Why data analysis is so important for your business?
Despite the huge crisis in the sector, physical retail remains fundamental. Retailers know that the store retains a lot of potential, regardless of the unstoppable e-commerce advance.
But, to achieve lasting success, store’s data must be properly exploited.
The value of the data
At any time, wherever you go or whatever you do, analysis and data collection is constant. Your store, whether through a targeted strategy or other issues, is gathering a lot of data on consumer behavior and their interaction with the store. But, if they are not used correctly and you are not able to read them properly, they are useless. Very often, retailers ignore the treasure they already owned: with the right strategy in place, everyone can correctly use the data to make better business decisions.
Here are some ways to unlock the power of data:
Customer repetition, climate forecasts and staff management
Many analytical tools, such as TC Analytics, can be used to monitor the repetition rate of consumers in stores, make forecasts of customer visits based on climate and the average annual revenue, and help with management and organization of the staff. All these elements analyzed together ensure retailers can make useful decisions at the right time.
Predictive analysis plays a rather significant role in the management of a store, particularly in terms of costs. Indeed, many studies show that mediation tools can reduce costs by up to 40%.
Relying on intuition and personal experience is no longer an effective means of finding success in the retail world. On the contrary, analytical tools and technologies are needed to understand what happens in our stores and provide better experiences to customers.
With technologies for retail sales, it is possible to study and improve interactions, analyze merchandising strategies to see which ones work well, set up real-time notifications of possible failures that can affect sales and optimize sales strategies to increase sales average value of the tickets.
Analytics and data allow retailers to understand which customers buy which products and why they do it. As a result, they can provide personalized advice to customers to convince them to buy.
It’s not just about in-store customization. Advanced analytics platforms, such as TC Analytics, can provide retailers with information that can then be used to develop high-performance marketing campaigns and advertising strategies.
The evolution of retail
Retail has undergone significant transformation over the past two decades. E-commerce has definitely changed the market, but it certainly didn’t kill it. There is a lot of demand and ample opportunities for companies that are willing to evolve with the times.
Data and analysis are a way to level the playing field: they offer retailers the possibility of accessing information and insights that allow them to improve supply chain efficiency, improve inventory management and offer customers a unique customer experience.
Retailers who are not afraid to embrace data will benefit from competitive advantages in these areas.
TC Analytics is the ideal program to keep all the most important indicators of your store under control.