Retailers use analytics platforms and solutions to leverage customer insights. Analytics sheds light on customer behaviour and tendencies by extracting metrics such as frequency of purchase, the average amount spent in transactions, conversion rate, the amount spent on specific product types, etc.
Target, Walmart and more recently Amazon – are all r/e-tail giants that have made analytics one of the key ingredients, if not the backbone of their operations as they expand into hitherto uncharted customer segments, geographical territories and business models.
“After reading the title devil inside you might be reassuring you that there is no way a company can convert me into a ‘customer’ no matter what they write. I am immune! These persuasion techniques are meant for puny humans, I am above the rest!”
Yes, retail is a trillion dollar industry worldwide. Yes, your consumers will continue to buy as you cater to their every need, want and desire ranging from camping supplies to handcrafted jewelry to custom-made shoes.