Whether you have a good relationship with data or you totally ignore its existence, you can’t deny that it is the juice you need to fuel business and make accurate decisions. In 2021, the global retail market generated more than $26 trillion with a forecast over 30 trillion by 2024. Shopping malls, retailers or e-commerce understand that data is a necessity in order to deliver world-class services.
With all the technology available, customer behaviour also changed dramatically. People do research before they make purchase decisions. Therefore, retail analytics had to change as well. Retailers collect information about customer habits, their touch points and enrich customer experience through offering promotions or sending alerts. Retail analytics also helps to retain customers.
What is retail analytics?
Retail analytics focuses on giving insights that are connected to customers, their shopping habits, sales, revenue, supply or inventory. It helps businesses understand customers through data, discover their needs or find the target audience. By using data analysis, retailers are able to identify their ideal customers (gender, age, location, and more).
What can retailers use retail analytics for?
Retail analytics helps discover answers to questions like:
- At what time do my customers shop the most?
- Which products are the most popular in terms of customer buying preference?
- How much do customers spend shopping in the store?
- Which target audience shops the most? Divided by categories like age or gender?
- What’s my revenue? Did I fullfil my strategic plan?
- What should be an optimal price for this item on promotion?
- Do I sell products at the right place in the store, at the right price, colour?
How can retailers use BinarBase?
- Customer journey insights - With the help of data intelligence platform retailers can understand and improve customer experience by offering tailored solutions just for them.
- Unite all systems into one - Retailers use various softwares (CRM, inventory, supply). It is necessary for collecting data but it can be difficult to work with it if they are all over the place. Data intelligence is helpful when retailers need data stored in one platform.
- Understand demand and make decisions - The key benefit of using data intelligence for retail is to eliminate the guesswork in decision making. Making predictions and forecasting without data is not only inaccurate but can have detrimental effects on revenue generation.
Retailers who are yet to enjoy full benefits of data intelligence should consider the advantages it brings in the long-term. In order to stay competitive, retailers must listen to their customers and quickly adapt to their needs. Data is not working against us, it’s quite the opposite. If retailers accept them as a force that drives their decisions, data can turn into a competitive advantage very quickly.
If you need any advice on how to use data to drive sales and understand your customers, contact us at firstname.lastname@example.org