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Big data could mean big business for our high street
11
Nov
Given that the term ‘big data’ has become ubiquitous and organisations are looking to use it to improve business outcomes, it’s no surprise that 45.8% of retailers expect to spend more on technology in 2015.
Advances in technological solutions mean that stores on our high street can manage the customer journey in a more specific way. Businesses are now tailoring their approach to customer service based on predictive analytics gathered from customer data.
The benefits of collecting data, once the subject of cynicism, are now accepted as gospel. Knowing and understanding customer behaviour can be a real advantage. It can help businesses win new customers by offering relevant services and products, build customer loyalty by providing reliable customer service, and help maintain competitive advantage.
A leading high street bank who partnered with Tensator decided to invest in new technology to gather data and increase the bank’s efficiency. Using Virtual Queue Management Solutions (VQMS) to monitor footfall by logging when customers take their ticket on arrival, the bank is able to predict periods of high footfall and staff accordingly.
During busier periods, customers are able to select which services they require when they walk into a branch. The popular services, such as mortgages and loans, are heavily staffed and as a result waiting times are minimised. Furthermore, as the customer chooses which service they require when they join the virtual queue, the bank can use this data and match customer requirements to specific service representatives. For example, new account enquiries can be funnelled to the best seller in the branch.
There is no doubt that these methods of increased measurement and profiling is what could, potentially, save the high street and ‘bricks and mortar’ businesses. It’s all about improving the customer journey. Getting the technology in place now is what will put high street businesses ahead of the game and allow them to make up ground on the online sector.
