For any business data is important. Knowing what your customers want to buy, when they want to buy it, how much they will pay, etc. It is all important to know but it is only good if you use it.
Target is well known for using data analytics to predict what their customers want to buy, sometimes even before they know it. I was amazed to find out that their attention to data doesn’t extend to their own inventory. When talking to a customer service representative, she found her system did not include the information that they were out of an item. The system showed that it was on the shelf, but a look at the shelf showed it was clearly empty.
Knowing what your customer wants to buy doesn’t help if you don’t know if you have it or not. Data is not simply a way to target promotions. It allows you to serve them better and to provide a customer experience that makes you want to come back. Use your data wisely.
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