Data plays an integral role in helping retailers understand their consumers and the demographics they belong to. The insights derived from data arm retailers with an informative approach for recognizing consumer demands by identifying which products and services have a high demand and which products are not doing well in the market. Retailers can make better-informed investment decisions by analyzing market sales and performance for their products, and you can, too. For years, online retail has had the upper hand in retail analytics. They have the ability to track the full customer journey from discovery to conversion, and every action in between. But now, with the rise of Retail 4.0, brick and mortar is evolving rapidly to collect that same kind of information as big data becomes table stakes in retail operations.
Retail 4.0 leverages modern technology like the Internet of Things (IoT), artificial intelligence, and cloud computing to optimize workflow, processes, and more through machine efficiency and decentralization. IoT’s interrelated computing devices compile data through communication directly between devices and computers. This is accomplished without requiring human-to-human or even human-to-computer interaction by mechanical and digital machines that are provided with unique identifiers and the ability to transfer data over a network automatically.
In-store, Retail 4.0 efforts can manifest as individualized coupons and intelligently curated inventories, giving consumers a more personalized, faster, and smarter experience. In the back office, emerging technologies such as ERP (Enterprise Resource Planning) solutions are used to create intelligent, agile supply chains that can help retailers and marketers not only increase the flexibility and speed of fulfillment but also optimize costs.
Armed with insights from the data they collect, companies can increase speed to market and offer new delivery options while providing immediate access to products, delivering customized services to consumer segments, and improving inventory accuracy and responsiveness.
Smart retailers are adopting a data-first strategy to map the buying behaviors of their customers as well as to plan their sales and marketing strategies. Savvy business leaders are less dependent on historical trends and intuition or pure instinct based on years of experience; instead, they are leveraging the power of predictive data analytics to make informed decisions.
Retail analytics empowers retailers to define the way they target customer acquisition. Deep insights can be mined from an organization’s data, including demand predictions, purchase patterns, demographics, frequency of purchase/shopping, search criteria, and more. Retailers can also use analytics and AI to predict products that customers are most likely to purchase together as well as helping to determine the price consumers are willing to pay for a given product.
Data also helps retailers understand their customers and the demographics they belong to. Such data-based insights offer an informative approach for recognizing consumer demands by identifying which products and services have a high demand and which products are not doing well in the market. By analyzing market sales and performance for their products, retailers can make informed investments.
Instead of a reactive approach, Retail 4.0 leverages the right data at the right time to deliver the insights that ensure efficient, cost-effective processes from the source, through the supply chain, and on to the customer.
You need a comprehensive, state-of-the-art solution based on best practices and proven industry expertise flexible enough to meet your organization’s needs. The Mobile Insights web and mobile applications provide a scalable and secure solution that supports your entire retail operation.