RETAIL ANALYTICS- A GOLDEN WAY TO WIN MORE SALES AND CUSTOMERS
Data is becoming the new source of gaining more and more
success in every field. The retail industry is not an exception. From
centralized software to customer-centric technologies, the retail industry has
redefined its way of doing business. Sales representatives are doing their best
for finding new ways to attract more customers and converting their viewers
into potential customers.
One of the crucial aspects the sales representative and sales
team of any organization lacks is insufficient data. More data implies more exposure
to the people. Here, data analytics can play a crucial role. The use of data
analytics in the retail sector is also referred to as Retail analytics.
What is retail analytics?
The use of data analytics tools in order to get an idea about
current business patterns, trends, performance in the retail sector is called retail analytics.
It helps you get insights intothe retail business that helps to optimize sales
operations and in turn getting success in business.
The data a retail sector may require is about supply chain
management, sales, inventory levels, customer requirements, and other related
data. This data will tell you more about consumer’s behaviour, purchasing
patterns that can help to predict the forecast and prepare for making plans to
meet the future demands. Retail analytics uses the data on how to design
or revamp business strategies so that more revenue is generated.
How to analyse the retail data?
Till here, we know that data can improve the sales performance
and give you a significant lift in revenue. Now we will see how to analyse the
· You must commence the process by choosing the right tools.
Choose the tools wisely or use your existing tools
effectively. There are various tools like POS, Foot traffic analytics, email
marketing software. Choose the right one depending upon your business needs.
Dig into the past for historical data with the help of retail
Your past data can tell you what mistakes could be avoided,
what necessary steps need to be taken. Historical data can give you insights
about the bestseller’s items information, highest-spending customers, etc.
· Redefine/match the metrics or reports
Your existing metrics need to be redefined or you can just
combine and match the metrics. By doing this, one can see the full picture in a
· Match the timing and predict what will be next in your
Retail analytics can help you to predict
perfect prediction at the perfect timing. Depending upon the customer’s
purchase data, you can estimate what will be the demand from them in the coming
few days or months.
· Encourage your customers for sharing their details.
Come forward instead of playing the game in the background
and encourage your customers to share their details.
How retail analytics is used to win more sales and customers?
Here the role of the customer ends and retail analytics
starts. Data required for analysis is available at every touchpoint. Now, use
this data to win more sales and customers.
· Make a deadly combination of offline and online data
There are multiple paths for modern customers, so relying
only on online or offline data will keep you away from getting a clear picture.
So, combine the data and get all the necessary insights.
· Do not ignore the human insight
Even your business may get a boost with the help of retail
analytics, always depend upon your team for their valuable feedback. This
will help you to make effective operational decisions.
What advantages will you get from retail analytics?
Look at the list below to know what retail business can get
from retail analytics:
· It helps to predict demand and thus manage the inventory.
· More targeted communication to the consumers
· Customer experience enhancement
· Get to know the current trends in the market
· Customer retention
· Get familiar with new ways to customer engagement
· Helps in strategic designing
Retail analytics will launch you in the
new digital world of business. Join hands with it and get ready to climb the
success ladder with new ventures of technology.