Indian retail industry has been slowly transforming itself from an unorganized sector to an organized one. Yet there are many individual stores in the retail market who provide more convenience to the consumers and are more easily accessible for small and big purchases. Still the threat to them from the malls and other chain outlets cannot be underestimated.
Problems faced by individual stores
- Customer attrition to malls
- Decreasing profit margins
- Increasing customer demands for convenience and savings
- Absence of customer database
It has now surely become imperative for individual stores to create and maintain lasting relationships with their customers.
The key
The answer to the problems lies in effective use of technology to drive business and harness the growing consumer spending power. How can this be possible?
- Using real time data collection processes and modern analytical models to study consumer behaviour
- Leveraging customer data insights for customer segmentation
- Offering product design specific to segments
- Creating customer value using proper strategies & offer timings resulting in incremental sales
- Utilizing customer insight to drive strategies for the right customer at the right time
- Feedback Loop for full scale rollouthttp://www.unitsolutions.in/p
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