retail analytics trends Archives | Quantzig

Tag: retail analytics trends

in-store analytics

In-store Analytics: 5 Major Challenges Retail Companies Face

The competitive retail landscape has increased the need for customer analysis across different retail segments. This has resulted in the growth of demand for in-store analytics. Today companies in the retail sector have started implementing in-store analytics to understand customer behavior and retain existing customers. Consequently, in-store analytics has become an integral part of a conventional retail store. In-store analytics can help retail businesses to make informed decisions and gauge their performance in real-time. Also, it can help them in offering better and personalized customer experience.

In-store analytics is the key to bolster customer experience and deepen consumer privacy in the retail sector,” says a retail analytics expert from Quantzig.

However, due to the immense scope of in-store analytics, there are significant challenges that retail and CPG companies have to deal with to derive desired business outcomes. In this article, our team of analytics experts have highlighted a few challenges to assist retail companies to stay ahead of the curve.

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IN-STORE ANALYTICS CHALLENGESIn-store Analytics Challenges

Collecting data from disparate sources

Data is generally generated in different format from various sources within an organization. . For retail companies, it is quite challenging to collect data from disparate sources and unify these data into a single platform. As a result, companies face hurdles in analyzing the pool of data they collect.

Accuracy of the data collected

Accuracy of data is one of the major factors responsible for accurate analysis. To make in-store analytics solutions work exactly according to the business requirement, companies need to ensure that the right quality of the data is collected. This can help them maximize category growth and with the help of in-store analytics. Also, without accurate data, analyzing heat map is difficult for companies making them unable to gauge the impact of their store layout on return on sales (ROS).

Talk to our analytics experts and learn how we can help you analyze your in-store traffic patterns and offer behavioral insights to improve business outcomes.

Ensuring data security and compliance

With the constant rise in data breaches, retail companies need to ensure the security and compliance of the data collected. For successful implementation of in-store analytics solutions, companies need to carry out penetration tests and internal security audits to secure the data.

Gain limited-time complimentary access to our analytics platform to determine the optimal shelf configuration that can help maximize sales and conversion rates.

Extracting the valuable insights from the data

In-store analytics solutions can help companies in the retail sector to extract, transform and load the data efficiently to reveal customer buying patterns and market trends. But for this to work successfully, companies need to ensure that they can extract valuable insights from the data collected. Also, companies in the retail sector need to assemble specific data insights and look for correlations to derive the best business outcomes.

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retail analytics trends

Top Retail Analytics Trends to Watch Out for in 2020

Today retailers across the globe are facing three major 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 better understand market trends and customer behavior.

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.

Request a FREE Brochure of our retail analytics solution to gain in-depth insights into how it can help you analyze sales patterns of different product categories and identify the correlations between them.

RETAIL ANALYTICS TRENDS BLOGRetail 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.

Talk to our analytics experts who can help you optimize store layouts and devise data-driven marketing strategies.

#2: Personalization

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.

Gain limited time complimentary access to our retail analytics platform to know how you can drive significant improvements in performance and CX with the help of our retail analytics solutions.

#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.

Learn more about retail analytics trends that’s going to impact your retail business in 2020.

customer analytics

Case Study: Developing a Retail Analytics Roadmap for a Leading Cosmetics Brand

With several business units spread globally, the client is a well-known cosmetics brand operating in the retail market in the Philippines. They specialize in the sales and distribution of cosmetic products globally.

The Business Challenge

While many retailers have started their analytics journey and are at various stages of maturity, they are still struggling to identify the most appropriate model for sustainable retail analytics implementation. However, the use of retail analytics solutions has gradually spread across several business areas, impacting key decisions of retailers globally.

With the proliferation of data sets and the growing popularity of analytics models, businesses should consider leveraging retail analytics solutions and applications such as- video analytics, retail analytics, operational analytics, text analytics, and supply chain analytics to enhance their decision-making ability. While such applications are moving into the mainstream, retailers with several business units tend to have various databases supporting a wide range of market initiatives. Collating and analyzing the data generated from disparate sources, however, can be a challenge without expert assistance. Working with a trusted third-party analytics service provider like Quantzig can bring sanity to otherwise chaotic processes inundated by resource constraints.

Would you like to know more about our retail analytics solutions? Request a FREE proposal right away!

With the growing competitive pressures, the retailer faced several challenges including engagement, digitization, and disruptions that prompted them to devise a suitable model to better position themselves and gain a winning edge in today’s complex retail sector. As such, they were looking at devising a structured retail analytics-driven approach that would help them to skilfully undertake the journey from data discovery to insight generation, data optimization, and finally embedding of analytics into their existing workflow.

Solution Offered and Value Delivered

Realizing the value of their operational and sales data, the client approached Quantzig to help them integrate and analyze data on a more granular level so that they could create an effective long-term strategy and redeploy their efforts on the right stores.

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Based on our experience of working with multiple retailers, we helped the client to leverage retail analytics solutions to develop a framework that helped structure their programs in three key areas including:

  • Merchandising operations
  • Supply chain operations
  • Store operations

To help the client tackle their challenges our retail analytics experts adopted a three-phased approach that generated deeper insights across the retail value chain, including procurement, supply chain, sales and distribution, store operations, and customer management. It included the following three phases:

Phase 1: Exploratory data analysis

During the first phase of this retail analytics engagement, we performed a detailed exploratory analysis of the client’s business data and generated a detailed retail analytics-based report to aid decision making.

Request for more information and gain expert insights on how you can benefits from retail analytics solutions.

 Phase 2: Implementation of analytics modules and expert recommendations

The second phase of this retail analytics engagement revolved around implementing advanced analytics-based business modules for improving store operations.  In addition to improving the speed of reporting and ad hoc querying, we also offered expert recommendations that helped them focus on analyzing data generated from various sources.

Phase 3: Detailed retail analytics roadmap

The devised roadmap revolved around leveraging data and analytics to exploit the latest technologies to deliver better digital experiences for their customers and integrate digital channels and operations into the fabric of their businesses.

Our retail analytics solutions not only helped the client to bring in major organizational transformations but also enabled them to increase their operational efficiency by 13%.

Get in touch with our analytics experts for exhaustive inisghts on retail analytics.

Benefits of Retail Analytics: How analytics can help retailers drive profitability

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fashion retail analytics

3 Best Practices Businesses for Managing a Successful Retail Analytics Campaign

“Retail analytics can help companies to identify new opportunities and seasonal trends of popular items.”

Today’s retail marketplace is fast-paced and is in a state of constant flux. This has increased the urgency to reduce costs and increase efficiency in operations in order to stay ahead of competitors. Consumers have become more demanding and expect unique experiences across all touchpoints. Also, retail companies are facing tremendous pressure to fulfil customer expectations with regards to the quality of the product, service and overall experience. In this accelerated commercial landscape, the ability of retail companies to respond to customer needs at the right time and place holds the key to success.

Businesses in the retail sector need to explore new opportunities presented by new data sources. This can also help them achieve unprecedented value and competitive advantage in an ever-expanding retail space. There is a need for retail companies to empower people across their organization to make decisions accurately and smartly. The assured way to achieve this is to harness a plethora of data available in the retail sector through retail analytics. Retail analytics solutions can help retail companies to understand customers in depth to uncover the latest trends to reveal new opportunities and more.

At Quantzig, we understand the impact that retail analytics solutions can have on your business. And to help companies excel in the competitive business landscape, our team of retail analytics experts have highlighted five best practices that businesses must consider while implementing retail analytics.  These practices can help businesses in developing successful cross-channel and multi-channel retail strategies to gain actionable insights into customer demands and preferences. Consequently, this can help in maximizing profitability by improving customer service.

Our portfolio of retail analytics services helps leading companies to successfully improve marketing ROI and optimize digital advertising investments. Request a FREE proposal to know more.

RETAIL ANALYTICS BEST PRACTICES

Retail Analytics Best Practices

#1: Customize the products

Customers in retail space have become very demanding and are increasingly looking for unique experiences. Retail companies must rethink the role of their stores and develop smarter, more personalized offers for their customers. With the increasing popularity of online retail stores, companies should focus on creating unique retail experiences that can draw in customers. Retail analytics solutions can help companies to improve the shopping experience by allowing them to act on buying patterns derived from retail analytics dashboards. Also, retailers can use virtual reality and cutting-edge technology to create a more dynamic and stimulating experience for shoppers. Additionally, retailers should contemplate regular audits, as this helps them to precisely update the status of operations, generate specific reports and ensure better customer service.

Want to learn more about how retail analytics solutions can help your business? Request for more information below.

#2:  Begin with the data available with you

Retail analytics services offer several opportunities to uncover new insights that can help companies in better decision-making. Before looking for new data, it is better to dig deeper into the data that you already possess and gain actionable insights to offer better service to customers. Insights derived from transaction history, order history, and other forms of online and offline data can help in understanding the buying behaviour of customers and devise retail strategies accordingly.

Our customized retail analytics dashboard helps clients in critical decision making, product promotion, and merchandising planning. Request for a FREE demo now to gain better insights.

#3. Focus on communicating with customers

Operating a retail business is not an easy task and managing a two-way communication with customers is even more difficult. The complexity of this process depends on the size of the business. One of the retail analytics best practices is to focus on communicating with customers and serve their needs in real-time. Retail analytics solutions can help businesses to improve scalability by tracking and measuring factors that impact customer experience. Also, businesses should focus on tracking communications to guarantee the excellence and compliance of every retail process. To derive better outcomes from retail analytics campaign, retailers should automate the processes and measure results to ensure business objectives are met.

Finding it difficult to identify and implement profitable sales strategies? Our retail analytics experts can help. Get in touch right away.

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