What is retail analytics?
Retail Analytics is the process of providing analytical data on inventory levels, supply chain movement, consumer demand, sales, etc. that are crucial for making marketing, and procurement decisions. The analytics on demand and supply data can be used for maintaining procurement level and also for taking marketing decisions. Retail analytics gives us detailed customer insights along with insights into the business and processes of the organisation with scope and need for improvement.
Challenges we address
Capturing the reluctantly spent dollars of today’s post-recession consumer requires retailers to be engaging, personal and relevant. As a result, retail analytics is of paramount importance, to help retailers effectively collect, analyze and act on both customer and organization data in near real time across all the channels they function in.
While retailers view retail analytics as an effective tool to increase customer wallet share, gain higher margins, increase complimentary store sales and reduce wasted marketing dollars, many still struggle to prioritize their analytical approaches. While some are overwhelmed by the large number of options, others find it difficult to digest all of the data provided by various point-of-sale systems, websites and internal transaction processes.
Here are questions that retailers need to find answers for:
- How do I target precisely and customize my offerings?
- How do I justify my marketing spends?
- How do I optimally price throughout the product lifecycle?
- How do I decide on my assortment composition so that I can minimize lost sales?