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The Importance Of Retail Analytics

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Multinational retailers cannot be content with their past. The world is changing in the retail industry, and the modern-day consumer does not care if you’re a Target or the next-street store. This is because they are looking for relevance. As with the choices unique to their lives that they choose to make, they demand retailers to utilize their data using retailers’ analytics solutions and customer journey dashboards to provide products that are already in their shopping lists.

With the speed of technological adoption, Gartner predicts that by 2020, nearly 85 percent of the interactions of customers with an enterprise will occur without the assistance of a human.

With the rapid pace of technology integration, I will show you the reasons why you should use analytics tools for your retail business

1. AHA! Customer Insight Moments

Let’s look at an example: Your customers may shop close to their area or go to commercial streets to hang with their buddies. With the help of the retail analysis tool, you can monitor their out-of-store and in-store purchasing habits in relation to cross-channel. This will create an untapped treasure trove of data for you.

It is not just about gauging the level of interest ahead of time however, you can also effectively use strategies like ad remarketing, for instance, to get it. You could make use of location targeting to inform people of special offers while they are in proximity to your shop or cross-sell items that they may be interested in.

2. Enhancing Your Performance in-Store

The desire is always to go for the tried-and-tested. But , some brands like Warby Parker and Bonobos are currently experimenting with an hybrid-first approach: brick-and-click stores. New methods are emerging such as trading the supply chain method or putting different categories of products in the store to rank the most popular items or brand new lines of products that are based on market and customer analysis.

Dashboards for retail analytics can help retailers determine the performance of a new product category or bringing information from social streams to track conversations around different categories of products to predict the demand.

3. Why Should You Not Use Your Competitors’ Data?

In the Mary Meeker report mentions a new Indian telecoms company, Reliance Jio, which was the most notable of the disruption that occurred in Asia in the last year. The reason I mentioned this in a piece on retail because of the huge expansion it has seen and the ripple effects it has had on retail.

They studied their competition’s pricing and go-to market model and realized that they could hit gold. The competitors are now studying their competitors and trying to beat them in order to gain back their rapidly decreasing market share. Study customer-centric solutions for your company, as well as on competitors’ product’s performance stores that are successful, their store locations that have been successful and much more. Make promotions that grab the attention of your customers.

4. Pricing Dynamics, Dynamic Pricing

It’s a tough, competitive world. The prices of your competitors fluctuate even after having examined them just a few hours prior. For instance, the Amazons as well as eBays have prices that is never the same. McKinsey recommends using a vast variety of data sources, and services to determine price fluctuations in the market.

But, what’s even more crucial is to make use of these services to keep on the lookout for ways for ways to “float pricing” your product. Your product’s features, branding reputation and competitive pricing will allow your customers to keep returning to you.

5. Achieving 360-Degree Customer View

The preferences of your customers towards your company or competitors as well as their purchasing habits is largely the same, but it is evolving. The CRM giants view the customer’s journey, which is complemented by the brand’s experience as parallel tracks. It is impossible to stay in the journey of the customer, however it is the norm in the present.

Retail analytics solutions can assist you in combining data streams from stores and online channels, as well as social listening platforms, and more to create a comprehensive 360-degree view of the customer’s interactions with your brand and other businesses. It is vital to keep providing the best value to your customers, while also helping to drive the growth of your business.

6. taking Market Bets and steering The Market

In a world rife consolidation, leaving no room for’me too players, your thoughts should be broader than just being better than what other players have already done. The ability to build a brand with a high-reputation is almost exclusively reserved for the best players, however placing bets on ideas that you try and implement is your only chance to guide your market (and larger numbers of consumers) toward your brand.

Starbucks was a leader in this area during its early days at a time when coffee drinking was not an enticing experience. The use of dashboards that track retail analytics for fast-service restaurants such as them will help you find the next big brain wave.

7. Real-time throttles for your supply chain

It is possible to think for hours about being customer-focused and how to become an industry leader but when your logistics systems are chaotic, you’ll simply be building castles out of the air.

Integrating your supply chain solutions and apps to existing systems for analytics and CRM will help you collaborate with the most appropriate suppliers, vendors and control supply in line with the changing demands. It will also allow you to track things such as identifying new demand areas, and then expand and market there.

There are plenty of possibilities to work on and connect with to stop the downward trend of growth and continue to provide the best value to your clients. However, there is always a limit to budgets as well as resources, not to mention the notion of the best combination of tactics to help get ahead. Utilize this guideline to comprehend the significance of analysis of retail, and how they can be utilized within your field. There is a good chance that all or most of them will help you reach your goals. Additionally, your strategy of analytics will be designed exclusively by you and designed for you.