Monday, December 7, 2020

Data Analytics as a Decision-Making Tool in Business

 

Businesses can analyze customer's interactions with their website or mobile app. It helps businesses in customizing the shopping experience for their customers. We often get suggestions around what products we recently browsed, about other similar products with a different price tag, lightning deals, deal of the day, buy it again, get yourself a little something, styles for men, women and kids, styles according to the season, styles according to age, styles according to preferences, styles under 70%, under 50%, so on and so forth. We also get recommendations based on our purchase history, ‘recommended items other customers often buy again’, suggestions to ‘refresh your wardrobe’ or home, ‘customized for you this week’, ‘premium products for your beauty routine’, top offers, super value day offers, and more to outperform their closest competitors. This data helps businesses to optimize their workflow and improve employees' shopping experience, making them crave to come back for more. A little cash back or that 5% discount coupon or that occasional scratch card goes a long way in uplifting the morale and bringing that smile on customers' faces, trading off with the guilt to indulge in not-so-essential items at that moment. What's more, a careful analysis can help in getting the lost business efficiency back. Let's find out more about how types of data analytics help in better decision making!