The amount of retail data generated today is growing exponentially. In this age of information overload, the first priority of any retailer or a supplier is to utilize analytical power to compile, store, analyze and transform this raw intelligence into actionable insights. Retailers who understand their customers’ past, present and future behaviours in real-time can offer them the right product, in the right place, at the right time, and for the right price.
It’s all about timing.
So, how can retail analytics can unlock your retail business’s true potential?
Manage the Basics Better
The basis of any business is to know how your shelves perform. By measuring your sell-through rate and tracking how often your products go to the carts, you can keep up with the purchase trends and restock regularly. Predictive analytics on this retail data can help you forecast your business demands and optimize your inventory to meet the requirements. With retail analytics, you can also identify the locational preference of your hot-selling items and meet the store level demands with ease.
Managing any phase of a business becomes super easy when you know how to measure the return on investment. A robust analytical strategy can have a profound impact on marketing ROI. When you can measure the effects of a previous marketing campaign, you can alter the future campaigns accordingly. Retail analytics can help you perform a cost-benefit analysis to better understand the expenses incurred in seasonal sales, promotions, and exclusive deals and assist you in formulating winning strategies.
Optimizing Store Operations
Be it a physical store or an online marketplace, retail analytics can help you understand the customer behaviours from a very different view. It provides valuable insights on store layouts, product placements, and many other retail operations that can boost your sales numbers. Get to know which product sells better at which location, identify the best promotion for your products, and identify which products, when sold together, can improve sales. Also, identify inefficiencies and products that receive less attention and devise marketing strategies accordingly.
Strengthen Supply Chain
When retailers and suppliers have access to the same real-time product performance data, it’s easy to join forces. Retail analytics can help you bridge the gap and assist you in spotting opportunities. With your retailer on the same page, you can quickly implement changes that eliminate overstocking and ensure you always have the minimum but adequate stocks. Generating daily reports on inventory allows you to proactively reach your suppliers or vendors before SKUs drop to dangerous levels. Plan error-free strategies for demand and supply to fit precisely into your buyers’ needs.
Retail Analytics is The Present and The Future
Fully integrated data has the potential to completely transform a business. A power-packed retail analytics solution will have a significant end-to-end impact on your business, from manufacturing to customer satisfaction.
What Can You Do?
Retail analytics is a potent, but potentially complicated strategy to implement. Knowing its advantages, choosing the right solution, and implantation in your business can be a little tricky. Fortunately, our analytical experts are available fora free phone consultation at any time. Call us at 704-799-1229 to find the best solution for you.
Vendor Team Services (VTS) is a retailer- recognized, supplier- trusted analytical and product listing company. Contact us today to see how we can help you implement the power of retail analytics.