Retail Analytics – How it Affects the 5 Ps in Retail
The use of analytical data in retail is becoming a holy grail for businesses making the best of retail IT services. When the business is running smoothly, it gives you more time to rethink and focus on your present sales strategies, making it more and more efficient with time. The new generation retail analytics give you much more options and areas to work on rather than just insightful data at the end of the day. Let’s have a look at how it affects the 5 Ps in retail.
While omnichannel businesses are taking a lead right now, it is still in question as to where to place which product for better sales and increased profits. It all depends on the channels the customers might want or prefer to engage more. What retail IT helps you with is, it analyzes the analytic data and assists you in improving the layout of your store – both e-commerce and physical. Shopper data according to the channel can help assess behaviors and give a better shopping experience to customers and easy navigation for the retailers.
Product being the primary part of the retail business can have an unexpected demand at some point of time. Powered by data and management techniques, dependent on the kind of retail IT service you choose for your retail business, can go a long way in helping you identify these demands and manage supply during such times. It can also provide timely feedback about product sales to the retailers to help them prepare for future demands in the present. Thus, it also helps in managing the supply chain by automated tracking of orders and real time inventory tracking.
Retail analytics can help identify the consumer buying patterns and use the existing data to identify upcoming demands for certain products and alter the cost based on demand and supply. It will help the inventory stay updated and will also make sure that fluctuating prices drive sales up in all kinds of situations, even adhering to the prices of the competing brands. The approaches can be changed depending on these analytics thus selling products for the best price, in favour of both the parties.
Your client base is the factor majorly responsible for making or breaking your business. By evaluating customer shopping behaviour, retailers can engage with customers meaningfully and offer them proactive service. Nearly one in four online shoppers shops once every week. Retail analytics can help you identify the potential clients and also give you insights on the clients that have already purchased from you in the past, thus enabling customer retention and further helping power customer loyalty.
Marketing campaigns done by your business are practically going to revolve around your clients, and are also going to influence the people around them. Digital technology and retail analytics can fuse to provide a lot of options to personalize and implement sales techniques. This not only boosts sales but also helps you deliver an excellent customer service experience. It also helps you reach out to the right kind of audience, at the right time, enabling conversions.
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