retail analyticsThe changing digital landscape of the Indian retail space has meant that retailers are opting for smart tools to leverage growth. Data analytics has emerged as one of the most potent tools allowing retailers to fill the gap between optimizing of business processes while satisfying customer needs and expectations.

Retail data analytics is today applied at almost every stage of retail process. From tracking any emerging products to forecasting of sales, predictive future demands, fulfilling supply chain logistics, just about every aspect has its base in smart retail analytics tracking.

How retail analytics is a game changer for the retail landscape

Find out how retail analytics is helping to change the retail industry.

India has a long history of traditional retail industry but the emergence of new players has redefined the retail landscape as a whole. The use of retail analytics is one such defining moment that is changing the retail industry for good bringing Indian retail at par with any global retail chain operations. Retail analytics helps retailers witness an immediate impact in their day to day operations. A well oriented retail analytics program customized for retail operations covers all essential aspects.

Smart use of hybrid data integration

Retail analytics tool makes use of big data and hybrid architecture allowing for seamless data integration. As a result retailers can have simple data integration across all channels and verticals like apps, sensors, RFID tags, social media platforms, etc. all corresponding to the same product code SKU.

Retail analytics and future predictions

Retail analytics when used optimally empower retailers to take business decisions faster using predictive modeling capability. Retail analytics with its future predictive trends offer retailers a chance to compete smartly in this high competitive industry.

Analytics and use of data visualization trends

Retail analytics offers retail enterprises a unique insight into the business by offering smart data visualization trends. Businesses can then share the information with the employees and managers easily resulting in better brainstorming and higher efficiency.

Easier to manage self service analytics

Retail analytics can help retailers take big decisions based on data trends and future predictions. This allows for a smart working environment were business owners are aware of the consequences of every decision.

Retail analytics and making sense of data

A fundamental reason why retail data analytics has emerged as a strong new generation tool for the Indian retailers is its advantage to uncover data based trends in all areas of retail industry. From merchandising to marketing, sales and from supply chain to managing of store operations, all can reap benefits of a retail analytics tracking program.

Retail analytics and retail merchandising

Retail analytics offers insights for retailers to help them stock the right product.

If you have walked in a retail store and wondered why a particular product always catches your attention, the answer may be in retail analytics. Retail analytics solutions offer insights for retailers to help them stock the right product at the right time. Some advanced retail analytic programs also suggest the location of a particular product in the retail shelf counter which can lead to maximum sales. Everything from space allocation to product adjacency results in optimizing of merchandising for retailers. By opting for retail analytics, a retailer can come across new products that have a higher chance of selling thereby impacting sales in a positive way.

Analytics and their role in supply chain operations

The sooner a retailer is able to stock up on supplies or better still ensure lower downtime for no supplies the higher is the chance of a successful sale. Retail analytics program are tailor made to cater to the supply chain analytics for retailers. Retailers can now use GPS to track their goods identifying logistic insights like never before. Inventory and supplier performance are also tools that help retailers choose their suppliers wisely to ensure low or minimum stock outs.

Retailers and store operation analytics

Store operations are often a largely ignored aspect of the Indian retail industry. From managing people to places, processes and products everything gets an automated boost if a retailer opts for a well tuned retail analytics program. The use of sensors to determine inventory levels or restocking shelves automatically once the stocks go lower than a fixed number are some advantages retailers can seek when opting for a smart analytics model. The future of retail analytics with Internet of Things (IoT) evolution can offer many additional advantages like real-time information on the freshness quotient of an edible product or allowing buyers to try products virtually.

Conclusion: Retail analytics has made it possible for retailers to increase their sales and working efficiency using smart insights. Retail analytics has been a game changer for the Indian retail industry and is likely to gain prominence as technology evolves over time.