Retail Analytics

Retail Analytics

Retail is one of the fastest growing industries. New trends are emerging and competition is increasing, especially in the online market. Consumers are much more tech savvy and are highly involved in the online world. This new online trend is changing the retailer-customer relationship, placing customers in control.

Consumers are constantly sharing ideas and opinions with friends and the general public through numerous online platforms such as Twitter, blogs, and review sites, where they are exposing the positives and negatives of retail based on personal experiences. From handling simple predictable demands, to varied and unique tastes, retailers now need to sift through and analyze terabytes of data to be able to understand customers’ requirements more precisely. There are many issues and questions retailers are grappling with:

·         How do we increase margins at a product-level?

·         What is the best way to target individual customers and provide them with tailor-made offerings?

·         What marketing strategies should we employ and what RoI can we expect on the spends?

·         What should be the best price for a product through its lifecycle?

·         What promotions and offers do we employ in each store?

·         How do we decide on the product-mix for each store?

·         Is there a way to track the online shopping patterns of customers and provide them with personalized offers?

·         How do we ensure effective stock deliveries during busy trading seasons?

With a slew of issues to tackle, retailers need to relook at the way business is typically run to ensure survival. This not only involves re-examining interactions with customers but also focus equally on back- end operations such as store planning, merchandizing, supply-chain infrastructure, and logistics to guarantee success.

 Business analytics can help retailers break-down and assimilate information collected and provide better insights into customer tastes and preferences as well as back-end processes.

Angoss expertise & Happiest minds have come up with creative ideas and by combining with data mining and predictive analytics, they are trying to help retailers define a view of customers by analysing the wealth of data that resides within their organization. They can use this data to determine how to strategically segment the target market in order to predict future behaviour and meet all retail goals.

Retail Analytics can help improve numerous retail business functions such as: