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 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).
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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.
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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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