All retailers should be able to answer the following questions at all times:
It makes all the difference if you know the answers to these questions and in turn, draw the correct conclusions. This can really make or break you as a retailer.
These analytics solutions are most frequently used be retailers
When Retail Analytics were not so advanced yet, retailers were mainly limited to analysing sales and traffic trends to track performance and marketing activities. But times have changed and technology has advanced. Powerful insights can now be brought by retail analytics.
People counting People counting (footfall counting) analytics can be super valuable for retailers as it gives insights in the number of visitors at a specific time or during a time period. Combining information concerning store traffic and the amount of sales gives information about store conversion rate. When retailers understand how to turn this into actionable insights they will really start to gain advantage.
Demographics Understanding demographics are important because they help in deciding which specific audience segments to target (and also which segments are less interesting to devote time, energy and money to). Targeting the right audience increases the relevancy of the message.
Customer experience and behaviour Customer behaviour analysis provides interesting information about the way people interact with products and advertisements in shops. Examining this behaviour means understanding the customer’s buying decision. This, in turn, means you can act accordingly and gain the most advantage.
Retail Analytics improves smart decision-making
It goes without saying that the success of any business starts with making smart decisions, based on reliable data. Retailers often base their decisions on opinions, experiences and gut instinct. Although this is very human, it can go south really quickly. Many studies have shown that relying on hard facts is the most profitable. This is where retail analytics come in with facts and insights about customer needs.
Retail Analytics provide information about the preferences of consumers and this can really change your business in a positive way. Using this information allows you to follow your customers along their customer journey in a cost-effective way. Tracking and evaluating buyer decisions and potential barriers to purchase are key to making informed business decisions. Don’t risk being too late, start today!