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Blog > How to get a 360-degree view of your customers and increase the profitability of personalized offers: experience of Asia Retail

How to get a 360-degree view of your customers and increase the profitability of personalized offers: experience of Asia Retail

    In the ever-evolving landscape of retail, staying ahead requires innovative solutions that harness the power of data and artificial intelligence. Retano BigData&AI emerges as a game-changer, redefining customer engagement through advanced analytics and AI technologies.

    The solution empowers retailers to craft comprehensive customer profiles, offer the ability to tailor personalized offers, communicate effectively with clients, forecast customer churn, and respond promptly to shifts in customer behavior.

    Comprehensive Customer Profiles

    At the heart of any impactful loyalty program lies the intimate knowledge of the target customer. Basic survey data collected during loyalty program registration, such as age and location, though fundamental, fall short for meaningful communication. Recognizing this, Retano BigData&AI goes beyond mere questionnaire details. Instead, it dynamically crafts customer profiles based on individual behaviors, acknowledging that static information like age or city of residence is insufficient for nuanced understanding.

    Adapting Profiles Based on Behavior and Personalized Offers

    Upon registration for loyalty programs, retailers often collect only essential information, which quickly becomes outdated. This limitation impedes the creation of personalized offers and efficient customer segmentation. To overcome this challenge, retailers need to prioritize customers’ actual behavior, particularly their purchase history. Retano BigData&AI excels in swiftly identifying significant shifts in behavior and proactively adapting to the customer profile. This adaptive response, rooted in real-time behavioral analysis, ensures that loyalty initiatives not only stay relevant but also anticipate and address evolving consumer needs more effectively.

    Targeted Promotions for Niche Markets

    Consider a specialty electronics store aiming to captivate tech enthusiasts. Retano’s segmentation capabilities empower the retailer to identify a group of customers passionate about specific product categories. Crafted promotions, such as exclusive discounts on the latest gadgets or early access to product launches, cater specifically to this niche market, fostering customer loyalty and driving sales.

    Retano BigData&AI: Proactive Prevention over Reactive Recovery

    Efficiently managing customer churn is fundamental to Retano BigData&AI. The system promptly detects decreased engagement, alerting retailers to potential risks. Beyond identification, it empowers retailers with immediate, personalized measures, such as tailored incentives or targeted communications, to win back at-risk customers. By leveraging artificial intelligence and advanced analytics, Retano transforms potential threats into actionable opportunities, fostering a proactive, adaptive approach to retain a satisfied and engaged customer base.

    Realizing Retailer Benefits:

    Retailers adopting Retano BigData&AI witness remarkable benefits:

    • Revenue Growth: Personalization contributes to a substantial increase in overall revenue.
    • Conversion Rates: The implementation of personalized offers results in a remarkable boost in conversion rates.
    • Churn Prevention: Customer retention sees a significant uplift, as Retano’s predictive capabilities assist retailers in proactively preventing customer churn.

    Year-Long Journey: Insights from a Company Embracing Retano BigData&AI

    Asia Retail is a retail group, comprising over 50 diverse stores in Kyrgyzstan: large hypermarkets and supermarkets with focus on eco-product lines.
    Val Serejkin,
    Product Owner Asia Retail and Azbuka, Bishkek, shares their experience with Retano BigData&AI

    Tracking the weekly churn rate in Retano BigData&AI is a crucial tool for the sustainable development of our business. It enables our company to gain a deeper understanding of our customers, strengthen relationships, and take proactive measures to retain valuable users. Here’s what we do with churn rate data:

    We analyze the causes of churn,

    We thoroughly investigate the factors contributing to customer attrition. This involves conducting feedback analysis, surveys, and identifying specific events or changes that may have influenced customers’ decisions to leave.

    adjust our retention strategy,

    In response to the analysis of churn reasons, we implement targeted measures. These may include crafting personalized offers, fine-tuning loyalty programs, or focusing on enhancing the overall quality of service.

    … and regularly monitor changes in churn rate.

    We keep a close eye on the churn rate dynamics after the implementation of new retention tactics. This ongoing evaluation helps us gauge the effectiveness of our strategies and make necessary adjustments for continuous improvement.
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