Author: chandra

10 Signs You Should Invest In Big Data Analytics For Retail

Back in 2013, when Paul Daugherty, CTO at Accenture categorically stated that every business is a digital business, it was a historical statement. Businesses who ignored it did it at their peril and would have to wrap their heads around that reality pretty soon.

Today, in the retail domain, big data analytics for retail has upended the industry for the better, and the race to the top will go to businesses that think digital-first.

The Big Data market is expected to touch $92.2B in 2026, from $18.3B back in 2014. For retailers, it’s now or never. If you notice even one of the below signs in your business, you do not want to have second thoughts to realize it is high time to invest in big data analytics:

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5 Reasons Why Everyone Is Talking About Ecommerce Analytics

In an age of razor thin attention spans and low customer loyalty, data is the new oil. Ecommerce companies are leveraging this valuable, yet largely untapped resource to deliver customized deals that grab users attention and lead to purchases.

Major players like Amazon and Alibaba are recognized for leading the way, using tools like ecommerce analytics to derive valuable customer and web insights.

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5 Key Restaurant Analytics to Make Your Business More Profitable

Isn’t ‘eating-out’ the de-facto thing to do on the weekend? After a hectic work week, filled with the routine home or office café food, I’d jump at the chance to check out that untested menu item at the nearby restaurant.

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How Retail Analytics Solutions Increase In-store Conversions?

In a highly competitive market, what drives retail business is in store conversion, i.e. number of store visitors vs. no of people who left with a purchase.

With consumers becoming highly agile in their buying patterns and moving seamlessly between in-store and online, information and insights are becoming key to understand business critical factors such as inventory, supply chain, demand for products, consumer behavior, etc.  

Due to the lack of business insights, retail businesses are failing to make informed decisions. According to some sources, more than 35% of top 5000 retail companies are failing to do so.

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5 Indications Why Every Business Needs to Invest In Retail Analytics Solutions

According to PWC in their 2017 edition of Total Retail Survey, there are some interesting developments happening in the retail consumer space. 35% users in the survey said that – mobile will become a key purchasing tool for them, social networks provide inspiration for purchases and 47% own or intend to own a wearable device. This means that the retail buying is clearly moving to mobile, omnichannel is a reality, and wearables would soon be a part of this customer buying journey.

From the business operations perspective, again PwC has some very important revelations. 68% of the global CEOs gave the view that data and analytics technology is generating the greatest RoI. In the retail industry, in particular, CEOs are looking for growth in complex times and digital trust is growing as retail transactions are becoming automated, data driven and virtual.

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How to Leverage Retail Analytics to Crush Your Business Goals

In some cases, science fiction turns into reality. One day I was in Walmart, where the screen on each section of product categories greeted me with my name, and the pricing was just suited for the budget it knew I would spend for that visit. Then, the distant song became louder, and my alarm woke me up. Fantasy dreaming, you think? Future retail store gazers are now looking to bring such concepts to reality, using a mix of advanced, always-on retail analytics and next best action systems.

Analytics in e-commerce is glorified, and you can choose from myriad examples to exemplify its success. But the online journey always has an offline impact. Read that again. Therefore, we cannot discount the advantages the offline retail world holds. But now, the offline world is disrupted. If you are in retail and are seeing shifting winds rocking your boat, our retail analysis insights will guide you to reach the other shore safely:

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7 Reasons Why Retail Analytics Solutions Are Important

Multinational retailers can no longer rest on their legacy. A revolution is underway in retail, and the new-age customer really doesn’t care if you are a Target or the next-street retailer. That’s because they want relevance. Like the unique life-choices they make, they expect retailers to use their data through retail analytics solutions & customer journey dashboards, to offer products already on their purchase list.

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Top 5 Crucial Insights Derived from Inventory Dashboard for Ecommerce

E-commerce is the ultimate future of all business interactions. A major part of the traditional business domain has transformed itself to the online domain. In a traditional business area, the whole concept of logistics is all about available stocks. In other words, it concerned about stock availability and renewal time to time. E-commerce has got entirely new avenues to deal. The traditional stock concept or logistical support is out-of-date for a digitized network of an online ecosystem. No doubt, the whole idea of inventory management in e-commerce has witnessed dramatic change. The importance of detailed insights into e-commerce inventory management is predominant. ComTec Solution provides crucial insights which are indispensable in inventory management for any e-commerce segment.  Those vital insights are readily available on inventory dashboard for e-commerce.

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Top 5 Crucial Insights Derived from a Restaurant CXO Dashboard

Restaurants have long become integral to urban life. Ever since luxury and entertainment along tasty food have become quite a norm, the whole idea restaurants have witnessed changes. It is no more an eatery or a food joint, rather a business center where ideas meet and business wise, it has become a profit-making vehicle.  The domain of restaurant business is very different to that of a traditional business. Gauging vital insights on any running restaurant business is important. ComTec Solution provides an integrated approach to efficient restaurant business with Restaurant Analytics which are available on Restaurant CXO Dashboard.

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Top 5 Crucial Insights Derived from Customer Center Dashboard

Consumer or customer is always pivotal to the growth of any business.  Every popular brand takes care of its customers.  There are two traditional perspectives. Firstly, it is important to increase the customer base. Secondly, it is essential to retain them.  Here in lies the significance of a good brand.  A good brand emphasizes on constant customer support. No doubt, this isn’t any easy task as a business organization should be aware of the changing needs of the customer base.  Side by side, the customer base is diversified in nature. Every customer or consumer is unique in taste, choice and other parameters. When it’s the case of e-commerce portals, the whole idea of customer support becomes more interesting. ComTec Solution plays a vital role in providing crucial data insights in their customized eCommerce analytics dashboard which we are going to discuss below:

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