When it comes to making decisions, retail analytics are truly a retailer’s new best friend. Simply put, it helps steer you away from making gut decisions and helps you make data-based decisions. Retail analytics gives you the opportunity to employ business, merchandising, scheduling and marketing strategies that are based on facts, not feelings. Perhaps more importantly, retail analytics will help you understand your customers’ needs, wants and behaviors so completely that will be able to manage your business in a customer-centric way.
For insights into what shoppers want, download our free survey report of 1,000 shoppers from Canada and USA: “Great Omnichannel Expectations 2016-2017 Shopper Survey Report.”
What Data Can Do For You
Some retailers are reluctant to employ retail analytics solutions because they aren’t “numbers” people. They may even think of “data” and cringe. But with retail analytics solutions, the data you are collecting is analyzed and presented in easy-to-understand and actionable reports. Just think of what could you do with detailed information on your shoppers’:
- Buying history
- Return history
- Social and network usage preferences
With an integrated retail platform, this information comes from all channels and store systems so you have a complete picture of customer behavior, allowing you to promote the right products at the right price point at the right time. You can get the answers you need quickly — they are literally available with a few taps on a touchscreen.
5 Ways Retail Analytics Helps You Make Smart Decisions
While analytics allows you to make quick decisions, perhaps its most important benefit is that it allows you to make smart decisions. Here are some examples of how retailers are leveraging data to make decisions that benefit their businesses:
- Inventory levels. Using retail analytics allows you to keep optimal inventory in stock, avoiding overstocks or runs any time of the year and especially during seasonal peaks and lulls.
- Targeted marketing. You will be able to send customers personal and customized offers, as well as coupons based on their past purchases. You can segment customers to send and create laser-focused targeted messaging: analytics shows you which of your customers should get which message, and when. .
- Trending Products. Retail analytics allows you to see trends in popular products before your competition, allowing you to promote those products across channels, offering your customers the perfect product mix based on their behaviors and needs.
- Manage Touchpoints. You will be able to see where shoppers make their purchases, allowing you to invest in those channels or areas of your stores and enhance those shopping experiences. Data will help you personalize experiences based on shopper data — you will know exactly which buyers are buying which products. Providing a good shopping experience improves customer loyalty, increases repeat purchasing, results in customer referrals, thus increasing your revenue.
- Optimize Pricing. Knowing the right price point at the right time can mean a nice increase in revenue and profit. Retail analytics will show you profit opportunities, allowing you to know when it’s time to raise prices. Analytics also can be used to automate price increases and to make smarter pricing decisions in general.
Retailers are leveraging data to steer their businesses to success. Consider insights you could use to increase sales and help control costs: retail analytics can provide you the answers.
Ready to learn more about how retail analytics can help you make strategic and effective decisions quickly? Learn more about iVend Retail’s reporting and analytics system to see how it delivers targeted business intelligence reports.
For data-based insights into what shoppers expect from today’s connected retail environment, download our free “Great Omnichannel Expectations 2016-2017 Shopper Survey Report.”