The pandemic has drastically transformed the retail industry. But thanks to retail analytics, businesses can now adapt to the new context of tracking their performance in real-time, and make an informed decision anytime, anywhere and continue to thrive.
Let us explore what is retail analytics and how to harness its power to enhance customer engagement :
What is retail analytics?
The retail industry is among the most widespread and dynamic industries across the world. A recent study by Modor Intelligence, a market intelligence and advisory firm, reveals that the retail industry was valued at US$23,460 billion in 2017 and is expected to reach US$ 31,880.8 billion by 2023.
So, not only is the retail industry enormous in size, it is also highly competitive and customer-centric. Hence, it is imperative for retailers to stay abreast of the latest trends and technology. They also need to stay ahead in the race, especially in omnichannel business space. Another vital aspect that the retailers have to pay attention to is to retain their customers by meeting their expectations and giving an unmatched shopping experience. This is where retail analytics come into play.
Retail analytics is defined as the process of studying and understanding retail business information and then deriving useful insights in all aspects of retail like supply chain, inventories, customer experience, etc. It leverages data-driven insights to enhance your business and improve customer experience.
Retail analytics has become much more relevant during this pandemic, as the new data will help retailers to overcome obstacles and pave the way for a delightful in-store shopping experience, when the retail industry returns to a new normal.
Advantages of retail analytics :
In retail, where the competition is fierce across channels and borders, data analytics can deliver customer-targeted promotions, operational and supply chain improvement, as well as immense growth opportunities :
Hence, retail analytics software has completely changed the game by aiding retailers in improving promotions, product placements, marketing strategies, as well as boosting customer retention. Now that we have understood the benefits of retail analytics, let us explore the ways to harness its power for business gains.
Driving retail growth by leveraging analytics :
To understand how retail analytics works, let us examine some real-time examples :
How iRetail helped Future Group : In the context of enhancing customer experience, as well as inventory visibility, the retail giant collaborated with Intellect Commerce to adopt intuitive and innovative solutions for their retail business to give positive results like :
Result : iRetail suite helped the Future Group in providing enriched customer experience, efficient and hassle-free campaigns and promotions, enabling business innovation and optimising operational efficiency.
How iRetail propelled supermarket giant Choppies’ business transformation :
As Choppies embarked on an expansion drive, iRetail enabled the African retail giant to streamline their operations, as well as created a CXO level dashboard with real-time analysis. iRetail helped Choppies drive an enhanced contextual experience:
Result : iRetail suite helped the retail giant with a single software solution for retail analytics that streamlined their business operations, further enabling innovation and optimising operational efficiency.
How retailers can derive the most from their data :
While the consumer sentiment and POS data can help retailers to understand customer behaviour and adapt the shopping experience accordingly, it is also important to evaluate data strategies properly. Sometimes, retailers misinterpret the data and make mistakes in incorporating retails analytics into their business processes. Here are a few tips to approach analytics efficiently :
Retailers who leverage the power of data analytics, will not only boost their sales and business but will also win the hearts of their customers by forming a personal bond with them. This connection will help them understand their consumers, their choice and help them u cater to their customers anytime and every time.
So, are you ready to redefine your retail game? If yes, then ask for a free demo of iRetail suite to track your business performance anytime, anywhere on the go: https://www.intellectcommerce.com/contactus/request-demo.html
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