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retail analytics

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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Retail performance challenges

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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retail market trends

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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How to Improve Sales With In-Store Analytics

It’s no secret that online retailers have almost universally adopted the practice of using analytics to improve sales. When you can track a customer from the moment they hit the landing page all the way through to the end of their purchase, why wouldn’t you?

Comparable versions of the sophisticated analytics used by online stores are also available to brick and mortar retailers. They’re just not used anywhere near as much as they are online.

If you knew you could improve sales through the use of in-store analytics, would you implement a few new tools to measure what’s going on in the store? Of course you would!

In case you need a little convincing, here are just a few of the ways in-store analytics can help increase sales.

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5 Tested Best Practices for Retail Analytics

You know you can’t make guesses when it comes to your customers, just as you can’t guess what type of apparel is in fashion for the current season. When you’re in the retail industry, everything needs to be calculated carefully to maximize your units per transaction, average dollar sales and improve your brand identity among your potential buyers and existing customers.

An effective retail analytics campaign can:

  • reveal the problems your customers are facing
  • uncover the concerns your store associates are facing
  • accurately analyze the behavior of your consumers
  • use the data generated to help increase brand awareness, as well as customer loyalty and retention rates.

If you’re searching for the ingredients required for an effective retail analytics campaign, check out the following five best practices.

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