While many traditional retailers have suffered due to competition from their online counterparts, forward-thinking companies are using this technology to their advantage in order to better target existing and potential customers with tailored offers that appeal to their interests. A recent report from McKinsey estimated that if retailers fully utilized the Big Data already available, they could increase their margins by 60%*, demonstrating the importance of maximising the opportunities this technology offers. By integrating big data analysis of customer trends and behaviour with business intelligence and external information retailers can provide customers with a comprehensive, personalised offering to suit their individual needs.
While much of the conversation around big data has focused on online retail, it can also be utilized to maximise in-store marketing opportunities. Synqera’s innovative marketing solution does just this: by combining customer data from existing loyalty programmes with business information (such as current promotions and stock levels) and external conditions (e.g. the weather, public holidays), it can trigger relevant content to consumer in real time via its scenario generation engine. Whether placed at the shop entrance, throughout the store, or at the check-out functioning also as a payment terminal, Synqera’s software solution is poised to maximise engagement with customers in order to cross-sell, up-sell and provide a more valuable experience.
Kirill Gorynya, CEO of Synqera, comments: “Customers have become savvier to the ‘one size fits all’ marketing approach, and are increasingly less likely to engage if the approach is felt to be irrelevant to their individual needs and preferences. Getting customers through the door is only the start of the journey and retaining them is another challenge. Big data analysis allows brands to establish consumer behavioural trends in order to accurately predict their interests and by combining this with real-time technology they are able to provide customers with a purchasing proposition that will appeal to them. In this competitive retail climate, brands that use technology to reach out to customers in an innovative and appealing manner are more likely to retain their loyalty and therefore increase profits.”
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