What is Retail Analytics?
Retail Analytics helps retailers to make smarter business decisions when it comes to efficiency and delivering improved customer service. The data that retail analytics provides is full of insights regarding customer behaviour, inventory and sales. Retail today is an extremely fierce industry that needs to constantly adapt to what customers want. If customers are not happy, they will simply go to a competitor instead of coming back. It is thus essential to understand what’s going on in your store or shopping centre, use these insights to improve decision making and enhance customer service. Retail Analytics also helps in creating better snapshots of your target demographics.
New challenges in retail
The retail industry has been radically impacted by the pandemic. The new challenges do not only include keeping customers happy, but also keeping them (and staff) safe. Installing real-time people counting systems ensure that you can stay ahead of these problems by using data as the basis of operational and strategic decision making. Visibility in shopper journeys allows you to quickly adapt to demand. Retail data is the basis for smart decision-making regarding inventory levels, staffing and store design (thus improving safety and traffic flow). The main benefits of retail analytics are:
A new era of retail data
The retail landscape has changed. In the past retailers had no internet access and the success of any retail location was based purely on the sales of that location. The provided data was only able to display what happened in the past. Today, however, retailers have access to real-time data on their location(s). Retail analytics has become so advanced that it is possible to not only see historic data, but also predict trends and forecast future demand.
More and more retailers are reopening their doors. The ones that have an actionable data strategy in place will be ahead of the game. The evolution of data is just beginning and the coming years this will shift even more. Retailers will use more advanced data collection methods to overcome any obstacles whilst offering the best in-store shopping experience as the retail industry returns to a new normal.