Category: Retail Analytics

With extensively fast-growing market and competition in the retail market, it has become imperative to satisfy the customer expectations along with optimising the serving business process. Hence, it has become crucial to manage and channelise the data to work towards customer delight and generate healthy profits to survive prosperously.

To achieve this, the big retail players globally, are applying retail data analytics at every stage of the retail process from tracking the favourite emerging products, optimising product placements and offers via customer heat to forecasting sales and future demand through predictive simulation.

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In retail industry, fashion styles and trends in apparels and accessories keep changing dynamically, and it is difficult to predict what will sell and what not unless you have an optimized inventory for each change by efficiently utilizing the power of predictive analytics

Unfortunately, it isn’t as it sounds. But with data analytics in retail, they can predict trends based on their customer’s behavior and know what product would do well in a particular season and plan strategies for communicating to their customers.

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There is a new digital divide that’s taking shape in the retail world. On one side are companies that constantly improve their ability to provide amazing digital experiences to their target customers with help of Retail Analytics and on the other side are those that don’t.

The latter could soon see their revenues dwindling if we were to factor the continuing growth of digital influence on retail spending.

In a recent study, Deloitte surveyed thousands of consumers to understand how digital engagement influences in-store purchasing behavior and found that:

• Digital interactions that buyers have with products and brands influenced 64 cents of every dollar spent in retail stores in 2015.
• The continued rise of digital influence is widening the existing gap between consumer’s digital expectations and the retailers’ ability to deliver on them.

The study also uncovered new insights on consumer behavior while tracking and measuring the digital influence on retail sales.

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The global aviation and energy conglomerate, General Electric, predicts an era where the value of data will be worth far more than the products the data is used for. Because the data that is captured from the manufacturing, distribution and retail stages of the whole business process is analyzed, regurgitated and becomes the fuel for further insight application. As much as you see the consumer side of IoT being highlighted today, it makes natural sense that Industrial IoT becomes more mainstream, to be able to provide the new oil that will fuel further transformation.

An IDC report predicts that by the end of 2017, 60% of manufacturers across the world will use analytics in some form or shape, through Manufacturing IoT devices like sensors. If that’s surprising, then you must know why IoT in manufacturing is surely going to break the status quo:

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Kevin Ashton coined the term ‘Internet of Things’ when he was working with Proctor & Gamble way back in 1999. However, 18 years later, only 13% of people know about it, when those very “things” are benefiting them in ways they cannot comprehend.

Industrial IoT is a mix of digital objects like sensors and intelligent assistants, connected to internet enabled systems used to optimize the functioning of various industries, their business models, and the human-machine relationship. It is gaining widespread adoption, estimated to grow at 37% y-o-y till 2021. This is playing a pivotal part in improving our industrial economy.

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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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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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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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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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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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