Retail Analytics provides powerful insights using data to provide information on all aspects of a retail business. It provides deep insights via Inventory Analytics, Supply Chain Analytics, Customer Analytics , Sales Analytics, Product Analytics, Retails Store Analytics and many more to empower business in crucial decision making.
What is Retail Analytics?
Retail Analytics will give inputs to business owners on how to run their business more efficiently and go for better choices. They will get detailed customer insights enabling them to make decisions. Example: Which age group will buy which products in which season. Such real time retail analysis enables businesses to make more accurate decisions for better business growth.
Another example is the decision of procurement based on Demand and Supply data. It will quickly give you an indication of the procurement level to be maintained.
This information is easily available to retailers via the Retail Dashboard. There is no need to spend time to glance through multiple applications or multiple excel sheets to get this information. You get this information from one single Retail Dashboard on a single click which is connected to different data sources from the backend.
View Retail Analytics sample dashboard:
Where can I use Retail Analytics?
Companies are making use of Retail Analytics to get a complete view of their Retail Operations. One of the Key areas of retail analysis is optimizing Inventory and Procurement, thereby enabling retailers to reduce space wastage and associated cost.
Apart from inventory analysis, it is used for improving Sales. Many retailers compare their Sales trends to get insights on factors behind peaks and dips and also to identify how these factors are playing a role in Sales peaks or dips. retail analysis can be used to analyze Repeat Customers and their shopping behaviors, Improve marketing campaigns etc.
Retail Analytics is also utilized by Retail Chains to analyze their Retail Store Performance to get various insights. One example is to get insight on cost versus profit. Retailers are able to know what changes can be made to increase profitability. Applying Artificial Intelligence on top of this data can predict outcomes based on decisions taken.
Retail Analytics is a very powerful dashboard for any retailer to do powerful analytics about their business and make decisions that take them towards business growth and cost effectiveness.