Today’s retail customers are extremely well informed and demanding making it extremely important to understand their behavior. This has made retailers to constantly collect different customer data and analyze them to effectively run focused and personalized marketing campaigns as well as design improved loyalty programs. Further to this retailers are constantly using data analytics to improvise their sales strategies and overcome different business challenges.
Latest trends in In-Store Data Analytics
- Smart in-store Wi-Fi analytics platform – To understand customer buying patterns it is important to analyze their behavior when they visit a store. Smart in-store Wi-Fi analytics platform helps retailers to easily identify each customer as they provide information like name, email, phone, and loyalty number while registering for Wi-Fi services. This information can be used to track and study their behavior every time they enter the store and also help to differentiate if the customer walking into the store is an existing customer or a first-time visitor.
- Product assortment analytics – Analyzing correlated product buying patterns is extremely important for retailers to organize their product assortment and optimize sales to the maximum level. TO understand this customer behavior, retailers are integrating their in-store customer behavioral data with the point of sale devices. This integration of data allows retailers to analyze purchase buying history which provides a fair idea about the correlated product buying patterns.
- Prescriptive analytics – The biggest challenge retailers are facing today is pricing. Prescriptive analytics is a tool which helps them to overcome this problem by analyzing multiple data starting from customer trends, transaction time, location and availability of a product. Retailers can design their strategies based on this information and optimize their profit margins accordingly.
- Data sharing between parties made easy – Adequate data sharing between retailers and suppliers is extremely important. The coming of age of technologies like cloud and big data has made data sharing between two parties extremely easy, secure and streamlined. Further, this data is used to forecast demands, understand shopping patterns and manage purchasing and delivery schedules in a more improved and efficient manner.
It is extremely important to utilize most of the data at the customer level. It is extremely important to use data and technology to personalize customer patterns and implement different strategies like pricing, loyalty programs, and self-assortment as this is what will make the difference in the coming times. The Future of retailing is all about being relevant for a specific person at a specific moment and to provide the product he/she requires.
– Pavan Mudholkar,
Sr Research Analyst,