Retail analytics is the process of providing analytical data on inventory levels, supply chain movement, consumer demand, sales, etc. that are crucial for making marketing, and procurement decisions. The analytics on demand and supply data can be used for maintaining procurement level and also for taking marketing decisions. Retail analytics gives us detailed customer insights along with insights into the business and processes of the organization with scope and need for improvement. Why the need of Analytics in Retail? Customer preferences and behaviors have changed drastically. The scope of retail analytics therefore has shifted from analyzing POS data to analyzing huge volumes of data for understanding customer behavior. In the new normal of retailing where the consumer is value-conscious, always-on, mobile-enabled, socially active and channel-agnostic, retailers are finding it difficult to differentiate themselves based on traditional factors such as price, promotions, location and assortment alone Data Analytics helps Retail companies work towards >Better product margins, >Better customer targeting & personalized outreach, >Better product mix at a store level, >Data driven decision making around pricing and >Better return on marketing investment. Key deliverables in Retail Marketing: Which companies work in the Retail Analytics domain In India? A few examples of Analytics […]
↧