POS terminals aren't just simple tills. They now have the power of a powerful device at the retailer's disposal. The information they collect can be analyzed by retailers to improve customer experiences, anticipate demand, and optimize stock levels.
For businesses, high churn rates and retaining customers are huge challenges. Churn can be reduced by identifying and addressing the reasons customers leave. Another strategy is to work with customers who are about to leave to understand why, and so be proactive in reducing churn. As part of this post, we examine the causes of high churn as well as strategies available for dealing with it.
A customer journey map can help you create a better customer experience. Such a map focuses on the customer's needs rather than your product. It assists customers in understanding their buying journey through a series of interactive tools.
The power of data analytics has enabled some businesses to predict consumer behavior by analyzing past purchases, search histories, and social media profiles. Businesses that are able to predict customer behavior accurately will have an advantage over their competitors.
ML-based Predictive Analytics Gives Retailers An Edge With copious amounts of data coming in daily in retail, it has become clear that in order to maximize its analytical value and to tackle the complex dynamic consumer behavior, traditional predictive analytical techniq
Using Machine Learning To Grow Customer Lifetime Value (1 of 2) In today’s customer-centric market, it’s very important to get to know a customer’s lifetime value (CLV). Customer Lifetime Value helps businesses concentrate their activities around their most “profita
Till a few years ago, it wasn't common practice to analyze customer sentiments. Today, sentiment analysis is a viable tool for businesses thanks to technological advances and also to shifts in business mindsets. The interesting thing about it and what makes it different from the other forms of data analytics is that it deals with emotions, and we all know that emotions are never black or white. An enterprise or brand can find out how the world or the consumer feels by doing sentiment analysis. This could be a positive or a negative reaction. So how does social media sentiment analysis work? Read on.
Sarcasm Sentiment Analysis: AI Model To Detect Sarcasm In Social Media What is Sarcasm Sentiment Analysis (sarcastic sentiment detection)? Sentiment analysis of social media means just that – to use data to understand what people feel or think about your product, servic
How customer segmentation can be used in product development? Customer segmentation is a well-known marketing strategy to attract leads, but one of its uses is also for new product development. Customer segmentation can be a tool for market entry strategy to identify pot