Retails Analytics: Top 4 Reasons Why Brands Need It

Retails Analytics: Top 4 Reasons Why Brands Need It

By: Retail CIO Outlook | Thursday, October 22, 2020

Using retail analytics helps brands in building a positive brand image, gaining trust, and developing long-lasting relationships with customers.

FREMONT, CA: Modern-day retailers can no longer rest on their legacy as the technology revolution is underway in the retail sector. Like the unique life-choices customers make, they expect retailers to use their data through retail analytics solutions to offer personalized products and services.  At this rapid pace of technology integration, here is more about how retailers must employ analytics solutions to improve business. Top 10 Retail Analytics Companies in UK - 2020

Tracking Shopping Behaviors

Using analysis, retailers can track their in-store and out-of-store shopping behaviors. This will build a treasure mine of insights for retailers to gauge customer interest in advance, and effectively deploy techniques like ad remarketing. Retailers can use location targeting to notify customers of an offer when they are near the store or cross-sell products they might be interested in. Retail analytics also help retailers predict the success of a new product type.

Converging Various Data Sources

Modern-day customers’ purchase behaviors are drastically evolving. Customer relationship management giants perceive the customer journey and the brand’s journey as parallel tracks. Retailers can never stay behind the customer’s journey. Retail analytics solutions will help retailers converge various data streams from in-store, e-commerce channels, social listening platforms, and more to develop a 360 view of customer interactions with the brand and peers. Getting this feed is essential to continue offering value to customers and driving business growth.

Improving Operational Performance

To enhance operational performance across channels, retail data analytics can help brands monitor store-level demand in real-time to ensure bestselling items remain in stock. Gaining better visibility into promotional performance can help retailers adapt marketing, forecasting, and replenishment tactics, and identify trends, popular products to cross-sell to maximize profit.

Providing Seamless Customer Experience

To make effective, customer-centric decisions, retailers must use retail analytics and anticipate shopper needs and provide seamless customer experience. Customer analytics in retail can also help retailers improve the customer shopping experience and customer loyalty by knowing each buyer and personalizing marketing strategies. Delivering a good shopping experience improves customer satisfaction, customer loyalty, customer referrals, and customer engagement.

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