What is the Importance of Retail Analytics for a Physical Store?

What is the Importance of Retail Analytics for a Physical Store?

By: Retail CIO Outlook | Thursday, October 15, 2020

The retail industry has to keep up with customer expectations to fulfill the consumer's shopping experience that is personal, informative, and convenient.

FREMONT, CA: The right retail data possesses the mystery to customer loyalty. It is much easier for eCommerce retailers to gather individual shopping data. With the help of web technologies, online retailers can not only track what a consumer purchased and when, but can also track where the user is shopping from in terms of physical location and device is used. But it is much harder to reach this stage in retail analytics in a brick-and-mortar store. These retailers are limited in the number of ways they can offer a customized, convenient shopping experience to every customer without the help of retail analytics technology.

Upgrading the System

Top 10 Analytics Companies – 2020In order to ensure retail success, operational agility, customer retention, resource optimization, and continuous improvement are vital. But being able to achieve the goals in these areas depends on real-time feedback from all the various touchpoints. Therefore with the full range of technology solutions being available, it is possible to incorporate that in the physical stores to transform it into a data haven. This digital transformation is not an overnight journey, it demands a well-thought-out plan with clear objectives and clear technology roadmap, together with an ecosystem of partners and vendors who can be instrumental in bringing the vision into reality.

Investing in the Future of Retail Analytics

As data-driven culture has engulfed the world, information has become available anywhere and anytime. The hard part of the equation is to make sense of the data that is available. It is no brainer that data will help retailers make better decisions, enhance operational efficiencies, and help deliver better customer experiences. But to be able to interpret the data into actionable insights is the biggest roadblock for the retailers.

Retailers can potentially collect thousands of data points about a single shopper during a given visit when a new data analytics and reporting technologies are combined. They will need the best data visualization software to analyze these data points and highlight meaningful insights. The actionable data can aid in forming the supply and demand decisions, reduce costs, create more revenue, influence quality improvements, augment process efficiencies, and formulate a better shopping experience that meets the customer preferences.

See Also: Top Digital Transformation Solution Companies

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