We cannot stress it enough, one of the keys to achieving retail success is to be more data centric. The good news is that it looks as though many players in the retail industry have already recognised the importance of data. That said, numbers alone don’t tell the whole story. Many retailers have started gathering shopper insights, but don’t know what to do with it. So, while many merchants are collecting data, the majority isn’t using it effectively. Data hold the potential to drive real frontline differentiation, but only if retailers have the right tools and approaches to make the most of this unique asset.
To gain meaningful insights, the data must be presented in a user-friendly manner. In some cases, you may even need to connect multiple data sources and metrics to collect action steps that can help you improve. How can you accomplish that? Two words: retail analytics. Retail Analytics not only provide a broad understanding of retail, but also show how to put accumulated data to optimal use.
Of course, we know being data-centric is easier said than done. That’s why we’ve compiled some useful information on how you can begin using your retail business data as a strategic advantage. Read about it below, then see if you can put them into action for your business.
What is retail analytics?
Retail analytics refers to the processes and techniques used by businesses to discover, collect, and analyse retail data. Analytics play a vital role in just about every area of a retail business: from marketing and sales to inventory management and operations. Simply put, relying on retail analytics and hard data rather than guesswork enables you to make smarter decisions toward higher profits and better customer satisfaction.
Start with the right tools
You might be having difficulties with your data-centric efforts because you lack the right tools for collecting and harnessing information. PFM Footfall Intelligence can connect you to the right tools that will allow you to connect the dots between various data points and metrics. With all technologies available nowadays PFM Footfall Intelligence can process, analyse and display all data streams available. This way, you can have a more comprehensive view of your business performance and how to act on it.
Retail analytics will give you a competitive advantage
There’s no doubt that data are incredibly valuable in this day and age. It’s no wonder that the quote “data are the new oil” has gained popularity over the past years. However, it’s important to note that data on their own don’t give you much. To get real value out of your data, you need to have the right analytics tools and learn how to use them properly.