Retail Analytics Applications During Coronavirus
The coronavirus has impacted individuals and businesses across the globe. With retailers, especially, business practices are volatile, and supply and demand needs fluctuate every day. In order to combat these changes, retailers can use retail analytics during this pandemic.
For grocery retailers and e-commerce, the pandemic is sending millions of people in their direction. Physical retail stores must remain closed until social distancing and quarantine restrictions lighten. With the transition to e-commerce, businesses must use analytics and big data to adapt quickly. Without these tools, they won’t be able to meet customer and supply chain needs. The following applications of analytics show how crucial data is during this time.
Predictive analytics is going to be one of the tools at the forefront for retailers as COVID-19 continues. The supply and demand for various products — groceries, toiletries and cleaning products — are currently at a high. As social distancing rules continue to fluctuate, though, this level will also change again.
For retailers to stay on top of future needs, they will need predictive analytics. This form of data can track what items consumers frequently buy and get more specific details, too, like brands and pricing. As items like toilet paper sell out quickly, the analytics can highlight what changes retailers will need to make in order to meet that demand.
This area is one of the most important. Any kind of retailer is going to need actionable intelligence and analytics that can get them through this pandemic. With predictive analytics, they can see data and trends and act upon them to conquer the volatile market.
Business Projection Analytics
COVID-19 has forced thousands of businesses across the world to become fully online. Though e-commerce is performing decently, this kind of transition can negatively affect small and medium-sized businesses. Thus, this change brings into view another form of big data: business projection analytics.
Retailers are going to have high demands for some items and low demand for others. Depending on the balance, business owners will want to have a clear idea of how their enterprise is doing. With business analytics, they can see the money coming in and going out of the company. From there, they can asses the company’s needs and try to adjust.
Highlighting this need, UPS recently launched a nation-wide survey for medium and small businesses. It took their performance into account and how they are holding up. Not only is UPS’s survey a form of big data on its own, but it shows businesses’ needs for analytic projections. According to the survey, many enterprises have few employees and have faced disruption. By implementing business analytics, they could have a better view of the trajectory they need.
Social Media Analytics
People are turning to social media like never before. These platforms offer a way to connect with friends, family and acquaintances from a distance due to quarantines. They also provide a way to gain new information. Retailers can then use this increased use of social media to their advantage.
No matter the size of an enterprise, businesses should have various forms of social media to connect with consumers. With social media analytics, companies can gather more information about consumer behavior — especially buying patterns during this pandemic. With a better understanding of the trends and changes, retailers will stay on top of supply and demand needs.
Since engagement has increased across platforms during the outbreak, analytics for social media are crucial. This form of big data can gather information about preferences, engagement, demographics, interests, trends and more. Maintaining a connection with consumers is crucial on both ends — social media is where to begin.
The Future of Retail Analytics
Retail analytics and big data were already on their way into becoming an integral part of business. Now, however, that transition is speeding up. The abilities of analytics help enterprises stay afloat and on top of supply and demand needs. Additionally, the coronavirus is most likely going to be an issue for a while.
More and more retailers will make investments into analytics in order to help their business. Then, after COVID-19 passes, retail analytics will be a standard part of operations.