenge

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.

As customer buying behavior and spending patterns are rapidly owing to the COVID-19 outbreak, retail brands must focus on creating exceptional customer experience to gain a competitive edge in the long-run. Our retail customer intelligence solution can help you achieve these strategic objectives. Request a FREE proposal here.

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.

Business Outcome

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.

Retail customer intelligence

How Retail Customer Intelligence Can Help Retailers Adapt to the New Normal

Owing to the fast-spreading COVID-19 pandemic, every sector has been severely impacted and the retail industry is hardly an exception. The COVID-19 crisis has led to dramatic shifts in customer buying behaviors and spending patterns. Besides, the uncertain nature of the pandemic has compelled customers to tighten their wallets and eliminate discretionary spending. These shifts have left many retailers scrambling to effectively serve customers through other channels. To navigate through these challenging times and drive future growth, retail brands will need to adopt new ways to maintain and build relationships with customers.

This is where Infiniti steps in with its best-in-class retail customer intelligence solution. With Infiniti’s retail customer intelligence solution, businesses can navigate the COVID-19 crisis, plan for recovery, and shape the future. Here’s our guide for retail businesses to adapt to the ‘next normal in retail’ and meet the new customer expectations.

Retail brands must focus on creating exceptional customer experiences to set themselves apart from their competitors and build agile capabilities for fluid times. Our retail customer intelligence solution can help you achieve these strategic objectives. Request a FREE proposal here.

How Retailers Can Meet New Customer Expectations

#1: Extend digital channel presence and engagement

COVID-19 pandemic has suddenly shifted more customer traffic to digital channels. Owing to this sudden shift, online sales grew by nearly 25% in two weeks in March 2020. To ensure business continuity and maintain profitability, retail brands are compelled to expand their digital presence quickly. By extending digital presence and engagement, retail companies can partially offset diminished foot traffic in physical stores by boosting investments in online acquisition. Also, recent studies show that App downloads increased by nearly 20% compared to the previous year. As such, retail companies can prioritize a mobile app or point-of-sale experience this year. With more customers now engaging through mobile apps, retailers must also ensure that digital channels are integrated and offer consistent services and experiences to customers.

Our retail customer intelligence solutions can help you gain valuable customer insights to drive your business on the path to success. For retailers looking to extend digital channel presence and engagement, retail customer intelligence solution can help gather user acquisition and behavior data. Besides, retail customer intelligence solutions can help business leaders to deliver a seamless omnichannel strategy that boosts customer engagement and builds lasting customer relationships.

#2: Bring an in-store feel to the digital experience

To adapt to the needs and demands of customers, retail brands will need to revamp their current omnichannel strategy and bring an in-store feel to the digital experience. In response to COVID-19, a retail firm in China substituted in-store personalized interaction by offerings virtual appointments and live streaming experiences to customers. Also, some luxury retail brands have launched a new platform, Virtual Try-On, which allows buyers to enjoy the experience of a retail setting in the comfort of their home.  During these challenging times, retail brands that adapt to the needs of customers and personalize customer interactions across every touchpoint are expected to gain a leading edge.

By leveraging Infiniti’s retail customer intelligence solution, businesses can understand how customers are interacting with their brand, analyze their journey across different channels, and identify gaps in offerings. Also, retail customer intelligence solutions can help businesses to track real-time changes and rethink the way they engage with customers.

Maintaining a strong customer experience during such a crisis requires an understanding of changing dynamics and pain points of customers. Our customer intelligence engagement can help you achieve this strategic objective. Get in touch with us.

#3: Embrace an agile operating model

As the coronavirus pandemic is expected to last longer, retail businesses must embrace an agile operating model to continually reassess their strategies. Besides, retailers can adopt agile practices to quickly recalibrate their business model and offerings to meet rising consumer expectations. In addition to this, retailers need to map the customer journey across different touchpoints and respond with agility.

Infiniti’s retail customer intelligence services can help businesses to categorize customers with similar attributes and devise customized audience segments. This will subsequently help retailers to provide customers with personalized options that best suit their needs and preferences.

Request more info to know how our COVID-19 business continuity support solutions can help your organization to emerge stronger in the post-COVID-19 era.

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 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

Weekly Round-up: A Storyboard on the Benefits of Customer Intelligence Solutions

 

LONDON: Infiniti Research, a leading customer intelligence solutions provider, has announced the completion of their downloadable resources series on the benefits of customer intelligence solutions. These free resources, which are available for free download, provide comprehensive insights into how organizations can better engage with customers and optimize the customer journey with the help of customer intelligence solutions.

The era of customer empowerment demands new tools to learn what customers want. In order to compete today, companies must look beyond data, using customer intelligence to arrive at actionable business insight. So, organizations are turning to customer intelligence to better understand their customers, drive sales, and optimize the customer journey. Infiniti’s customer intelligence solutions make it easy for businesses to indulge in strategic decision-making, enhance their brand strategy, and improve customer experience.

Ever wondered why you should spend time and resources enhancing customer experience? Well, most successful companies leverage customer insights to outpace the global competition. Learn more about Infiniti’s business intelligence solution.

#1: Tapping into Market Opportunities with Customer Intelligence: Understanding customers’ needs and preferences have become an important factor in determining business success. Today, many businesses offer products and services that are very similar in terms of features, quality, and price.  Have you ever wondered why some companies succeed while others fail?, This is primarily because, in this completely digitalized world, businesses are defined by what the customers say about their brand. Therefore, building a strong relationship with customers is imperative for organizations. Download our FREE resource to know why customer intelligence is inevitable for your business.

#2: Driving Business Value Through Customer Intelligence: No matter where your company currently stands, there are three fundamental steps that drive business success – knowing the customers, developing strategic insights, and acting on the developed insights. Customer intelligence can help organizations find new market trends along with new avenues and tools for customer relationship management. Download our FREE supplement to find out the key steps to master customer intelligence.

Most companies often find difficulties in understanding their customers' needs and preferences. Are you finding it challenging too?

Our solutions have helped companies enhance customer experience. Request a FREE proposal.

#3: How to Master Customer Intelligence and Drive Business Growth – A 5-Step Guide: Successful customer relationships are based on listening, appreciating, and acting upon customers’ needs and preferences. But gathering target customer data and conducting customer satisfaction surveys don’t help always. This is where customer intelligence comes into play. This is the process of segmenting customers according to their needs and preferences and taking initiatives to target individual customer groups based on their needs. This 5-step guide will help you build customer loyalty, gain a competitive advantage in the market, and improve bottom-line result.

We help organizations to identify the most profitable customer segments, measure the effectiveness of a marketing campaign, assess changes in customer expectations, and devise value maximization strategies to enhance their shares.

CONTACT US

4 Customer Experience Management Trends to Keep an Eye On in 2019

What is customer experience management?

Customer experience management involves managing customer interaction through both physical and digital touchpoints in order to deliver personalized customer experiences. This helps drive customer loyalty and boosts revenue. Although companies can make efforts to guide customer journeys, they cannot absolutely dictate it to customers. Customer-centric organizations leverage behavioral data, marketing technologies, and customer insights to optimize customer journeys and thereby ensure better customer experience management.

Request a Brochure

We, at Infiniti Research, use a combination of research, analytics, and data management systems to help our clients manage data, serve relevant content to target customers, and predict future interactions. Request a brochure to know more about Infiniti’s customer intelligence solutions.

Customer experience management trends

Several transformation triggers including globalization, digitization, and economic changes have the power to dramatically impact customer interactions with a brand and influence their decision-making. So, while formulation a customer experience management strategy, companies must take these factors into consideration. Here are four customer experience management predictions for 2019 from Infiniti Research:

Hyper-personalization at every touchpoint

 One of the key recent trends in customer expectations is the increasing need for personalization in product/services. Today, hyper-personalization forms a key element of customer experience and satisfaction. As a part of their customer experience management strategy, forward-thinking companies are using data and analytics for (near) real-time personalization. Today, customers are inundated with advertisements and multimedia content on different platforms. This makes it crucial for brands to not add irrelevant noise to their content, rather, define ways to stand out from the crowd.

Still have doubts on how customer experience management strategies can benefit your organization? Request a free proposal to find out!

Organization-wide customer focus

In most cases, hiring a chief customer officer is not enough to deliver impeccable customer experience. The most successful brands in customer experience management are those who establish an organization-wide customer-experience mindset. Top companies like Amazon are thinking about customer experience in everything they do including marketing, supply chain, infrastructure, logistics, and product design.

Robotic Process Automation (RPA)

Robotic Process Automation, also known as RPA involves the use of machines to automate repetitive and mundane tasks, helping businesses to increase efficiency and decrease costs. Moreover, this gives the human resources of a company to focus on tasks such as innovation, problem-solving, creativity, and customer experience management research and analysis.

Data ethics

One of the most popular customer experience management trends to watch out for this year is the rising need for data privacy and ethics. With the introduction of the General Data Protection Regulation
(GDPR) law that gives customers power over their personal data, companies have to be more cautious than ever on the compliance with such regulations. This law has changed the way companies handle customer data which has now transitioned from a business asset to the customers’ property. Facebook data ethics scandal in the recent past is proof that such instances can hurt a company’s image in the public eye and eventually lose customer trust. Customers want great customer experiences from brands they can trust. So, building customer trust by maintaining their privacy and data security is now one an essential customer experience management trend.

Know more about why customer experience management is important for your business. REQUEST MORE INFO

Close
Infiti Logo

Hello there!

Contact us to know more about our cost-effective custom market research offerings to support efficient market penetration, new product launch, and devise strategies to monitor and outperform your competitors.

Cookie Policy

The Site uses cookies to record users' preferences in relation to the functionality of accessibility. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice