Retail data analytics empowers your customers to turn insights into higher revenue. It facilitates personalization, which nine out of ten consumers Retail data influences their purchasing decisions. Insights from retail data analytics also help businesses fine-tune their operations to meet shopper demands. When retailers provide consumers with the experiences they want, it results in greater loyalty and higher revenue.
Because data analysis and use of information have measurable benefits, they are a top priority for 69 percent of companies. However, retailers don’t always have the skills to collect relevant data, prepare it for analysis, and make this information available to employees so they can use it to improve their job performance. You have the opportunity to grow your business by providing solutions and services that can transform raw data into actionable insights.
What Retail Data Analytics Solutions Can Do for Your Customers
One of the most common goals retailers have when implementing data analytics is customer engagement. 41 percent of business leaders say that acquiring new customers is their primary goal when it comes to data analytics. Using data to personalize and target marketing is the priority for 36 percent more.
Artificial intelligence (AI) can take retail data analysis to the next level. In addition to tracking sales and inventory trends in real time and providing insights into promotion performance, AI can give retailers even more insights. AI can perform sentiment analysis on customer reviews to determine whether customers have a positive or negative sentiment toward certain products, services, or brands. Retailers can also leverage AI to perform root cause analysis to understand why trends or consumer behaviors are changing. AI can also help retailers forecast more accurately to prepare for increased demand or avoid over-ordering.
Analyzing retail data in real time also increases a company’s agility, allowing it to react quickly rather than waiting days or weeks for insights, which can lead to missed opportunities. Generative AI solutions that deliver “ChatGPT”-like experiences make data analytics insights easily accessible to all employees. With natural language processing (NLP), large language models (LLM), and other linguistic capabilities, users can ask questions in natural language, and the GenAI solution provides easy-to-understand answers.
Share the benefits of retail data analytics with decision makers
Your customers probably know that data analytics can benefit their business. However, they may not be clear on how it can benefit them in specific use cases and where their best investments will be. Additionally, make sure your sales process includes all decision-makers. For example, retail data analytics can:
- Merchandise planners track sales and inventory levels in real time, allowing them to forecast demand more accurately
- Brand managers gain unprecedented insights that help them understand customers and their perceptions of various products, which can influence product development and marketing
- Operations staff analyzes traffic patterns in stores and plans optimized staffing levels, with the number of paid employees on the floor tailored to minimize labor costs while providing customers with a superior experience
- Omnichannel marketers can see the performance of marketing efforts across all channels and provide visibility into inventory across the enterprise.
- Warehouse managers benefit from increased inventory visibility and significantly reduce stockouts
Retailers are ready to find solutions
Retailers collect, use and interact with massive amounts of data. However, only 14 percent of business leaders believe their organizations have reached a point where their data is synchronized across functions in a way that will deliver maximum value.
Your prospects are open to how you can help them overcome challenges and make data analytics and AI work for them. Expand your skills, network, and partnerships to deliver the retail data analytics solutions your customers are looking for.
