How Leveraging Analytics Improves Retail Sector?

By: Retail CIO Outlook | Wednesday, July 01, 2020

Leveraging advanced analytical solutions resolve complex business issues, thereby helping the businesses to enhance their efficiency.

FREMONT, CA: Retail businesses worldwide face three significant challenges: diverse economic landscape, growing retail channels, and an enhancing demanding customer base. Retail stores looking to enhance market share and drive growth in 2020 need to take a closer look at retail analytics trends to form better retail strategies. The main challenge behind developing a new approach lies in managing massive datasets generated from online and offline channels. To find a solution to this problem, retailers must leverage retail analytics, which can help to interpret the collected data to provide a better understanding of market trends.

With retail analytics trends for 2020 will help the retail sector to adopt a robust and agile data management solutions approach and devise new marketing strategies to drive improved business outcomes. Retail data analytics is going to transform the retail business scenario dramatically in 2020.

Predictive Analytics

At present, most of the retailers depend on predictive analytics to analyze and interpret the historical data and make suitable predictions. Therefore, it is known as the hottest trend in retail data analytics. Predictive analytics enables organizations to fetch data related weather patterns and local events that affect the business.

Omnichannel Experience

Retail firms need to bridge the gap between in-store and online shopping platforms while considering to offer a splendid customer experience. Retail data analytics solutions help cashiers and customers check the availability of stock and make selections online. Customer-centric models assist retail businesses in integrating online and offline platforms to provide an omnichannel experience to customers.

Dynamic Pricing

Dynamic pricing is one of the most crucial retail analytics trends of 2020. Price elasticity helps in determining product prices based on current market demands. It can further help in increasing order and enhancing customer satisfaction rates.

Personalization

Personalization is another analytics trend of 2020. Retail businesses are focusing on retaining customers through various activities like interacting models and recommending items. Such events help companies to improve their marketing strategies and cut down on marketing spend while providing personalized services to customers.