The Fine Art of Retail Analytics
Today’s retail executives have more opportunities to collect actionable data than ever before. The ability for retailers to understand their customers, predict what they want to purchase, and even shape their behavior is driving the need for better retail analytics. Whether mobile, in-store, online, or originating via social media or through location services, a true wealth of information is available to inform all aspects of organizational decision making.
Retails analytics serve as an important tool to find and interpret meaningful patterns in customer and inventory data to support decision-making. Insight into customer demand, price sensitivity, and reaction to promotions, demographics and more are key to drive merchandise plans and actions that maximize profitability. This is especially critical in an omni-channel environment, as understanding the preferences of disparate customer groups across different channels becomes more complicated. Data is extremely valuable, particularly when analyzed in aggregate through the lens of an analytical tool. The consolidation of various data points enables a unified, comprehensive view of customers and products to help retailers make smarter product decision and offer more personalized customer experiences. Retailers know that understanding the finer details of their business remains key in satisfying consumer demand, fulfilling inventory, and maximizing revenue. Retail analytics provide advanced visibility into sales performance by channel, by assortment, and further by item, which helps guide more accurate planning and allocation decisions.
This special report, based on findings from a BRP Merchandise Planning Benchmark Survey, explores current trends relating to data and retail analytics, the challenges being faced by retailers, and exciting future opportunities that exist within this space.