When you start a retail business there are many challenges and it involves many, many decisions; where/how will you sell, what will you sell, how will you promote your products, etc. And if you are smart, and lucky, you make good decisions and the business takes off.
But, what did it cost to acquire your customers and how do you keep them coming back (that is how you continue to grow)? While acquisition costs vary greatly by industry for a consumer retail business the industry average is around $10 to $22 (hubspot.com). And the ideal scenario is that you develop a relationship with those people while you continue to acquire more customers. To do this you need to know who they are and what they like to buy from you.
Sure you can pay for analysis by an outside vendor but, it will be more valuable if you can provide that vendor with specific data about your customer purchasing habits and demographics. Or, even better, you can do this analysis yourself, and this is something a powerful ERP system can provide to you.
Microsoft D365 for Finance and Operations is the system. Through support of retail sales in all channels; point of sale, Ecommerce, and catalog/call center, you are able to collect demographic information and sales data for every customer who makes a purchase. What did they buy? When did they buy? How much did they buy? How valuable are they to you? The ability to manage the customer orders and extend exceptional customer service through the system goes a long way to building trust and a happy customer. Then add a loyalty program into the mix and you have a customer who will come back time and time again to your business for their purchases. The integrated data management and reporting capabilities, of D365 for Finance and Operations, give you the power in your hands to know your customers and know where to look for new ones.
In a retail world the process of acquiring a customer is just the beginning. The real work starts when you act to keep those people coming back to your business. To do this you need to collect the critical data that shows the full picture of who your customers are and what they like to buy from you. The secret to success in this endeavor is an ERP system that not only provides the tools for exceptional customer service but gives you the power to analyze the demographics and buying habits of your customers.
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