Retail analytics is the process of finding actionable insights housed within retail data. This retail data can be in the form of inventory levels, supply chain data, sales, conversion rates, and much more. The goal of retail analytics is to empower businesses to make better choices and to move to a more efficient way of operating.
What Retail Analytics Include
- People counting – How many people visit the store and how long do they dwell.
- Sales forecasting
- Sales data analysis
- Buying pattern analysis
- Analyzing customer behavior
- Customer trend analysis
- Consumer demand analysis
- Supply chain movement analysis
What You Can Do With Retail Analytics
- Identify the changing preferences of customers so you can adapt to meet their expectations
- Identify where improvements can be made in your supply chain
- Identify current consumer trends and whether there’s an opportunity for you to innovate in this area
- Use sales data analysis to make meaningful improvements to your sales approach, pricing, and marketing
- Use insights found in customer behavior analysis to determine whether you should make key changes to improve the customer experience. Does the layout of your store need to change? Do customers use your product in the same way? Do they use it in the way you intended it to be used?
- Optimize inventory and procurement – Use predictive analytics to determine which products to stock and in what quantities.
Improve Your Store Management
Managing a retail business can be challenging. Managing inventory is a complex process but so critical to the success of the business. With retail analytics, you can use historical data and predictive analytics to make better decisions. These decisions can have a significant effect on revenue as well as customer satisfaction. Get in touch with AI superior today to unlock the insights in your retail data.