Today retailers across the globe are facing three significant challenges – turbulent economic landscape, proliferating retail channels, and an increasingly demanding customer base. However, the real challenge lies in the fact that retailers are inundated with data sets obtained from both online and offline channels. To tackle this challenge, they need smart, data-driven solutions to stay ahead of the curve. This is where leveraging retail analytics solutions can help retailers to understand market trends and customer behavior better.
The adoption of retail analytics solutions is increasing rapidly as more retailers worldwide are realizing significant returns from using BI and analytics platforms and services.
In this article, our retail analytics experts have curated a list of top retail analytics trends that are going to transform the retail industry in 2020 and will help companies to gain in-depth insights into the market scenario by replacing the inefficient data management tools and in-house analytics approaches. Also, these retail analytics trends will help organizations to have more agile, receptive, and cohesive data management systems and devise new strategies to target specific objectives such as increasing footfall and improving customer loyalty.
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Retail Analytics Trends 2020
#1: Omnichannel Experience
When it comes to offering a seamless experience to customers, companies in the retail industry need to bridge the gap between in-store and online shopping platforms. Retail analytics solutions are empowering cashiers and customers to check availability and make selections online. Furthermore, the rise of in-store kiosks allows customers to have cross-channel capabilities and meet the needs of the specific category or the objective of the brand as a whole. Additionally, customer-centric models are helping retail companies to integrate online portals and offer a seamless omnichannel experience to customers.
Personalization is one of the major retail analytics trends that is leading retail companies to success. Companies are focusing on retaining customers through style quizzes, interactive modules, and recommended items for purchase by leveraging retail analytics solutions. Many top retail companies that have developed interactive videos and app features to improve customer engagement on their sites. Also, this can allow companies to improve their targeted marketing strategies with location-based offers and increase upselling opportunities with current customers.
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#3: Predictive Analytics
Today retailers are leveraging predictive analytics to analyze historical facts and make predictions on future and unknown events. Therefore, it is going to become one of the key retail analytics trends in 2020 and will help companies to improve their supply chain operations. Also, it will help companies to fetch data related to weather patterns, local events, and variables that affect normal business practices and integrate them into scenarios to better predict fluctuations in availability and usage of products. Furthermore, this can help to maximize lifetime value per customer, reduce inventory, and other operational costs.
#4: Dynamic Pricing Models
Dynamic pricing is considered to be one of the significant retail analytics trends by our experts. This is because price elasticity helps in determining product prices based on market situations and real-time changes in competitors’ pricing strategies. Dynamic pricing models can help companies to base their price structures on inventory availability, market saturation, and customer demand. This can further help in driving demand, improving customer satisfaction and loyalty.