ANALYZE CONSUMER PATTERNS AND OPTIMIZE RETAIL STRATEGIES
The retail market has been a central focus of the world’s economy for decades and in an increasingly globalized world, retail is still a backbone of the economy. However, it is no longer the same, invariable process of supplying to meet demand. The economics of retail are becoming more complex by the day; changing consumer demands, unstable and perpetually fluctuating markets and constrictive profit margins are quickly imposing new restrictions and constraints on the market. However, by analyzing large-scale patterns and taking advantage of advanced retail business intelligence software like datapine, these constantly changing patterns can be better understood and utilized to improve business models and ensure stable profits.
"datapine gives us all the insights we need in a compact space. Thanks to datapine we are able to review all relevant customer data and react on trends and opportunities much faster."
INCREASE PROFITS WITH RETAIL ANALYTICS
Relying on intuition is no longer enough for success in the retail industry. Increase profits by utilizing mobile technology and large-scale retail data analytics on the fly.
Become a data wizard within less than 1 hour!
Using retail analytics is a way to increase merchandising intelligence by better assessing your stocks and assortments, tracking consumer behaviors or identifying some missed opportunities. This will optimize your sales by location planning, which can lead to strategic sales initiatives development. The evaluation of the impact of sales promotion enables you to effectively forecast what could occur in the market. Consequently, you have a better control over the merchandise stocks.
Retail analytics software gives you the ability to connect with customers in real-time and will decrease unnecessary expenditures. At the same time, it can increase profit margin spreads and provide a better consumer experience from start to finish. Managing retail, consumer, merchandising and demographic data in real-time guarantees higher levels of productivity thanks to a more equitably shared workload, but also less missed sales opportunities.
Even before “data” became as big as it is today, retailers were already studying consumers’ shopping patterns, tracking their purchases to uncover trends and insights. Retail analytics provide analytical data on different level, from the supply chain to the consumer demand to the inventory management, and is crucial for marketing and procurement decisions. Retail is a very customer-centric sector, that still has to manage logistics and supply chain. Retail analytics software will help you identify who are your customers, their geographic and demographics data, but will also provide insights on your products and stores themselves: what are the best-seller products, which store is performing better, etc. It is an incredible opportunity to focus better on what your customers want and expect from your products and services, and gives you much more agility: by studying trends and patterns, you can anticipate demand and change prices, or adjust them differently in case of a supply chain shortage.
So, the data adoption is already settled for retailers – the challenge lies in their capability to extract insights from it, and transform their businesses. Retailers can benefit on every level from their analytics, and reshape processes, operations and even company structure to maximize sales, productivity, and ultimately, product loyalty.
Potential business impacts of modern retail analytics software are infinite. On the customer side, analytics will help you identify and retain the best ones, by knowing who is loyal to your brand and customizing your proposition accordingly to a specific customer needs. Indeed, retaining customer is cheaper than acquiring new ones, and can in addition bring you some more clients, if you are doing your job well. By optimizing your pricing and promotional strategies, you can also maximize profit. On the infrastructure, logistics and facility side, analytics can bring you even more. Thanks to an analysis of consumers trends, you will have a better demand and supply management, avoiding shortages or inventory surplus. This balanced inventory will also lead to a better ROI (Return on Investment).
At datapine, we think that retail analytics are key for an overall better management of your stores and facilities. You can improve your employees’ productivity and well-being, thanks to appropriate staffing planning and resources allocation. You can increase customer engagement and satisfaction, as well as the operational efficiency of your supply chain and product innovation. With our retail business intelligence software, we want to put these analytics at your fingertips, and sooth the operation of an already very-busy and constantly changing environment.
Launching an effective retail analytics project can bring you a lot. It can reveal problems some customers might be facing, it helps you in analyzing their behavior, and increases your brand awareness, customer loyalty, and retention rates. However, to achieve these benefits, you previously need to extract the right insights from your data, which is not a piece of cake considering the numerous platforms you use to interact with customers, supply chain, or manufacturers.
This is where a retail business intelligence software like datapine can play a crucial role to give you the competitive advantage that will make you stand out from the competition. Indeed, by gathering the tremendous amount of data collected on a daily basis through all kinds of software – CRMs, ERPs, Google Analytics, and so many more – you have the possibility to work on them all at the same time, conjointly, and easily perform cross-database analyses that would otherwise require time, knowledge, and ultimately money. Thanks to datapine’s retail BI software, you can do all this in a matter of minutes and make the most out of your data by extracting actionable insights in the mountains of data analyzed.
Become a data wizard in less than 1 hour!