Analytics Is A Retailer Must-Have – But Only The Right Analytics

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?

 

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Haven’t you heard? Retail is Data-ii

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.

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Top 6 Must-Have Features in a Retail Analytics Tool

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.

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4 Reasons Why Predictive Intelligence Tools Beat Market Analysis Reports

Predicting the future is impossible. Despite that fact, business leaders still need to be able to capitalize on future trends in order to gain a leg up on the competition and achieve business success. Unless you have the proverbial crystal ball, producing accurate insights and turning them into trends can be extremely challenging – given that there are only two reliable sources for identifying trends: Market Analysis Reports and Predictive Intelligence Tools.

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As a Retailer, Recognize key Trends for your business

What is the one word that describes “change” effectively, positively and instantly?

There could be many answers to this question. Our answer though, is grounded in the tangible.

Trend!

Each trend is a precursor to change. Or the change itself!

To extrapolate, there was a time when women were expected, and therefore, portrayed as doing household chores everywhere- in ads, films, etc. But then Julia Child appeared on TV wearing pearls and cooking Boeuf Bourguinon. Et Voila, a trend was created- which changed the way women viewed themselves.

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Decoding Decisions with Big Data!

1st May is just a couple weeks away. And we cannot wait to see the way Myntra fares. Going mobile! What will be the result? The management and directors may have studied the ins and outs before making a decision that has the ability to set a new standard in the world of eCommerce in India;

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The Reason Why Retail Industries Love Recommendation Engines

Remember seeing the words, ‘you might also like’ while you are shopping on-line? Or the ‘people you may know’ on LinkedIn or Google Plus? How many times have we actually stumbled upon these words and ended up clicking them, just to find out a little something different?

When Big Data is mentioned, ‘benchmarking’ is often mentioned in the same breath. As amazing and accurate as benchmarking with data is, it is not the end all of big data. There is something more to Big Data- that gives it so much more value. It is called a “Recommendation Engine” in industry lingo.

Recommendation is that one step ahead of benchmarking or comparing data. Because, comparing data against your competitors is great from a ‘getting insights’ perspective. The next logical, and often-times undeniably important step, is using those insights productively. A recommendation engine is what turning insights into actions is all about.

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Big Data- Growth Story 2014…

Big data, it seems, has become the new mantra for all and sundry. Every industry you see has used or is planning to use data analytics to increase sales or get to know their customer base. Newer and better organizations are coming up because of data analytics becoming important. Also, new jobs have been generated in the name of data.

For the uninitiated, Big Data refers to a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications. Data analytics is all about processing this data using softwares, tools or other such services. Continue reading “Big Data- Growth Story 2014…”