The accurate recording and subsequent effective use of detailed retail analytics is essential for success in the modern marketplace. In today’s technologically advanced society, it is undoubtedly easier than it has ever been to access reams of information. With this in mind, it is rather surprising that there are still some retail organisations out there that do not take full advantage of the analytics at their fingertips. With the advent of a multi-channel retail environment making an already crowded marketplace more competitive than ever before, retailers need to gather all of the weapons they can muster in order to keep up with the competition.

Big Data Capture

Using advanced retail software to gather detailed data on various aspects of a retail business helps to drive profits and provide a much greater insight into the average customer journey. Whereas at one time the capture of so-called ‘big data’ would have proved to be a laborious and nigh-on impossible task, the advances in retail technology now mean that, with the right software, it has become much easier. This is excellent news for modern-day retailers who need to be able to make informed merchandising and marketing decisions quickly in order to respond to a lightning-fast marketplace.

The whole field of retail analytics is vast and wide-ranging. While analysing sales and stock data has always been an integral part of running a retail business effectively, the minute detail of the information at hand today allows retailers to build profiles of their customers and therefore plan promotional activities accordingly. This can even be done on a regional level. After all, a particular line which proves popular in one area of the country may not perform so well elsewhere. By accurately forecasting buying trends in each region, there is every possibility that sales will increase while potential stock wastage is greatly minimised. Consumer profile building is also an excellent tool in producing tailored social media posts and advertisements which customers are actually interested in reading.

Increased Profits

Another great advantage that comes with utilising detailed analytics is a far better knowledge of the intricacies of a retail estate. This vastly underused form of data involves the capture of information regarding the physical aspects of individual stores in an estate. This can range from detailing shop floor sizes, ceiling heights and available fixtures and fittings to the number and location of electrical or network points within a store. By being in possession of such information, multi-site retail organisations are much better equipped to carry out new installations and refurbishments. The possibility of money being wasted by aborted installations is greatly reduced, adding still further to an increased bottom-line profit.

By understanding both your business and your customers, you can ensure you give people exactly what they want, when they want it. However, in order to achieve that understanding, it is no longer sufficient to simply rely on instinct. It is necessary to combine that personal instinct with the detailed information that can be gleaned from retail analytics.