The landscape of retail is transforming. With contemporary digital competition, an uncertain economy and a body of customers that are not only highly informed but far more demanding than previous generations of consumers. Being adaptable, data-driven, efficient and responsive to changing customer demands is necessary to succeed in the retail industry today. For the retailers who are making their customers wants and needs an utmost priority whilst also paying consideration to the evolving modern retail climate: embracing Business Intelligence, retail analytics and big data could be the route to success.
Retail analytics transform the way that businesses can strategise and make key decisions. By offering insight factors such as traffic counting and retail conversion rates, retailers would be positioned to track success and consistently up-to-date consumer information. By counting traffic opportunities arise to boost conversion rates and optimise staffing for the most effective staffing during peak shopping times. Tracking store traffic also awards customer behaviour insights to which can be measured against the impact of marketing campaigns.
Harnessing Big Data and intelligent retail technology does not benefit larger businesses alone: smaller businesses are able to harness just as many of the business intelligence rewards when the functionalities are outsourced to the cloud. By implementing Big Data as a Service retailers are only required to purchase the retail analytics capabilities that they use. This means that retailers across the entire industry can become empowered to deliver cross-channel customer engagement and more satisfying customer experiences across the board.
Retail analytics are expanding the parameters of retail processes. By acting on the potential of Business Intelligence, industry specific analytic capabilities, omni-channel retailing strategies and digital solutions retailers can change more than just their customer experiences and enhance their employee productivity as well. Employees can gain access to company reports, training materials, collaborative software and specific applications from any location, at any time.
To discover more about the modern technologies providing digital transformation for retailers, contact us today.