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Faster Decisions and Seamless Shopping Experience with Retail Analytics Platform

Brands can’t simply afford to attract and retain customers using sales and discounts anymore, for they now want personalisation. Customers expect unified experiences between physical stores and online shopping channels, which helps them make purchases easily and efficiently. If they face problems when doing so, they’ll simply replace you with another retailer. Retailers use merchandising analytics and retail analytics to handle these challenges, along with building customer satisfaction and sales. For this, brands require a deep understanding of their prospective and existing customers.

 

The internet is a valuable resource of information, where customers have all the options and information at their fingertips. Therefore, retailers must constantly compete against each other to engage the audience and convert them to paying customers. Customer loyalty and high return on investment don’t depend on the right location, competitive prices and fancy packaging. Due to the digital market, customers are empowered to demand experiential purchases across stores and screens. This is where retail analytics platforms come into use:

 
What are retail analytics?

Going by a simple definition, retail analytics involves incorporating big data for supply chain movement optimisation, customer loyalty and pricing. Big data is defined as a large amount of data, which reveals market trends, associations and patterns related to human interaction and behaviour. It is described using three major key factors such as variety, velocity and volume.

 

When it comes to retail, big data allows retailers to understand customer shopping tendencies and the right way to attract a new set of customers. In retail, big data analytics empowers brands to create personalised customer recommendations according to the customers’ past purchasing history. This builds enhanced customer service due to a personalised shopping experience, along with improving strategic decisions and forecasting trends depending on market analysis.

 
What is the present state of the retail industry?
 

Customers aren’t simply dependent on your promises when they’re making purchases, as it’s never a linear decision. Instead, they engage with several offline and online touchpoints associated with what they wanted to buy. This includes online research for the perfect price range, style, locations and reviews to finally your physical store or e-commerce website. All of this is a journey as to how the customer starts to engage with their favourite brand, is interested in a certain service or product and finally purchases the item. Research has proven that brands must constantly engage with customers up to eight touchpoints so that they’re finally interested in picking your services – making it a complex and individualized journey.

 

As a result, retailers must deliver relevant and engaging experiences throughout the shopping journey. They must constantly interest the customer with their favourite services and products packaged in eye-catching messages at the right time. Though it seems simple, here’s where you need retail analytics services.

 

Retailers use BI in the retail industry to analyse the product demand differences across geographical locations, which helps them efficiently stock products to serve customers in particular regions.

 
How has big data transformed the retail industry?
 

The retail industry collects your data in several ways, such as loyalty programmes, user logins, IP addresses, credit card transactions and more. As they collect more information, retailers involve market insights to further interpret your shopping choices. Business analytics in retail technology enables retailers the data that they need to make informed decisions about their customer experience campaigns and marketing initiatives.

 

However, each platform only gives a glimpse of the customer engaging with the brand. To have a centralised perspective of the information, they must integrate the collected data through in-store, offline and digital initiatives to create positive customer experiences. As time goes by, retailers predict your future spending and send you personalised shopping recommendations.


Content management

Retailers would analyse content more popular with their existing and prospective customers based on their traffic, along with the devices used.


Ecommerce and in-store point of sale software

Retailers also receive insights into their customer counts, shopping trends and returning customers.


Third or second-party data

Businesses also work with the third or second-party data acquired through purchasing lists or partnerships, usually to obtain visibility in offline campaigns like television or billboard advertisements.


Email marketing

They offer insightful data on click-through rates and open rates, which depends on when the customers engage with the brands.


Customer applications and loyalty cards

They provide information on where the customers are actively searching, along with their favourite products and location.


Customer relationship management

Retailers have customer profiles that chart their customer’s journey, including past shopping history and location.


Location data

Stores involve location-based and geospatial data technology to check when a prospective customer approaches their store and check certain aisles after entering.

 

Therefore, business intelligence has an integral role to play in digital retail. If you’re looking for retail data analytics, please contact us at Clic Flyer.