Written By: eyos Marketing | Last Updated: March 2023
In an era where data-driven decision-making is becoming increasingly important, businesses are constantly looking for new ways to improve.
Businesses are now looking at customer behaviour analytics to make crucial decisions and really understand what customers want.
This can allow businesses to better position themselves within the market and create further personalised experiences to enhance customer loyalty.
Digital receipts are now becoming essential for businesses to understand customer behaviour, as they offer a more personalised way to stay in touch with a customer, even after they’ve purchased a product or service in-store.
What is Customer Behaviour Analytics?
Customer behaviour analytics refers to a customer’s buying habits, patterns, and other factors that may influence their buying decisions.
Businesses use customer behaviour analytics to further understand their target audience and to tailor their marketing approach using personalisation.
Benefits of Customer Behaviour Analytics
With customer behaviour analytics, businesses can access various data on what customers bought, when, and which channels they used.
So, let’s dive into some of the other benefits.
Predict Customer Behaviour
Businesses can use previous analytics to assess what customers may do in the future. This can also allow businesses to optimise their sales and marketing operations by knowing what customers intend to buy later down the line.
Based on previous data, businesses can also predict what channels customers will use to buy their products and services. This way, businesses can personalise the journey for customers, allowing them to feel even more valued.
Identify New Opportunities
By analysing how customers are responding to a business’ samples, questionnaires, or campaigns, they will be able to know what products to offer or even new sales channels to explore.
Feedback is also crucial when understanding customer behaviour. It can also give businesses first-hand insights into what to offer in the future and what products need to be created.
If businesses have a long list of projects, it can be tricky to know what to focus on.
Luckily, that’s where customer behaviour analytics comes in. If businesses know their customer pain points or where they are dropping off, they can make informed decisions regarding projects and prioritise the ones most important to their customers.
Determine Customer Lifetime Value
By knowing their customers, businesses are able to segment them and create specific marketing campaigns and support services to get the most value.
These segments can be used to attract and retain new customers who match the profile of the most loyal customers.
Engage With Even More Customers Worldwide
Customer behaviour analytics analysis can often help businesses with more targeted campaigns, meaning engaging with existing customers.
However, these campaigns can allow businesses to engage with new potential customers. For example, a campaign can be designed for a certain demographic for a product or service, allowing it to be tailored and personalised to a customer’s behaviour.
Can Digital Receipts Offer Customer Behaviour Analytics?
Yes, companies using digital receipts can use the data customers provide and then work on using that data to increase the profitability of every new connection.
Analytics gathered through digital receipts is automatically shared with any other data platform a company uses, providing endless opportunities for marketing teams.
If a customer purchases in-store and chooses a digital receipt, the brand in question has all it needs to market to that customer in the future. Brands also gain access to valuable insights into that customer’s purchasing habits.
And, of course, this allows further personalisation opportunities. Personalisation provides further chances to improve the retail customer experience, giving brands a better chance of making another sale in the near future.
Get Advice from eyos retail
Unlock the power of customer experience with eyos. Our software is used by retailers worldwide to understand customer behaviour analytics using digital receipts.
Our retail software makes it possible to connect 100% of in-store transactions to a platform of your choice. This means huge amounts of valuable data are at the click of a button – ready and waiting to be put to great use in your next marketing campaign.
If you’d like to find out more about digital receipts and how they work, get in touch with our team.