In the past few decades, the retail sector has been revolutionizing as technology keeps bringing new opportunities that the retailers can take advantage of.
Retail is a very customer-centric sector. With customers’ needs ever-growing, business owners have to find ways to gain a competitive edge and provide their customers with an exceptional experience. This will be the key to attract new customers to retain existing ones, optimize conversion rates, and better ROI (Return On Investment).
What is Retail Analytics?
Retail analytics solutions focus on providing valuable insight into sales, customers, and other essential aspects that can help in the decision making process. This is through the use of tools that provide a comprehensive analysis of key performance indicators (KPI) used to track data on different levels.
Some of the available retail analytics systems can be used for the following:
- People counting or the footfall
- Heat maps
- Shoppers flow
- Route maps
- Zone analysis
- Queue monitoring
Importance of Retail Analytics Sofware
Information is power. The potential importance of data from retail analytics software is infinite, and businesses are only starting to get a grasp of it. The following are two ways in which data analytics can help you stay in front of your competition and market trends.
1. Improving Customer Experience
Customer experience is of critical importance to the sustained growth of your store. Data analytics will help you understand the needs of the shopper and provide a smooth and seamless customer experience, the Omni-experience. The data can be used to make customer-oriented decisions, which include but not limited to, personalized marketing campaigns.
By anticipating the shoppers’ needs and making what they need readily available, you can win their loyalty. A satisfied customer will refer your store to other people and also come back for subsequent purchases. This will increase your sales and optimize conversion rates. Customer experience is essential for your business because;
- Turn new customers into loyal customers
- Help you stand out from the competition
- Improve customer satisfaction
- Increase customer advocacy
- Build trust and create personal relationships
2. Improved Decision-Making Process
Retail analytics is used to help you as a business owner make better choices, run the store more efficiently, and deliver improved customer experience. Relying on retail analytics rather than guesswork will enable you to make smarter and more informed decisions.
As a business owner, the bottom line for your business is to maximize profits and reduce costs. The analytics can help you to forecast future demand sales, track emerging markets and popular products, and also optimizing product placement in the store.
With all this data, the decision on the kind of products to stock, the number of staff to hire, the best operating time, and the sort of marketing campaigns to run becomes less of a problem. When these decisions are optimized, unnecessary costs are reduced, and sales increase, which results in more profits.
If you want to spot emerging trends before your competition can even get a sniff of it, improve customer satisfaction and customer experience, and make snappy business decisions, integrate retail analytics software in your business, and retail store. Contact us today to get insights into the best solutions available for your retail store.