Enormous amounts of data are produced on a daily basis. In a study conducted by IBM, 90% of the world’s data was generated in the last couple of years. No wonder we are all talking about the ‘big data era’. The impact this has on businesses and the retail industry specifically is very large indeed.
Reasons you, as a retailer, need to use Retail Analytics
1. Store Development
Even though it is becoming more and more popular to shop online, people still like to go in-store to physically see and touch something before they buy it. Applying Retail Analytics helps in streamlining both online operations, as well as physical stores. How? By analysing how often customers come in, how they like to move through the store, where possible obstacles occur and how long they stay it is possible to make predictions about the future. These predictions can also help in maintaining correct inventory levels for example.
2. Marketing Strategies
Retail Analytics analyses consumer behavior patterns. Which promotional marketing campaigns were effective and which were not? This helps in making decisions on the allocation of marketing budget to the campaigns that are most profitable.
3. Keep customers satisfied
Keeping customers happy and coming back is the key catalyst behind retail success. Retail Analytics makes it possible to get insight in customers needs which, in turn, can build a positive brand image, gain trust and develop relationships built to last long-term if applied correctly.
4. Customer behavior insights
Understanding what drives customers is vital for any retailer. Why do they behave the way they do and which patterns can be recognised? Once retailers start understanding their customers’ behaviors they can anticipate and change accordingly.
5. Make personalised offers
Any customer loves special attention or receive specialised offers. Retailers show they value their customers this way. Studies have shown that when a retailer addresses customers by name, more is purchased. Key here, however, is to make this special offer at the right time using the data provided by Retail Analytics.
In conclusion, the data and insights provided by retail people counting systems are crucial to a successful business. Data is everywhere, start using it to your advantage. This powerful driving force can truly be the positive turning point for your business.