How Retailers Can Make the Most Out of Analytics?

How Retailers Can Make the Most Out of Analytics?

By: Retail CIO Outlook | Monday, September 07, 2020

Amidst the sea of data and technology, it is imperative for retailers to make marketing decisions based on data-backed insights.

FREMONT, CA: Today, retailers are dealing with a massive volume of data generated from external and internal resources. To gain an edge in today’s business environment, retailers need to provide insightful and actionable analytics on the captured data. Gone are the days when businesses made decisions on gut feelings and hunch. Data-backed choices must move the needle for retailers to stay competitive. This data-driven strategy requires collecting, analyzing, and then applying the lessons learned from the data. However, to make this transition successful, a lot of wheels should come into action at the same time. Analytics tasks are time-consuming, and mismanaging this fundamental step can make the whole initiative fruitless. The task for retailers is to avoid this cesspool of blame games and emerge profitable with their data strategy. Here is the blueprint.

Understanding the Role of Analytics

In this data-driven world, a piece of metric can initiate a massive shift in the buyer journey. Marketing analytics is playing a vital role in understanding consumer conduct and interaction with the company and the offerings provided. So, the predominant aspect is to apprehend the importance of analytics. While thinking about the analytics strategy, retailers will have to check if the earlier set goals were realistic. Based on the results of the analysis, retail leaders have to reset some goals so that the company can realistically achieve them.

• Discovering Conversion Rates 

Once over with data analysis, the subsequent step is to discover conversion rates. This is to be regarded as one of the primary goals within the analytics strategy. The proportion of site traffic who become first-time customers is the conversion rate. Checking out and getting data on whether or not the site visitors are exploring the entire website or are they losing interest quickly after landing on the webpage can come to help. These are essential factors a retail marketer ought to be aware of as they can make adjustments in the analytics strategy as per the requirements.

• Integration of Online and Offline Data

Retailers need to maintain track of the clients in-stores and online. Many services make this job more manageable. Retail business leaders can take support from third-party solutions that provide digital statistics about customers. Enterprises can use this data to send coupons, newsletters, and extra at once to these customers. Thus retail marketer has a clear appreciation of the buying history and advertising trends.

• Sharing Insights with Enterprise Leaders 

Typically, enterprise leaders are usually curious and will be pushing on marketing to show further growth. The best method for the retail marketer is always to have their analytics clean, accurate, and telling a story. Showing reports just to flood the leader’s table with many charts will continuously lead the marketing to an uncertain path whilst inserting context will shift leaders’ attention from the numbers to the insights.

Retailers are under increased pressure to generate revenue and enhance margins, and they see facts as one of the top strategies for impacting these measures. Understanding analytics permits retailers to strategize the manner and to be more efficient at their jobs and reduce wasted marketing dollars.

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