Retail Analytics Software
What is Retail Analytics Software?
Retail analytics software tracks and analyzes inventory, consumer demand, and sales data.
Customer behavior and sales trends analytics promote better business planning and decision-making. This type of software provides insights that help evaluate a business’s merchandising strategy, informs their marketing campaigns, and optimizes production/procurement, inventory management, and supply chain operations.
Predictive retail analytics helps businesses predict future demand, identify emerging trends, and anticipate customer needs. Recognizing those opportunities gives retail businesses a competitive advantage. Retail analytics software supports improved targeting for marketing operations and provides feedback for product development.
For business owners, retail analytics can help identify and retain your best customers. It provides key insights around bestselling items, the busiest time of the day, week, and year, and allows businesses to quickly adjust to changing retail environments.
Retail analytics software can include geo-special analysis for store layout optimization, fraud detection analytics, analytics to automate merchandising decisions, and support dynamic staffing.
Comprehensive retail analytics software solutions will capture retail data from both brick and mortar and eCommerce retail operations.
Retail Analytics Software Features
Most retail analytics platforms will provide the following features:
Supply chain analytics
Data collection/integration with retail pos, retail management, and retail operations systems, captures data across all channels.
Action triggers and alerts for dynamic price setting
Dashboard, data visualization, and reporting
Cloud-based and mobile options
Retail Analytics Software Comparison
Consider the following when purchasing retail analytics software:
Scope: Certain products may focus on brick-and-mortar retail analytics, eCommerce analytics, or both. Select a product that best suits your retail analytics goals.
Features: In addition to the foundational retail analytics categories of sales, inventory, and customer behavior, choose a solution that readily supports the additional analytics that you require. These may include predictive analysis, floor-plan optimization, or price optimization.
Industry: Some vendor products are tailored to support specific industries such as fashion/apparel, restaurants, or electronics.
Integrations: Ensure that the product readily integrates with your other retail systems for obtaining the data that is necessary for wide-ranging and comprehensive analytics.
Entry-level pricing begins at around $99 a month. However, most products require a vendor quote, especially for enterprise-level products.
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Frequently Asked Questions
Some of the key benefits of using a retail analytics platform include:
- Increased Sales: Insights that anticipate customer demand, optimize promotional strategies and product pricing and establish the timing of product availability help maximize sales opportunities.
- Improved Marketing: Improved customer targeting based upon behavioral and sales analytics.
- Better Inventory Management: Predictive analytics helps align demand with supply, optimize inventory management, and reduce waste and associated costs.
- Enhanced Customer Loyalty: Understanding customer behavior and preferences allows businesses to improve their customers’ experience.
- Optimizes In-store Operations: Analytics helps refine product placement, optimize staffing needs, and improve service delivery.
- Better Decision Making: Retail analytics improve decision-making for procurement, marketing, and merchandising.