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.
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.