Analytics & Retail Analytics & Retail AnalyticsAnalytics

Analytics of Market with Retail Analytics

What is Analytics?What is Analytics?Analytics is the discovery and

communication of meaningful patterns in data.

Especially valuable in areas rich with recorded information, analytics relies on the simultaneous application of statistics, computer programming and operations research to quantify performance.

Analytics often favors data visualization to communicate insight.

Firms may commonly apply analytics to business data, to describe, predict, and improve business performance.

Specifically, arenas within analytics Specifically, arenas within analytics include include Enterprise decision managementRetail analyticsStore assortment and stock

optimizationMarketing optimization and mix

analyticsWeb analyticsSales force sizing and optimizationPrice and promotion modelingPredictive scienceCredit risk analysis

Retail AnalyticsRetail AnalyticsIn these times of economic

uncertainty and decreasing margins, retailers must improve their approach to driving traffic and sales.

With increased mobility and always-connected capabilities, shoppers today can easily research competitive offerings, even while standing in a store aisle, such as marketing attribution and overall marketing effectiveness.

The Importance of Retail AnalyticsThe Importance of Retail Analytics

Identify and target the most valuable customers.

Analytics can help retailers understand customers’ social behavior and provide valuable insights on what is important to them.

For retailers like Walmart, Target and others that depend on increased spending among existing customers to boost sales, loyalty is a particularly important goal.

Turning Data Insights into Revenue

By leveraging analytics tools and models, retailers can boost customer loyalty by creating a personalized shopping experience that customizes offers to needs.

Analytics in Customer Analytics in Customer LoyaltyLoyalty

Analytics tools can help retailers connect with customers at every stage of the lifecycle by turning these patterns into valuable insights that describe, predict and improve business performance.

To collect all this data, retailers use two methods: In-store analytics and Online analytics.

In-store analytics: This is one area where physical

monitoring of customers can reveal valuable information.

Online analytics: This is used to collect and analyze online customer information. Commonly used tools are social media monitoring tools, mobile device usage and Web searches.

SummarySummaryThe importance of Retail Analytics is

well established, and successful retailers are continuously looking to invest in analytics to attract new customers and retain their customer base.

It is imperative for retailers to delve deeper into customer data and utilize different analytics tools.

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