Analytics in retail focuses on providing insights related to sales, inventory, customers, and other important aspects. Essentially, it is used to make better choices, run businesses more efficiently, and deliver improved customer service engagement. Retail analytics utilizes techniques like data mining and data discovery to segregate datasets and produce actionable business intelligence insights that can be applied in practice. Retailers use analytics to gain better visibility into their target demographic and identify ideal customers according to diverse categories such as age, preferences, buying patterns, and location among others.
One of the primary benefits of analytics is optimizing inventory and procurement. Businesses can use historical data and trend analysis to determine the amount and type of orders instead of relying exclusively on past orders. Analytics also helps reduce wasted space and associated overhead costs. Apart from inventory, retailers rely on analytics to identify customer trends preferences by combining sales data with a variety of factors. Companies are also harnessing retail analytics to improve their marketing campaigns by building an improved understanding of individual preferences and gleaning more granular insights. By blending demographic data with information such as shopping habits, preferences, and purchase history, companies can create strategies that focus on individuals and exhibit higher success rates.
Analytics platforms offer 360-degree view of customer needs and allow them to strategize more customer-oriented products, marketing, and service. Successful retail organizations leverage insight about their customers, products, and operations derived to make better decisions around marketing, sales, and operations. With retail analytics, businesses gain a single source of truth about customers’ buying preferences, and online and offline engagement with the brand. Retail analytics is especially important for e-commerce retailers to increase brand awareness and enhance digital advertising results. This insight helps enhance customer experience, which in turn attracts and retains more loyal customer following.
At this juncture, there is a wide variety of vendors entering the industry with a set of advanced analytics solutions and services offerings. To help companies navigate through the best-of-breed analytics providers, Retail CIO Outlook has compiled a list of ‘Top 10 Analytics Solution and Service Providers– 2020.’ The enlisted organizations deliver actionable intelligence to positively inform every aspect of a retail business. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you Retail CIO Outlook’s, “Top 10 Analytics Solution & Service Providers– 2020.”