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The retail industry used to attract its customers based on the legacy, product quality, brand value, advertisement, and offers. But the scenario is now changing. Customers want the best, but not the best in the world; but what is best for themselves! In short, they are looking for a customized treatment. Retail analytics solutions can deliver this.
So, here is why retail analytics solutions are crucial for your business:
To get customer behavior insights
Retail analytics is crucial for one prime reason, that is a valued insight into the customer buying behavior and patterns. The ROI of your business depends on whether the end consumer is buying the product/service or not. If you have insight into their behavior, you are free to make your strategies and offerings accordingly. Studying the response to the product would give you a categorized data of the sales.
Access to the competitors’ data
As far as Asia is concerned, there is one retail company that analyzed competitors in the market and brought their product accordingly. The company is Reliance and the product is Jio. The results are amazing. Reliance understood the business model of the competitors and their pricing and brought Jio to cut the shell. Now, the competitors are doing the same to cut Reliance’s dominance. Retail Analytics help in getting to the gist of the market performance.
Enjoy a 360-Degree Customer View
Your clients’ inclination towards you or your competitors, is changing and improving. Retail analytics solutions will assist you by combining different data flow gathered from stores, e-commerce channels, social media, etc. You can consider traditional and digital retail paths while analyzing through a retail analytics solution.
Your customers interact with your offering through multiple platforms, their buying decisions, behavior, expectations are different on different platforms. All these dynamics of the purchasing process are studied through an analytics solution. The data received could be of help to manufacturing, marketing, sales team.
Improve supply chain and logistics
You are ready with your product, you did good advertising and you are expecting a good demand, even customers are waiting for your product to arrive in the market. Al is set. What is left to be done is to reach the customer in time! This is the job of your logistics and supply chain department. Your offerings must reach your customers within the right time.
However, if your logistics systems are haywire, you are not going to last long.
With retail analytics solutions, you can add your logistics services and related applications to the CRM and the system would help you find the right vendors, and manage your supply as per the changing demand. You would also be able to categorize your data by realizing new demand geographies and accordingly plan to expand and sell there.
Helps you to optimize in-store operations
If you use a retail analytics solution in-store, you will get a deep understanding of the customer behavior within the store. Store managers would be better informed to make decisions like store layout, the arrangement of the products, colors that are likely to catch more eyeballs, service delivery that customers prefer, etc. With this data in hand, the retail manager would know which staff to hire, how to train them, how much to be available at the service, etc.
Adds to customer loyalty
With insight into customer behavior, retail analytics solutions allow you to develop and strengthen your relationship with the store visitors/buyers, online buyers, and others. The analytics solution allows the retailer to share the right information to the right recipient, through the right platform. It also allows you to build a personalized marketing content, depending upon the customer’s purchase history and preferences.
Conclusion
Apart from the benefits mentioned above, there are hundreds of other advantages of deploying retail analytics solutions. Depending upon your retail sector, offerings, platforms, and target consumes, you will find different benefits of the solution.
