Christmas is just around the corner…
With the year coming to a close, and Christmas approaching (yes we are talking about Christmas already), many retailers will already be planning for massive shopping events such as Black Friday and Cyber Monday, and boxing day sales. However, there is no doubt things will be different this year.
Online shopping is going to explode even more than it already has as we approach a vital time of year for the retail industry. This means more data, more customers, and more manpower. Retail businesses need to prepare for a cyber influx more than in previous years due to the constantly changing lockdown rules and regulations. People are much less likely to be spending their Christmas shopping experience in physical shops, and will be steering towards a safer way of shopping, online.
Is your marketing as smart as your data?
As we approach the Christmas period, many businesses will have planned a marketing strategy to target their customers, and potential customers, to boost sales and promote special offers. However, many stores will be missing a trick, by not using the powerful AI tools that Google Cloud provides. Storing your new customer database is all well and good, but understanding it correctly with BigQuery is the next step to a more enhanced, and successful marketing strategy. These powerful tools will then be able to understand your data in seconds, and give your business powerful insights into your customer behaviour and predict what to market to your customers before they even know what they want.
New AI capabilities in Google Cloud means that you can more accurately analyse and understand the data that you are collecting so that you can market in a smarter and more efficient way, based on those particular customers’ spending and behavior patterns when shopping online. Due to the fact that the majority of people will be shopping online this year, it makes sense to invest heavily into your online advertising and marketing campaigns to ensure a maximum ROI.
Physical stores are depreciating
It was announced this year that “H&M will close 250 of its 5,000 stores next year as the world’s second-largest clothes retailer seeks to step up investments in its growing online business. CEO Helena Helmersson said sales in September were just 5% lower than last year and the company had returned to profitability after four in five stores were closed at the height of the crisis. Currently, 166 of its stores remain shut.”* This is terrible news for the high street, but means that online sales appear to be the way forward to stay ahead in this industry.
“A recent study from NRF shows that 59% of consumers will do the majority of their shopping online in time for the holidays – and naturally, you’ll want to give them the best possible experience.”**
RF President and CEO Matthew Shay said. “Retailers are prepared for an early start to the shopping season, offering discounts earlier to ensure consumers can find the gifts they want, in stock at the price they want to pay, delivered at the time they want to receive them.”**
Although the high street retailers will suffer, there is time to prepare for an inevitably busier Christmas period.
Storing your data & understanding it in the cloud
Our solutions help you to quickly leverage powerful machine learning algorithms to help gain meaningful insights from your existing product sales history, and much more. This is ideal for customers with no Google Cloud Platform estate, or for those with an existing data warehouse who wish to explore Machine Learning.
Google technology will help you to understand and plan for future inventory stocking levels across various product lines. This is a challenge that most retailers face; striking the appropriate balance between having enough stock on hand to meet customer demand without investing in product lines which are slow to sell, taking up valuable shelf or warehouse space, especially as the demands will begin to increase as we creep further towards Christmas, and the infamous boxing day sales.
How Netpremacy can help
Our team of data experts can help you to understand the next step into storing and analysing your data to gain the best ROI from the data you have collected. We have a dedicated solution that helps businesses to anticipate customer demand, through the use of Google technology, meaning you will be able to gain more meaningful insights from your data and be able to capitalize on it. This will ultimately lead to better business decisions and a smoother Christmas period.