Digital Retail – Customer Engagement and Individual Customer Pricing

These days customers have become very choosy and thus it has become quite a bit challenge for retailers to retain customers. But with the advent of Digital Retail, it has become much easier to gain personalized customer data (such as their preferences, regular needs, occasional necessity, etc.). This data can be used to provide tailor-made offers to increase customer engagement and a better customer experience, thus leading to more revenue generation and profit. Some of the ideas that can be used effectively for achieving the target are cited as follows:

1. Provide smart basket containing the products which the customer is most likely to buy based on the previous trend.
2. Provide individual level recommendations based on the search history and also give some exclusive offers, even on the products that the customer might not have bought but viewed on the site.
3. Offer every valuable and loyal customers, some unique code which can be used to redeem offers.
4. Based on social networking data, recommend the products bought most within the friends’ circle of the customer.
5. Using social networking data, show the sentimental analysis of different products discussed among the friends’ group.
6. Provide an option for the customer to review the product on social networking sites and he gets rewarded if a product is bought by a friend.
7. Recommend products based on the recent life events posted by the customer on social networks. For e.g., Start recommending different car related products if the customer has posted that he has bought a car, recommend baby napkins if he recently had a new born in the family.
8. Using advanced level of market-basket analysis, create packaged offers on products which may never have been searched or viewed by the customer.