Day: July 11, 2023

Behavioral analysis, retail trends and customer experience could well seem quasi-scientific terms that are increasingly used throughout the industry. But what will pleasantly surprise you is the fact that they are commonplace for retailers today.  What is powering things like conversion rate optimisation and insights driven by customer feedback? AI-powered analytics of course! Retail analytics is no longer restricted to only a subset of use cases for these technologies, but has come into the mainstream. It has spawned an entire universe of its own, redefining the operations and strategies of both digital and brick-and-motor retailers in recent years. It is not just instincts alone that shape successful retail operations today, but also data-driven insights and decision-making. Let us know more about the power of retail analytics especially in terms of boosting customer experiences. What is the power of retail analytics? To understand the power of retail analytics and how it has become a catalyst for change in the industry, here are some core points that deserve to be noted: How does analytics improve customer experience?  What are the future trends in retail analytics? Retail analytics will thus power not only future innovations in terms of better experiences and personalisation for customers, but also optimisation at scale. This will include inventory, logistics, supply chain, deliveries, operations, marketing, and advertising. Brands will depend more on analytic and other technological tools to revamp their core propositions in the coming years. It can safely be said that exciting times are afoot in space. FAQs 1.What are some advanced analytics techniques used in retail analytics? There are many advanced techniques of analytics that can be used within the spectrum of retail analytics. These include descriptive analytics, predictive analytics, and prescriptive analytics. Diagnostic analytics may also be used in some cases. 2. Provide us some of the best practices for using retail analytics. Some of the best practices include ensuring the quality of data across points along with suitable data gathering in compliance with regulatory guidelines. At the same time, customer data and forecasting should be done on a real-time basis with complete visibility and tracking. 3. How does retail analytics enable retailers to deliver personalised experiences to customers? Retailers can use retail analytics to unearth valuable insights on what customers desire at specific times of the year, what they browse for, and their previous purchase history. They will also know about the products selling well in particular locations and at particular times of the year. Individual customer engagement can also be tracked for a specific duration. All this data can be analysed to help improve customer experiences with personalisation recommendations, offers, and promotions. 4.What are some of the challenges of using retail analytics? Technological expertise and integration of legacy systems aside, the need to have proper data gathering and analysis infrastructure is another challenge. At the same time, data quality and compliance with privacy regulations are other challenges in this space.