Customer analytics offer opportunities for UAE retailers; report
Booz Allen Hamilton anticipates that retailers and customers will benefit from the use of customer analytics
A report by consultancy and technology firm Booz Allen Hamilton, has highlighted that UAE retailers should invest in customer analytics to stay competitive in the region.
The report, ‘Next Generation Retailers: Power Up Your Analytics', revealed that the global retail sector is changing in the face of an unprecedented shift in customer behavior, fueled by advanced technology and wider acceptance of online shopping and e-commerce.
The report highlighted how data analytics can be incorporated into a company's business processes to enable data-driven decision making, tailor their offerings to drive sales and optimise their return on investment. Data analytics can also create value for customers by improving their journey and helping retailers exceed expectations besides influencing strategy about customer stickiness, loyalty and relationship.
It has identified six imperatives that are central to building a sustainable customer analytics capability -these include building a case for customer analytics, defining customer analytics service offering, building the right customer analytics capabilities, investing in agile and scalable systems, establishing an optimal operating model, and changing corporate culture. When incorporated correctly, these imperatives can help retailers stay competitive in the long run.
Jad Rahbani, Principal at Booz Allen Hamilton MENA said: "As the retail sector in the Middle East attains maturity, operators will have to ensure that they utilise industry best practices to deliver a seamless customer experience. Furthermore, as customer loyalty increasingly becomes a cornerstone for businesses to remain successful, we believe that the retail sector has tremendous opportunities to harness and optimise data analytics to achieve this goal."
Booz Allen Hamilton anticipates that the journey will be challenging, but the scope to reach customers with a more focused offering has never been greater.