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What is retail analytics?
Retail analytics is the process of providing analytical data on inventory levels, supply chain movement, consumer demand, sales, etc. that are crucial for making marketing, and procurement decisions. The analytics on demand and supply data can be used for maintaining procurement level and also for taking marketing decisions. Retail analytics gives us detailed customer insights along with insights into the business and processes of the organisation with scope and need for improvement.
Analytics have become one of the most powerful tools available to retailers, and are being used to enable fact based, insight-driven decision making to manage their strategic, operating and financial performance, and create shareholder value. Retailers today are searching for ways to derive more customer intelligence and operational insights from their overflowing databases.
Decision making is finally in the hand of decision makers. Traditionally IT has helped decision makers with tools like business analytics to explore the past and indicate what possibly might help him in the future. It is essential to have a structured tool to analyze data because the volume typically is huge, data correlation is often beyond immediate comprehension and you really may not have all the time in the world to do just this. While modern business analytics can help you analyze the data and indicate possible actions, the more challenging part often is execution.