Retailers have started adopting data and analytics to know the real transformation to support their business in innovating the products and services.
FREMONT, CA: Retail companies across the world face many challenges, turbulent economic landscape, increasing retail channels, and an increasingly demanding customer base. The main challenge relies on the fact that retailers are overwhelming with data set that are attained from online as well as offline challenges.
To meet the challenges, the retailers need smart, data-driven solutions to stay ahead of the curve. As a result of this, retailers start leveraging retail analytics solutions, which can help them to know better about the trends in the retail market.
Personalization and Retail Analytics
Personalization is one of the major retail analytics trends that help retail organizations towards success. Entities are focusing on retaining the customers through style quizzes, interactive modules, and also recommended items for purchase by leveraging retail analytics solutions. Most of the top retail companies have developed interactive videos and app features to enhance CRM. Additionally, this permits organizations to enhance targeted marketing strategies with location-based offers and boost upselling opportunities with current customers.
At present, the retailers are leveraging predictive analytics to examine the historical facts and make predictions on the future. Predictive analytics is one of the key retail analytics trends in 2020 that will help companies to improve supply chain operations. Along with this, predictive analytics will help the companies to attain data related to local events, weather patterns, and variables that affect business practices and combine to scenarios to better predict fluctuations in availability and usage of products.
Omnichannel and Retail Analytics
When it comes to offering a continuous experience to customers, organizations in the retail industry need to bridge the gap between in-store and also online shopping platforms. Retail analytics solutions are allowing the cashiers as well as customers to check the availability and make selections online. Additionally, the rise of in-store kiosks allows customers to have cross-channel capabilities and meet the needs of the specific category or the objective of the brand as a whole.
Also see: Top Retail Solution Companies