Data is the most critical and sought after the requirement for businesses of all sizes. Its application in retail sector ranges from discovering new sales opportunities to uncovering operational inefficiencies. Retail Analytics has been disrupting the industry for a few years.
Companies can leverage meaningful insights and can deliver more targeted promotions, better customer services and uncover continual opportunities for growth. Here is a close look at the 5 ways in which retail analytics can improve your business
One of the critical facts of retail marketing is to track and understand customer behavior. From in-store experience to online communication – analytics help in tracking the purchases and interaction with ads. Besides, it provides detailed insights into cart abandonment, closing a sale, and other things that help the retailer understand customer behavior and help them complete the buying process.
By knowing your target audience and understanding their requirements with retail analytics, you can send the right message to the right audience. In short, you can create a perfect marketing campaign, narrow down the branding details, try different message tone and understand consumer preferences in a better way. Retailers can use the data to make insight-driven strategies and implement a targeted marketing plan that results in higher conversions.
Online retails always face the problem of converting leads. Retail analytics helps to improve the conversion rate with targeted promotions and predictive analysis. With Analytics, it is now possible for retail companies to uncover what products or promotions attract consumers. They can test and analyse new ways to capture the target audience.
Using retail analytics, the operations are streamlined to maintain the supply chain. Companies use data for product tracking, stock verification, product inventory management, etc for better forecasting of the demand. It also helps in speeding the delivery of goods and making better decisions at different levels of operations. In short, it not only cut down the costs but impact the bottom line.
The main objective of retail analytics in credit risk analysis is to understand the borrower and assign a risk rating. The credit risk rating is derived by estimating the probability of default over a given period. This helps the retailer in estimating the amount of loss the business would suffer in the event of default. Retailers who offer credit to the consumers must take necessary steps to ensure they are minimizing the credit risk.
Besides the above, retail analytics helps in automating the custom reports, visual representation of data for clear understanding and more.
By adopting some of the trends in analytics, retailers can make themselves ready for changing tomorrow. Today, e-commerce giants like –Amazon, eBay, Flipkart etc use retail analytics to help their customers find the product of their choice by understanding their behavior.
Grow your business with retail analytics and see a future of possibilities. Get in touch with us to know more about how data analytics can impact your business!