It is true that the global economy is going through a huge tumult at present and it is eventually impacting the customer footfall at shopping malls or retail stores. Retail store owners are striving hard to pull through this fatal situation by running a number of offers and throwing alluring discounts (an effective move) to their customer; however, the scenario has not changed much and a lot has to be done to retain their footfall.
Analyzing what exactly a customer demands can be a key to the dying customer presence in your shopping mall or store. As per a report by Lightspeed’s Retail Technology Adoption, 26 percent of retailers admitted that they have brought data analytics into use for giving a better shopping experience to their valued customers.
The buying decision journey of customers involves a number of points of contact, and many of them have now been captured, digitized, changed into data and metrics by most in-store analytics solutions out there in the market. They make it very easy!
As mentioned earlier, discounting can be a good weapon to deal with the falling customer footfall in your mall/store. However, it proves effective only when implemented strategically. First of all, you must define the purpose of your discount campaign. It helps you have a clear picture of your goals and determines what kind of offers you should have and how you should calculate the campaign’s results.
There is no asset bigger than a loyal customer for a marketer. If they are loyal to your business, you must reward them with discounts once they exceed a certain purchasing limit. This is a tried-an-tested way to persuade them to be loyal to you for long.