To boost product visibility and sales with optimized prices, retailers and brands can use retail data analytics to access real-time insights into the global e-commerce landscape. Let’s look at how Michigan-based furniture manufacturer Herman Miller can use retail data analytics to gain a competitive advantage in the global retail market.
For many businesses, data analytics aren’t just useful tools to assess and shape the connection between a given company and its customer base. Rather, the information systems put in place to gather key figures and other salient reports are invaluable to the long-term success of a company. Fortunately, businesses within the online retail space are especially equipped to track and collect the data they need to optimize their business practices and foster growth. This is particularly true in regards to one of the most popular growing segments of data collection:inventory management.
Cat’s out of the bag, analytics is steadily rising on top of every other retailer’s list of priorities, but are they going to maximize their opportunity here – or waste it?
Retail has always been and will always be about choices. Brands and retailers strive to offer the widest and deepest assortment possible to attract substantial consumer traffic. Among other things, success in mass retailing heavily depends on pricing and promotions. The present day challenge for brands and retailers is to sift through the increasingly competitive, complex and ever-growing retail universe. The proliferation of open source platforms like Magento and mobile commerce solutions has led to a huge spurt in online retailers.
We apologize for adulterating one of retail’s most famous principles. We simply want to highlight the role data plays in modern retailing’s quest for detail. Be it optimal pricing, store layout, supply chain, logistics or merchandise, there is no facet of retailing that is untouched by the benefits of data insights. A clear understanding of different customer profiles, their frequency of shopping & average money spent on each visit are considered as the cornerstones of retail success. The metamorphosis of retailing from brick-and-mortar to e-commerce has changed the dynamics of success in this space. Data-driven insights have been instrumental in that change.
Retail analytics software collects a plethora of data ranging from pricing information, stock levels, catalogue assortments, discounts, and much more. This information is stored and collated into large databases where it is processed using statistical algorithms to record and track trends and patterns. From this data, there is a huge breadth of intelligence that can be extracted, allowing you to make data-informed decisions on anything from creating on-the-fly pricing strategies, to accurately benchmarking your seasonal discounts. This software helps to mitigate the risks of human assumptions that can trigger margin loss, overstock situations, and missing the boat on market trends.
What is the one thing you would tell Mark Zuckerberg, Jeff Bezos or Larry Page & Sergey Brin if you are riding the same lift, together? You have less than 10 seconds to think, formulate words and speak up. What would you tell them, if you wanted them to hire you- on the spot, without a doubt?
In times of old- all fashion was custom. Apparel had to be designed or sewn by hand. It was only when social disparities started blurring that businesses started selling mass produced apparel; and people started buying it.
The industrial revolution brought standardization to the apparel markets. From gathering raw materials to creating standard fits- the industry has scaled new highs every year. The global fashion industry revenue, circa February 2015, has gone up to USD 1.2 trillion.