Why Retail Analytics Solutions Are Necessary
The retail industry has become more competitive now than ever, and the only way further is the effective use of technology resources and customer data to drive more footfalls into the retail outlet and boost business. Let us check out the 5 top reasons why retail analytics platforms are imperative for the growth and sustainability of retail businesses.
1. Better Customer Insights:
Your customers generally visit the stores in their neighborhood or hang out on the commercial streets with their friends. With the help of retail analytics platforms, you could track the out-of-the-store as well as in-store buying behaviors of your customers across different channels. Such detailed analytics will provide you with a treasure trove of insights and information about your customers. You can gauge the interest of your customers well in advance. This will help you to effectively deploy various techniques such as remarketing of ads to stimulate interest in your target customers. You could either utilize location targeting to inform your customers about new offers when they are around the store or cross-sell products that intrigue your customers. This way you would be able to attract the interest of the customers and increase the footfalls into your stores.
2. Improve Performances In-store:
It is easy to do or follow what you have already tried and found success with. But various newer brands are beginning with a new hybrid model called click and brick stores. Newer and innovative strategies are getting highlighted such as placing the category of products inside the store, the methods of trading with supply chains, and prioritizing the top-selling or newly launched products. All these strategies depend on the analysis of the market and the customer. The retail data analytics dashboards could help retail owners predict the rate of success of the new type of product and stream social media intelligence to match the conversations about different product segments to help forecast the demand.
3. Use The Data Of Your Competitors:
A report by Mary Meeker specifically mentions the new telecom company from India, Reliance Jio. The company is in the limelight for creating disruptions in Asia. With a special focus on retail, the tremendous growth of the company is worth mentioning. It has created a ripple effect in the retail sector and continues to do so. The company analyzed the market model and the pricing of its competitors and realized that they could indeed strike gold. They were immensely successful in their endeavors. In turn, their competitors have now begun to analyze their model and are attempting to undercut the gains by Reliance to reclaim their readily disappearing share in the market.
With the help of retail data analytics tools, you could analyze the customer solutions that you are providing and compare them with the product performance of the competitors, as well as the locations of the stores. This will help you create better offers and pricing that would attract the attention of your audience.
4. Dynamic Pricing:
It is a fact that the retail market is tough and competitive. Competitors change their pricing now and then. So you find yourself in a spot even after you have checkmated them a few times. Moreover, online marketplaces such as eBay and Amazon consist of pricing that is never consistent. Retail analytics would help you use a wide variety of services and sources of data to estimate and predict the price variations in the retail market. Furthermore, you could use retail analytics to maintain proper floating prices for your products, which will allow you to stay competitive in this highly competitive retail sector.
5. 360-degree View:
The predisposition of your customers towards your business or that of your competitors is evolving rapidly. The CRM giants will help you perceive the journey of your customer with that of the journey of your brand. Therefore, as a retail business, you cannot afford to lag in comparison to the journey of the customer, which is mostly the case in various scenarios. With retail analytics services, you could cover various streams of data from economics as well as in-store channels, and social platforms to create a holistic and 360-degree view of the interactions of the customer with the brand as well as with the peers. This regular feedback is necessary for businesses to continue to offer value to their customers, and drive business growth. Retail analytics solutions are an important element in the growth of retail businesses. Retail analytics solutions will help businesses stay ahead of the competition in this highly competitive retail sector.
If you want more information about retail analytics services, then you must visit Clic Flyer today.