In attempt to stay competitive, Walgreens launched their Balance Rewards Card in hopes of gaining customer traction, especially where prescriptions are concerned. The company lost market share in prescriptions in the recent past and was looking to regain some of its ground.
While the Balance Rewards Card helped in that respect, they also used the data to increase profits. Earlier this month, the company reported an 86% increase in fiscal fourth quarter profit. This is great news for the company, who still experiences challenges with customer traffic.
What are they doing to improve their numbers?
One simple task is looking at the data from their loyalty card holders to improve product offerings within their stores. Referred to as “the front of the store”, the company looked at purchasing habits to offer a selection of products that were well received and attributed to the higher sales in its locations.
This is a great example of using consumer data to its fullest potential. The analysis and action yieled positive results for Walgreens, and the boost will likely encourage the company to continually monitor consumer buying habits as well as feedback to continue on this financial upswing.