Retail Analytics Solution – An Accelerator for Business Growth

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Introduction
In the era, where everything a person wants to
buy is just a click away, there, it is getting
difficult for offline businesses to retain
customers. This increased digitization have made
retailers realize that every time a customer
visits their store, they have to offer something
more than a product. This is where retail
analytics steps up to help them. Retail
analytics is playing a crucial role in the
digital transformation journey of offline
businesses. Analytics helps to quickly spot and
evaluate new possibilities by providing
actionable insights to retailers about consumer
behavior, demand, sales etc.
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Following are the 5 ways, on how retail analytics
solution takes businesses towards digital
transformation
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Digital transformation of stores through
analytics
Retail analytics helps in optimizing business
processes and maximize revenue. With analytics,
retailers can easily track employee activity and
check whether they adhere to mandatory SOPs or
not. Analytics helps in identifying gaps in
operational processes and provides data which
aids businesses in eliminating unwanted
procedures so as to enhance operational
efficiency. Tesco, a British multinational
groceries, general merchandise retailer and the
ninth largest retailer in the world measured by
revenues used big data to better launch
personalized campaigns. Also, the predictive
analytics of historical sales and weather data
improved the stock-keeping system that saved 100
million pounds of Tesco in stock that otherwise
would have ruined.
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Impact of store hygiene on customer experience
and sales
Research shows that store atmosphere leaves a
distinct impression on customers. Maintaining a
good store ambiance is highly essential if you
want your customers to revisit your store. Retail
analytics helps businesses keep a real-time check
on the hygiene outlook of their stores as well as
staff so as to see if their employees adhere to
mandatory SOPs or not. Analytics helps retailers
to understand how in-store temperature affects
conversion rate.
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Strategic staff placement
Analytics helps in measuring footfall of the
store and in turn, this data aids retailers in
preparing rosters on a weekly/monthly basis to
schedule shifts of employees. Measuring footfall
helps retailers to efficiently manage the queues
so as to reduce the waiting time of visitors and
enhance customer experience.
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Potential areas for better conversion
Retail analytics helps in identifying key areas
where most of the conversions take place. It
analyses sales data and provides useful
information to retailers about the shelves people
spend most of their time shopping. In this way,
retailers can deliver targeted promotions and
discounts to increase sales. Retail analytics
also aids in providing information about the
products that are star-performers so that the
best selling products of the store do not go out
of stock. Staples, an American multinational
office supply retailing corporation, uses big
data to process up to 10 millions of data
transaction every week and forecasts daily and
weekly sales across its retail outlets in US.
Staples used these predictions to target market
promotions based on geographical area and was
able to reduce its overall promotion costs up to
25 with the use of retail analytics.
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Areas for cost reduction
Setting up a retail business requires a huge
amount of capital. From maintaining inventory to
human resource costs, there are umpteen of
operational expenses that retailers incur.
Therefore, retail analytics helps in figuring out
those areas of business where operating cost can
be reduced. Studies show that a 1 decrease in
operating expenses can increase profitability by
up to ten times more than the corresponding
increase in revenue.
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Conclusion
With retail analytics, you can take active
measures to optimize energy consumption. For
helping retailers in understanding the buying
behavior of the customers to aiding them in
optimizing the business operations. All thanks to
retail analytics! KocharTech is a leading
connected consumer solutions company, offering a
comprehensive portfolio of services to a number
of retail clients for accelerating their business
growth with technology. We help brands in
optimizing operational processes, delivering
superior customer experience and drive
profitability in business. To strengthen your
brand with the help of technology, Get in touch
with us.
Get in Touch
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Thank You
www.kochartech.com