What is retail analytics software?
Retail analytics software helps retailers perform analysis on data to understand retail processes by gaining insights about customer behavior, supply chain inventory management, and customer segments.
Retail software uncovers insights such as drivers of sales, stock related problems and customer behavior patterns so that organizations can improve their marketing and operational decisions.
Why is it important now?
Like other analytics approaches, retail analytics can help organizations make data-driven decisions.
To learn more about why retail analytics is important now, we recommend you to read our article on the topic.
What are the benefits of retail analytics?
Retail analytics enables organizations to track customer behavior, improve demand forecasting and target their marketing efforts leading to improved revenues and reduced costs.
To learn more about the benefits of retail analytics, check out our article.
What are common retail analytics applications?
Common applications include geo-spatial analytics for store layout optimization, automation of merchandising decisions, dynamic staffing and fraud detection. For e-commerce, retail analytics solutions can map the customer journey and help identify areas of improvement. For more, feel free to read our article on retail analytics use cases.
Purchase Guide:What are the things to consider while choosing retail analytics tools?
Is it aligned with your objectives?
The right solution depends on the metrics you want to track. If you are interested in optimizing the indoor layout of the store, you should not waste time on solutions that offer price optimization. Companies should set clear analytics goals based on their strategy and then look for the right vendor that provides these capabilities.
Can you integrate it easily when needed?
Choosing a system that can integrate with the other platforms you’re using in your business should always be an important factor in your software choice. This will allow you to expand the scope of your analytics efforts with ease.
Is it scalable?
Every day your enterprise is generating more data and eventually, you will need to analyze a larger volume of data. If your retail analytics tool scalable, it is not going to be a sustainable solution for you.
Can you access data from anywhere?
If the software is a cloud-based with a mobile-friendly interface, you can access your data from anywhere. This will bring security considerations but benefits of making it easier to reach insights is more important.
Does it have the core features of a retail analytics solution?
There include trend prediction, cross-selling and real-time benchmarking. To learn more about the basic features of retail analytics software, check out our retail analytics article.