Retailers now have a solution to two perennial problems: how to increase customer loyalty and how to get better insight about a customer’s behaviour across their stores, the web and mobile offering. Omnico has launched a new software platform, known as Omni Engagement, which enables retailers to create joined-up campaigns that specifically target customer acquisition, retention and life time value.
Omni Engagement has already been rolled out at Waterstones, Anglia Co-op, Channel Islands Co-op and Iceland. At Anglia Co-op, for example, an initial Omni Engagement campaign achieved a 40%+ redemption rate for e-coupons, an increase in basket spend of 27% and a growth in loyalty card membership of 32%.
Omnico’s new solution is part of the company’s overall omni channel retail offering and is based on over 20 year’s experience providing Point of Sale (PoS) hardware and retail software. Omni Engagement moves beyond traditional loyalty programmes that reward repeat behaviours to a model that is based on detailed customer insights and rewards based on spending patterns and product purchases.
“For a number of years retailers have been capturing swathes of information about customers, but turning big data into something meaningful is a real challenge, especially across multiple channels,” says Steve Thomas, Omnico’s chief technology officer. “Combine this with a desire from consumers for a more personal retail experience and it starts to stack up to a case for omni channel engagement. We’ve worked with retailers to develop a solution that offers tangible results from the get-go, and is scalable to either work on a project basis or roll out enterprise wide.”
Omni Engagement includes data visualisation tools and provides the ability to analyse across multiple factors, including:
• Spending patterns by products, location and time
• Preferences and choices
• Value of the customer (income and profit related)
• Recency, frequency and value – with changes over time
• Tracking the top 10-20% of customers that generate 80% of the profits
• Product affinity
• Promotional response
• Coupon issuance and redemption rates by channel
• Segmentation by a variety of attributes – spend, time, products, locations, events etc.