Customer behaviour and how people choose to interact with and purchase from brands has shifted significantly in recent times. The problem is that many retailers have found it difficult to adapt and keep up with these developments. They lose out on market share, and in the worst cases, go out of business. But for those that fold, there are also others that are thriving. They have found ways to stay ahead of trends and maximise their profits.
In recent years, the retail sector has become an increasingly data-centric industry. The challenge for many modern retailers is to capture relevant data and transform it. DSCallards can turn your data into actionable insights, shaping your business strategies and services, and nurturing growth.
There are a number of ways retailers can use data analytics. Data analytics can help businesses unearth powerful insights about their target audience, including how they shop, which can be used to create a seamless shopping experience both online and in-store.
Another popular way of using data analytics in retail is in advertising and promotional expenditure. During this process, a business would analyse data from past campaigns to discover what’s working and what isn’t. In doing so, businesses can use data to tailor future campaigns and make informed, data-driven decisions when it comes to their promotional budget. By using product analytic solutions and inventory management tools, retailers can also keep track of what products are selling most and forecast future demand. This can help ensure they never run out of specific products meaning they can restock items in a timely fashion.
To find out more about how data analytics can boost sales for your retail store, get in touch with the team at DSCallards today. We’ve been assisting retailers for more than twenty years and would be delighted to speak with you about your business.
Data analysis in retail allows businesses to forecast crucial customer recommendations based on their purchase history, leading to more individualised shopping experiences and enhanced customer service. Data is also useful for predicting trends and formulating strategic choices based on market research. These predictions can then be used to forecast future trends and emerging market patterns, which can be used in advertising and promotions as well as product development.
Other benefits include:
At DSCallards, we’ve been helping retailers unearth the power of insight with professional data analytics since 2001. For more information about data analytics in the retail sector, get in touch with our team today.
The type of data collected in retail is dependent on the unique needs of the business. Data about target audiences and store performance is the most common, with many businesses opting to collect information about demographics, behaviours, attitudes and shopping actions and preferences. Retailers will use this data to tailor their purchasing, marketing and pricing decisions to better meet the needs of their customers and drive sales both online and in-store.
For more information about data analytics in the retail sector and how you can leverage your data, get in touch with the team at DSCallards today.
In retail, data analysis is used to predict emerging trends, create hyper-targeted advertising campaigns, decrease marketing costs and increase the quality of customer service. To do so, businesses will often use data analytics and transformation solutions, AI and specific business intelligence tools.
To find out more about how you can use data analytics in retail, get in touch with the team at DSCallards today. We would be delighted to assist you.