As a retailer nowadays it is very important to convert Retail Analytics data into smart strategic decisions to improve your store’s performance. Relying on trustworthy customer data instead of simply making assumptions will prove to be much more profitable in the end. Retail Analytics will apply to all aspects in the supply chain such as sales, overall store performance, customer satisfaction, staff deployment and inventory levels. Fortunately many players in the retail world have already recognized the importance and use of Retail Analytics in their day to day strategy. On the other hand many retailers do collect large amounts of customer data, but do not have the knowledge or the right partner to effectively understand and apply the data.
What is Retail Analytics all about
Retail Analytics is all about the process of collecting and analyzing data concerning different aspects of the purchasing processsupply chain. The data allows retailers to understand how their business is generally doing and how to understand consumer demand in the best possible way. Retail is developing fast because consumers are more and more demanding. Understanding what it is your customers really want, is essential to be the most profitable you can be. In the past it was only possible for online stores to understand customer behavior. With the rise of Retail Analytics tools it is also possible to get insights into customer behavior in your physical store. Potential barriers in the customer journey will become clear so they can be addressed and resolved. This will enable retailers to keep up with the fast moving industry and stay ahead of competition.
People counting in stores and shopping centres can really help you understand what is going on in your business. Some of these uncovered insights are:
Make sure you don’t get left behind
Combining different kind of customer datasets leads to deeper analyses and predictions of (future) customers and situations. Retail Analytics tools provide very important insights. The best way to make smart business decisions is to rely on reliable data. It is not enough to only collect data. You really have to interpret and analyse data to understand what is actually going on and how you can improve your business. Retail is dynamic and is developing at a rapid speed. As a retailer you should really ask yourself the following question: can I afford not to invest in Retail Analytics?