As the retail landscape grows increasingly complex, leveraging retail analytics to better understand the business environment is more of a necessity for retailers looking to up their game. Looking ahead to 2019 and beyond, our experts predict that there would be a significant surge in analytical investments by players across industries. Such initiatives are poised to drive competitive advantages for data-driven organizations, both large, well-established entities as well as smaller retail chains. At Quantzig, we’re continually capturing inputs from our clients, and over the course of the year, we’ve noticed a few trends that have affected several business aspects of retailers. Our analytics experts have curated a list of the top four retail analytics trends that are key drivers of transformation in the retail industry.
Want more insights on the top retail analytics trends? Get in touch with our experts to gain in-depth insights into the retail analytics trends that are set to change the retail landscape this year.
Top 4 Retail Analytics Trends: 2019 and Beyond
Customer Experience is more Important than Ever
Today success in the retail industry revolves around offering great customer experiences. To succeed in the competitive retail landscape businesses are focusing on adopting a more customer-focused approach rather than a product-focused one. With such transformations in full swing, there’s a need for a renewed focus on customer metrics. Though companies understand the role of customer satisfaction in sales growth, not every retailer can understand the potential of customer metrics, and how they impact customer journeys. However, as customer metrics begin to take center stage, retail analytics trends that focus on improving customer churn, customer retention, NPS, emotional scoring, and digital reach are poised to become the key drivers of business success.
AI-Powered Retail Analytics Helps Maximize Business Outcomes
AI-based retail analytics trends have brought about several transformations in the retail industry. As such, retailers all over the globe are actively looking at harnessing the power of artificial intelligence to drive profitability. The use of artificial intelligence techniques is poised to bring about several changes in the retail landscape. The adoption of AI-based retail analytics trends is expected to aid business growth in the following ways:
- Accurate prediction of inventory levels to increase on-shelf availability
- Better pricing decisions
- Natural language generation to become a core part of the analytics stack for enterprises
Have you considered investing in retail analytics in 2019? If yes, it’s probably the best decision. Learn more about the benefits of retail analytics from our experts.
Retail Analytics takes Inventory Awareness to New Levels
In today’s highly competitive and quickly changing retail environment, businesses that are equipped to meet and exceed customer expectations have a clear competitive advantage. Retailers capable of tracking and monitoring their inventories will be better positioned to maximize business growth. After all, all it takes is one bad experience due to bad inventory data to lose your customer’s trust.
5G Networks allow Retailers to take a Leap Forward
Today the world is on the cusp of another technological innovation. A few years ago, mobile BI was not really the area of focus for retailers due to the lack of BI development tools. However, the majority of such issues have been resolved today, and 5G networks are expected to lay the infrastructure for autonomous vehicles to communicate with the internet and deliver goods from retailers to their customers. Faster connectivity will eventually make it possible to leverage real-time, augmented, and virtual reality tools.