Retail Series: Consumer Data and the Path to Purchase

It’s all about data. Data is so ubiquitous with fuelling the success of large brands that it’s often referred to as the new oil. Large and small franchises alike recognize that there is the potential to maximize a customer’s market basket through intelligent layout and recapture a feeling of shopping intimacy by offering personalized shopping experiences and discounts to their massive consumer base. With all of the data available to these franchises, including market basket records, customer information tied to loyalty programs, social media metrics, and even a customer’s recorded path through a store, franchises hold the keys to capturing the hearts and minds of their customers – provided they are able to gain actionable insights from the data they collect. Of course, doing this manually is time-consuming. The key to taking advantage of all this data is through the adoption of customized dashboards that take data from various sources and compiles it automatically into easily understood metrics.