Retail sector is one of the most prolific sectors contributing significantly to a country’s GDP. But, the retail industry has seen innumerable ups and downs due to the global economic crisis. The competitive market scenario has also had its effect where the profit margins are falling and customer loyalty has also seen fluctuations. The success of this sector depends a lot on strategic planning which can be made possible if you have the right answers for:
• How much to hold inventories?
• What to stock based on market demand?
• How to make effective operation process?
• Which customers should business target?
Analytics has helped in answering major question which have bothered retailers in the past. Retailers should also understand the fact that they cannot provide everything for everyone. They should target particular customer segment and do everything for that group in order to be successful.
Retail Analytics can help retailers in achieving competitive advantage by analyzing performance of sales, effectiveness of the marketing strategies, customer behaviors, changing dynamics of their preferences and probabilities of unpremeditated shift of customer loyalties. Apart from this, some other assistance made via retail analytics are:
2. Loyalty analytics
3. Market-basket analysis
4. Pricing analytics
5. Promotion analytics
6. Psycho-demographic segmentation
7. Supply chain and inventory optimization
8. Web analytics
Write to us at firstname.lastname@example.org to know in detail about all the relevant retail analytics services commonly practiced in the industry.