Guides
Table of Contents
WHAT ARE CONSUMER INSIGHTS?
This information is crucial in the discovery of areas of improvement, bettering marketing strategies and advertisements, creating a successful sales funnel, and being able to predict future retail consumer trends based on historical data and insights collected.
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Data assimilation: Every single retail brand out there is sitting on a mountain of consumer data, from their interactions, emails, feedback, social media channels, reviews, and what not! The magic happens when you meet a conversational AI provider that knows what to do with your precious data. Collection, segregation, and organization of data are top priorities for us at AskSid, which helps in the creation of a solid knowledge-led foundation that keeps evolving and growing, but whose management is completely automated by AskSid’s AI models.
- AI-driven analytics: The next step is taking all the collected data and putting it through rigorous AI analytical models built for the retail sector that help make sense of the data and translate it into actionable insights that can help the brand find patterns and key areas in which consumers are satisfied, where they can do better, where opportunities lie, why some marketing campaigns work and some don’t, and much more.
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Report generation: Insights gathered via the process of analytical study of the data are then put to use, and for that having an AI provider like AskSid that has spent years on studying retail consumer patterns and preferences to develop a great level of domain expertise, who breaks down the insights into actionable items of implementation for the brand. This can be done only by business analysis that is founded on domain expertise. AskSid for instance does not just work towards building the most sophisticated conversational AI assistants for retail brands but also works behind the scenes to deliver action points for brands as to which areas need more of a strategic business approach.
HOW DO AI CONSUMER INSIGHTS HELP BUSINESSES?
Conversational AI providers like AskSid collect millions of consumer insights from every single conversation that occurs on a brand’s digital and web channels. Not only does this provide a comprehensive database to analyze, but provokes conversations about what is lacking, what can be improved upon, and what needs to be done to deliver exceptional shopping experiences, rather than just the ordinary.
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Transform the way you engage with consumers: Consumer insights act like the blueprint you need to improve how you engage with your consumers. Understand which preferred channels, formats of communication, or types of support consumers are responsive to and strategize to stay ahead of the game
- Well-designed user flow journeys: Consumer insights can also be useful in helping brands and AI providers tweak or improve their already existing customer journeys, right from when they land on to the channel till checkout.
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Discover previously unknown business opportunities: Unique AI consumer insights provide clear direction to retail brands in terms of pointing them towards new business opportunities like expansion, new product lines, a different approach to marketing and promotions, to ultimately get closer to what consumers want.
- Save on costs: Digital assistants continually learn and improve based on insights collected and can manage to automate a large portion of the customer support function for brands, leading to lower resource expenditure over time. In addition, insights also reduce dependencies on expensive market research, while also carrying the value of being a lot more accurate and dependable, leading to successful marketing campaigns at a fraction of the market research cost.
- Keep an eye on your competitors: To become a resilient force in an ever-changing world such as retail, understanding your competitors and knowing exactly where you stand in the pecking order is extremely important. AI consumer insights deliver on exactly this by acting like your ears and eyes while tapping into consumer perceptions, sentiments, and how they engage with your brand versus others. Creating strategies is great, but having a solid understanding of who you are and in what environment you function is imperative to your brand value. Consumer insights help you gauge what your competitors are doing and more importantly what they are lacking, giving you a free and clear passage to offer your customers the right product or support at the right time!
- Track every step of your consumer’s journey: To deliver frictionless shopping journeys, brands need to be able to identify issues and hurdles in their existing user flow journey. This is where consumer insights come to use! Not only do they tell you in great detail which products, categories, or pages are most popular, they also present challenges faced by consumers, allowing them to eliminate the same and iterate regularly to keep the online experience truly seamless.
- Change your marketing strategies: Research states that personalization in marketing can lead to an increase of 39% in revenue for a single product category, and this is representative of the very real shift marketing campaigns have seen off late. An investment in smart AI and gathering consumer marketing insights have the potential to provide your retail brand with higher conversions through leveraging the interests and preferences of your consumers. Given that consumer marketing insights are much more reliable than market research, as they are derived from your target audience, it allows you as a retailer to effectively push personalization sensibly via marketing and communication campaigns and gain profits simultaneously.
- Exceptional customer support 24/7: With consumer insights at your customer support team’s disposal, you are on track to optimize your customer support to a whole new level! Judge what’s working and what isn’t, continually iterate to stay one step ahead of your consumers, and strategically align with their needs and preferences. Insights also allow your digital assistant to get a smarter and better understanding of consumers and their intents and sentiments, leading to support that helps shoppers find easy resolutions.
- Develop rewards & loyalty programs: Rewards & Loyalty programs are a big part of how retail brands retain loyal customers and acknowledge their role in the success of the brand. Consumer insights allow a transparent view on high-value consumers and what is common among the group, allowing brands to promote the same with similar categories of consumers to widen their potential demographic via drip-feed campaigns.
- Improve your offering: Are your consumers truly satisfied with the quality or output of your products? Is there scope to improve on existing products? Are there new product segments to explore? Discover related products and ranges that you can capitalize on to boost your bottom line with consumer insights.
- Boost customer satisfaction: One of the most pivotal benefits a retail brand can gain out of consumer insights is a sure shot way to make necessary changes based on inputs received to improve the overall experience offered. This leads to enhanced customer satisfaction scores (CSAT and NPS) that in turn, will result in increased revenue for your retail brand.
AI POWERED CONSUMER INSIGHTS
- Which product category or section has the longest sessions?
- Which categories or individual products do consumers engage the most with?
- Why are consumers not completing their purchasing journey?
- How are your consumers reacting to pricing?
- Are the discounts, sales, and promotions working?
CONSUMER INSIGHTS: USE CASES
- Sales: Get a first-hand look at what factors come into play for a consumer to decide on purchasing on your eCommerce site, what promotions are most popular, which discounts codes are frequently redeemed, the periods where most sales occur, and so on.
- Product data: Not all products you develop and retail would hit the mark with consumers and by leveraging insights, your product development team gets transparent feedback on what can be improved for certain products, leading to better conversions and sales for the brand.
- Direct consumer feedback: Never before have brands been able to create a direct feedback loop with consumers, and with insights available, brands can easily measure customer satisfaction levels.
- Demographics: Access accurate insights on your consumers based on factors like location, age, gender, purchasing power, among others.
- Consumer sentiments: Consumers have very strong preferences and interests and being able to predict these would be key in delivering exactly what they are looking for.
FUTURE OF CONSUMER INSIGHTS
As AI and its allied technologies advance, so do the capabilities to transform the future of retail. Data as is predicted will be front and center in terms of business strategies, and insights will be a big part of making sense of collected data.
Consumer insights convert raw data into a solid direction for brands to move in, to get closer to perfecting customer experiences. All the steps and actions required to improve on existing processes, online shopping journeys, the way products are presented online, marketing campaigns, and even the quality of customer support on offer, are made available to those ready to invest in consumer insights driven by AI.
Here are a few examples of consumer insights:
- Firmographic data
- Usage information
- consumer loyalty information
- Consumer service data
- Competitor analysis
- Socio-demographic data
- Brand perception
- Market research
- Trends analysis
- consumer surveys