Consumer Data Helps Businesses Run Smarter Promotions

by yiftee on July 6, 2017

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In the data driven world that we live in, consumer data plays a vital role in helping businesses enhance their consumer’s experience. Consumer data not only helps businesses understand their customers, but it also helps learn more about the business itself. They can learn the strengths and weaknesses of their business, which can help them maximize their profits and lower their costs. Amazon, which is one of the world’s largest collectors of consumer data, continually analyzes the data that they have on their customers to learn more about their buying behaviors and patterns. This allows Amazon to optimize their customer’s experiences on their various platforms and services.AdobeStock_85595304-min

Data was a key reason why Amazon decided to recently purchase Whole Foods. This acquisition will allow them to gain even more insights into their customer’s buying habits, since grocery shopping is a regular activity for most people. They can use this data to help them predict what items or bands of food shoppers might want to buy; it can also tell them what the most popular days and times are for grocery shopping.analytics-dash

By using Yiftee eGift cards your business will be able to collect important data about your clientele that can give you an edge over your competitors. For example, you can learn when customers are most likely to buy gift cards, or what products/items they use the egift cards for the most. This data can help you enhance the buying experience for your customers. Data from our egift cards is easily trackable since it is all done electronically. Businesses can use our website’s analytics dashboard to find info such as, a graphical display of gift cards sold, value and redemptions. Consumer data can also help with the logistics side of your business. You can use your data to find out what products are the most or least popular and order more or less of those items accordingly. This could help you cut down your inventory costs by eliminating excess inventory of less popular items.

Consumer data is, and will become an even more important part of the business world as technology continues to grow; and becomes more entrenched in our lives. As businesses and consumers shift more towards e-commerce their will not only be more consumers to track, but it will also become easier. Businesses that can not only collect data on their customers, but also effectively analyze their data will be the ones who will thrive in this business climate.  

 

yifteeConsumer Data Helps Businesses Run Smarter Promotions