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Most retailers are adept at persuading shoppers to buy a particular item. Increasing the lifetime value of customers by turning those one-off item purchases into long-term incremental behavior is a different challenge.
Retailers who analyze transaction behavior can identify their most profitable shoppers, learn what motivates them and get them to buy products they had not even considered. The key is to complement knowledge of what is most important to shoppers with relevant marketing and merchandising tactics that resonate and increase sales and profits.
There are five strategies to winning shoppers. All are triggered off being able to collect shopping-cart data and measurement capabilities that allow basket analysis, whether or not the contents of the basket are linked to shopper demographics (although the ability to do so is absolutely preferred).
Read the full article here.
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