In the retail world, there are countless things that have to be addressed every day. For larger, multi-site retail organisations, the number of items on the daily checklist is even greater. From developing new marketing concepts and monitoring performance on existing promotions to ensuring that stock levels are effectively maintained, the tasks are endless. With this in mind, how is it then possible to fit in the subject of retail analytics into the equation? 

Surely retailers know their own business inside out anyway, don't they?

The Importance of Detailed Data

The truth is that the retail marketplace has moved on at such a furious pace in recent years that it is no longer sufficient for retailers to rely solely on gut instincts. While the experience and knowledge gained through many years in the retail industry are still invaluable things to possess, in order to avoid being left behind in today’s multi-channel environment, it is necessary to have a back-up. 

This is where the acquisition of big data becomes so important.

Retailers who have instant access to detailed retail analytics relating to their entire estate have an immediate advantage over competitors who do not have this facility. The modern retail marketplace moves at a swift pace - no doubt fuelled by the meteoric rise of online shopping. Retailers who conduct the majority of their business online can make changes with immediate effect, simply with the press of a button. Traditional high street retailers need to be able to make the same swift decisions as their online counterparts. To do so, they need access to real-time analytics.

Utilising Advanced Retail Software

With the right retail technology it is possible for you, as a multi-site retailer, to seamlessly fit the acquisition and analysis of detailed data into your day. By utilising advanced retail software such as Estate Intelligence, you can have instant access to all manner of useful information. The data that can be retrieved is not restricted to stock levels, costs and sales analysis, either. By drilling down to individual store level and detailing things such as store layout, shelving capacity, ceiling height and location of electrical points, Estate Intelligence allows for the planning and execution of promotions with the utmost precision and effectiveness.

Some retailers will still be slightly sceptical as to how all of this detailed information is collated in the first place. Surely this will require many valuable man-hours? While the collation of data does require retail audits to take place, these are carried out by Momentum Instore Ltd, as is the general upkeep of the Estate Intelligence system. This leaves you free to carry on with your daily tasks as a retailer while still reaping the benefits of instant access to valuable analytics. Any initial costs associated with implementing software such as Estate Intelligence will be offset by an increase in sales performance. With no meaningful extra staff hours required on your part, this is how retail analytics can be seamlessly blended into your ongoing daily routines.