How Can Retailers Use Analytics?

How Can Retailers Use Analytics?
March 11, 2021

When you first think about working in retail, you probably image a bored teenager folding jeans at the Gap or checking out your candles at Bath and Body Works. But in reality, the world of retail is a huge market where you buy almost everything you consume. Whether you walk into a big-name store or a small vendor, you are interacting with a successful retail business. The industry is all around you, whether you realize it or not.

If you’re someone who has made your living in retail operations you know how the big data and bottom-line affects the outcome of your company. And while merchandise and customer service are huge parts of your job, you also need to pay attention to the analytics of your retail business. Integration, sales data, and price optimization are all huge parts of your job. And you need a way to understand these numbers and how to sort through the analytics of your customer data. This is where retail analytics software can be beneficial to your retail company in more ways than one. Here are just a few ways you can use this real-time predictive analytics to help improve your retail business.

Help with inventory and organization.

Inventory management is a huge part of your job. Whether you’re a supply chain or a buyer, you always want to be sure you have the right amount of merchandise without making too much. Retail analytics software can track your inventory and help you organize what you really need. Through this automation, your workflows become easier and store managers can relax knowing everything is taken care of. These systems can even benefit you at the warehouse outside of the retail store. Let the machines take the guesswork out of your retail business and help with an assortment of inventory needs.

Track your numbers.

Studying customer analytics allows you to track historical data. Where are your sales numbers at and how can you improve them? You can get a visualization of how many people shop at your retail business versus your online store. You can see customer demand for certain products and decide where you may need to offer discounts. By integrating your analytics software to one location, you can track your numbers and allow that to inform your marketing campaigns and other retail management solutions.

Improve your sales.

By tracking your numbers, you can easily work to increase sales. Ignorance is not bliss in the world of business. Use predictive analytics to take advantage of trends that can help you make more money. Your store operations and eCommerce are sure to improve when you have the sales numbers and can work to strategically improve them.

Follow customer trends.

Customer interactions should always inform your retail attitude and the merchandise you put on your shelves. However, consumers are constantly changing their tune and trending toward different interests. With analytics solutions and retail management systems, you can follow these trends and take advantage of them. If social media says bell-bottom jeans are back in, for example, you can start selling that product immediately to appease consumer needs. Stay on top of trends and work to make customizable items and appeal to a broader audience. This is a great way to succeed in retail.

Make strategic decisions for your business.

Overall, there are a lot of decisions to make for store managers in charge of retail management solutions. Knowing real-time data and getting actionable insight will allow you to make those tricky decisions in an informed way. Retail analytics breaks down the big data in a way you can understand and take steps to do what is best for your business.

Written By
Business Editor

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