8 High-Value Sources of Data for Retail Analytics

Is your company fully utilizing the capabilities of retail analytics tools to gather and report critical information?

Retail data analytics provides business owners with statistical facts and figures that allow you to investigate how well your business is doing and where it needs to focus its attention to improve performance. Smart business owners and managers base strategy decisions on facts and have embraced the capabilities of retail data analytics tools to improve their information gathering and reporting.

Using retail analytics, you can compile many different pieces of high-value data from multiple sources and bring it all together to form a comprehensive view of your business.

8 top sources of information for retail data analytics are:

  • POS systems
  • Video cameras
  • Mobile devices
  • Sensors
  • Weather reports
  • Time and attendance systems
  • Wi-Fi infrastructure
  • Promotional calendars

Let’s take a look into how these data sources can help your business gather data and compile retail analytics.

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Retail Survival! 5 Mysteries Analytics Can Solve

Have you ever taken a look at your business statistics? Do you know what areas you need to improve in your company?

Retail analytics is the process of capturing data and then analyzing it to determine what processes and strategies are working and which need to improve. Regardless of the size of your company, analytics can prove beneficial in many ways. Retail store analytics allows you to gather a diverse set of measurements from multiple stores to determine performance both at a store level and company-wide.

Retail store analytics can be simple and straightforward or extremely in-depth and involved. It depends on the types and amount of data measured, the measurement process, and the tools used to capture and analyze the data. Your retail analytics program will be most successful if it is tailored to fit the needs of your business.

If your company is ready to use analytics to go from surviving to thriving, then dig in and examine five questions that retail analytics can help answer for your business.

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How to Overcome 2 Common Retail Performance Challenges

When you own a large chain of retail stores, you must ensure each store is meeting its individual revenue goals. Despite using similar processes at each store, not all stores will perform the same. While one store might be doing great, another one might barely be scraping by. Have you faced this challenge?

The key is being able to identify what is causing the stores to get different results. Below are two common retail performance challenges and tips to rise above them.

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3 Ways to Squeeze More Profit Out of Your Retail Store

What is the mission of your retail store? Are you a value provider of fashion for all seasons and occasions? Or is your store mission to attract consumers who demand high-end designer goods regardless of price? It does not matter if you specialize in purses, childrens clothes, maternity, swimsuits or men’s suits – they are all designed to bring in sales and profits.

Regardless of whether you are a new business owner or someone who has owned or managed a retail store for years, your company wants to maximize revenue to drive profitability for the business and its stakeholders.

To help take your business to the next level and ensure your profits are at an all-time high, implement the following strategies to squeeze maximum earnings from your retail store.

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5 Things Retailers Need to Know About RFID Technology

What if you could decrease your online order cancelations by 60%? That’s exactly what one children’s clothing retailer was able to do using radio-frequency identification (RFID) technology to reduce online out-of-stocks.

However, RFID goes beyond reducing online out-of-stocks. It provides an all-encompassing improvement to inventory accuracy, sales, margins, and expedited returns, according to a research study at Auburn University.

It’s these kinds of RFID benefits that have retailers giving this technology a much closer look.

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How Retail Stores Can Compete in the Digital World

Brick and mortar retail is constantly challenged by the state of digital competition which has caused many physical retailers to fail. As more consumers turn to on-line shopping, traditional retail stores must find ways to integrate their offerings with the online experience to go beyond satisfying their customers basic needs. What can retail stores do to compete?

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Happy Customers in Line – 4 Easy Retail Queue Management Tips

How are you managing the time customers spend in line?

Do you know that you should probably do something about it, but are not necessarily convinced that your lines are a big problem?

Well, you’d be wrong!

It’s easy to say that nobody likes to wait in line, but some will argue it’s just a fact of life. However, many customers cite poor queue management as the death knell for a prospective purchase. In fact, 75% of retailers will lose a sale because of wait related issues.

What’s worse is that a customer who walked out empty-handed is probably never coming back, and they will talk about their experience to anyone who will listen.

It’s a shame to see the time and money retailers have invested in improving customer engagement wasted because of frustration in the final moments of a transaction. Efficient queue management doesn’t mean overhauling the design of the store. There are simple, effective strategies that can be implemented right now!

Click here to learn how to optimize queue length in your store

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Why Retailers Absolutely Need People Counting

Most retailers are missing massive opportunities by woefully underutilizing one of the most critical numbers: The conversion rate of visitors to buyers. Are you surprised?

Retail conversion is probably the most crucial metric for retailers.

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5 Things You Need to Know About Beacons Technology

If you want to stay competitive in the retail apparel industry, you have to embrace new retail technology—especially technology that syncs the mobile and in-store experience for your customers.

Some companies have been slow to introduce mobile-friendly technology into their stores for fear of hurting the retail experience. Many big box retailers have made the switch in 2015, however, because they’ve found that sophisticated mobile technology can lead to:

  • Greater brand visibility
  • Increased customer engagement
  • More foot traffic and sales in brick and mortar.

One of the most advanced forms of mobile-friendly technology to hit the market in recent years is beacon technology.

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Keyboard to the Car: Buying Online, Picking-Up in the Store

Has your clothing company recently launched a Buy Online, Pickup in Store policy? Has this idea proven itself to be an inspiration or an impediment?

Buy Online, Pickup In-Store: The BOPIS Strategy

It is such a simple idea: sync inventories to networks and search engines, provide consumers with virtual shopping carts and then let them reap the rewards of online shopping and in-store pickups.

Convenience serves as the cornerstone of this next-generation marketing.

The Buy Online, Pickup In-Store (BOPIS) strategy promises to be the salvation of retailers – and with good reason. It delivers undeniable value to customers, and this translates to stronger sales and improved relationships.

Despite the appeal of next-day delivery, the physical store still bests the online model by delivering what consumers value above all else — instant ownership – Lee Peterson, executive vice president of Brand, Strategy & Design at WD Partners.

Nothing is perfect, however, and BOPIS is no exception. Challenges counter every advantage, forcing companies to examine thoroughly whether this tactic should be implemented or ignored. Let’s find out!

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