Today advanced technologies such as – AI, big data, and machine learning have moved from the peripheries to the center, fundamentally remodeling the retail landscape in Canada. This has not only expanded the toolset available for retailers to respond but has given rise to a new category of analysis in the form of ‘retail analytics’ which employs sophisticated techniques and tools to gather, prepare, and analyze data to uncover deeper insights, craft predictions, and generate personalized recommendations.
Retail analytics offers unprecedented potential to understand customer preferences and behaviors to create an integrated and responsive ecosystem through partnerships and mergers and acquisitions (M&A)—to help retailers position themselves for success in a rapidly evolving environment. However, while envisioning the possibilities for new approaches and technologies, Canadian retailers need to be clear about both the potential of these new tools and the risks that can arise when implementing a new retail analytics-based approach.
To maximize the benefits of advanced retail analytics, businesses need to build the functional capabilities that will allow them to operate as an insight-driven organization. Request a FREE brochure of our retail analytics solutions to learn how we can help you.
Amid the omnichannel buzz that has prompted retailers to deploy advanced analytics tools and techniques across platforms, brick and mortar stores remain a focal point in retail strategies, given the large volumes of transactions that take place in-store. The need for retailers now is to create an open line of communication with consumers without becoming overbearing.
We caught up with Sudarshan, Solutioning and Strategy Architect at Quantzig, for his views on the power of retail analytics and its impact on the future of the retail industry in Canada.
Can beacons bring new opportunities with big data for brick-and-mortar retailers in Canada?
With retail analytics bringing in massive transformations, there is a great potential for businesses to use beacon technology to offer integrated, holistic, customer experiences both online and in-store. Also, the growing popularity of beacon technology can be attributed to its ability to reinvigorate the traditional brick-and-mortar retailing system and offer personalized services that can’t be availed online. Such technologies in combination with advanced retail analytics solutions can help unlock the true potential of data, paving the way for a data-driven culture.
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What according to you is holding them back from leveraging retail analytics?
With online channels and e-commerce platforms playing a huge role in driving sales, its crucial to analyze new ways to drive in-store sales. Leading players might be way up the ladder, but few retailers are still learning to tackle the data deluge. What’s crucial to note is that retail analytics can help drive measurable growth as it affects several key aspects of retail. Businesses must assess and gauge the impact of such solutions by partnering with leading analytics solutions providers who can help them develop the best-fitting strategy.
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Key Areas Where Retail Analytics Can be Applied
A key benefit of retail analytics revolves around leveraging AI and advanced machine learning techniques to analyze the performance of individual categories. Advanced retail analytics solutions can not only help retailers tackle the data deluge but can help analyze the data to offer category-specific behavioral insights.
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Retail analytics solutions can help retailers justify their marketing investments by analyzing the ROI generated from campaigns. It also helps businesses to predict business outcomes by evaluating what-if scenarios to make better pricing decisions.
Store layouts can impact sales both positively and negatively, making it crucial to assess factors affecting the store layout before implementing new features. Retail analytics can help businesses optimize the storefront assortments by using heat maps to gauge the impact of their store layout on ROI.