Analytics 101

Retail Revolution: How Powerful Is Retail Data Analytics?

In this ever-evolving tech world, customers expect personalization. Consumers want to seamlessly shop online and interact with channels. In fact, they will leave for a different retailer if they cannot make an effortless purchase. Retail data analytics and merchandising will undoubtedly solve these problems for retailers looking to boost customer satisfaction and enhance sales. In this article at WebDataRocks, Madhu Kesavan explains how big data helps the retail industry outgrow revenue.

How Is Retail Data Analytics Transforming the Industry?

Big data analytics enables companies to create custom recommendations based on their purchase history. This further results in personalized shopping experiences and improved customer service. The data also helps business leaders forecast trends and make strategic decisions based on market analysis.

Use Cases of Retail Data Analytics

Personalized Customer Experience

The success of any industry or business is solely dependent on how far you maintain your customers’ satisfaction with your product or services,” says Kesavan. Big data analytics solutions enable retailers to foresee customers’ demands and empower them to make customer-centric decisions to personalize marketing based on consumer data.

Forecast Demand in Retail

Some algorithms analyze social media and web browsing trends to predict the next big thing in the retail market. Economic indicators and demographic data enable retailers to understand the current market demands. The data will also allow retailers to move a step ahead in the market to understand the need of their customers.

Understand the Customer Journey

The customer journey is not a straight line. It is a zig-zag across channels from research to purchase. The only way to get a handle on your customer journey is by using retail data analytics. Analytics solutions can help retailers answer questions such as:

  • Where are customers looking for product information?
  • Where are we losing them?
  • What are the most effective ways to reach them?
  • How can we compel them to purchase through the recommendation engine?

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