Using IBM Watson Analytics to assess Customer service analytics to improve sales (Retail)
A retail giant was finding it difficult, going through the transformation. The major challenges included stepping into the online market domain and gaining a completely new customer base. They chose Glorious Insights to help them with this phase and help them grow their e-commerce revenues. Here’s the whole case study to help you understand how we at Glorious Insights used IBM Watson Analytics to assess their customer service analytics in order to generate more sales for a retail fashion giant.
Customer background
A massive fashion giant holding a prominent position in the market turned to Glorious Insights to establish itself as a digital retailer. Established in 1985, the company is a leading fashion brand offering classic and trendy denim collections to its customers.
After ruling the market with a brick and mortar business model, it decided to go online and generate revenue through e-commerce. The company chose Glorious Insights to ensure personalized online services to its customers to takes its sales to new heights.
Challenges
As the inclination of the customers changed from conventional in-store shopping to online shopping, the popularity of e-commerce has surged up exponentially.
This transformation brought tough challenges to many retail companies. Even the well-established companies with a significant physical store footprint are forced to reinvent their operations and explore opportunities in e-commerce. Such a situation forced this fashion giant to close its physical store and focus to derive revenue from e-commerce.
Although the company knew that its target customers are a major section of the digital audience, attracting and converting new customers and maintaining long-term loyalty was a big challenge. The company must provide a personalized experience with streamlined delivery to meet the service-quality experience to its customers.
Sending targeted messages that resonate with the mindset of the prospective customers and compelling enough to aspire them to purchase. It must also find ways to track customer activities to learn about their preferences and deliver accordingly for better engagement.
Solution
Customers were supposed to interact through multiple channels and touchpoints. The company needed a centralized digital marketing platform to assess their interactions. This would help in identifying their preferences, deliver what they want, and boost sales.
- Functional aspect
As the company was going online, the solution needed to automate its functions that involved collaborating with the customers. These domains included customer behavior analytics, real-time product recommendations, and email marketing automation. To personalize the experience, the new digital system digs deeper into customers’ online activities and habits and provide relevant offers and recommendations dynamically.
The new system put together enables the company to monitor the habits and choices of the customers. The company could identify their inclination and improvise to deliver their specific needs. This increased the conversions, expanded customer base, and boosted the sales remarkably.
- Technical aspect
Glorious Insights accomplished the digital transformation for the company using the IBM gold business partner KPI Digital. It is an integrated platform that provides holistic customer behavior analytics solutions using IBM Watson Customer Engagement Portfolio. It is based on the cloud model that significantly reduces the operational cost. Specialized IBM platforms and components are used to address specific issues.
IBM campaign and IBM Watson Campaign automation are used to work on targeted email outreach. Personalization of customers’ experience is achieved using IBM Interact and IBM Watson’s real-time personalization. While IBM Customer Experience Analytics could automatically detect the struggles faced by the customers, IBM Watson Marketing Insight helps in expanding customer-base by revealing a new target audience.
Results
An increase of 89 percent in the conversion rate optimization is the most significant outcome. It helped the company to drive its sales and meet its targets timely and efficiently. With increased sales, there was a 70 percent increase in the revenue earned in 24 months. The system also accommodates and encourages constant business growth.
With the cloud-based solution, the company could find its niche in the digital market space cost-effectively. The solution is cloud-based that further makes it more cost-effective. The new system also included IBM components for forecasting and budgeting. The tight integration among all the IBM solutions made the business operations easier and smoother.
