Retail Analytics Software

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Retail Analytics Software Overview

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:


  • Real-time analytics

  • Sales analytics

  • Customer analytics

  • Inventory analytics

  • Merchandising analytics

  • Performance analytics

  • Predictive analytics

  • Pricing analytics

  • Supply chain analytics

  • Competitor 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.



Pricing Information


Entry-level pricing begins at around $99 a month. However, most products require a vendor quote, especially for enterprise-level products.


Retail Analytics Products

(1-17 of 17) Sorted by Most Reviews

TIBCO Spotfire

TIBCO Spotfire

Customer Verified
Top Rated
TRUE

TIBCO Spotfire® is a data visualization platform that utilizes predictive analytics. In addition to data viz, it includes data wrangling capabilities, predictive analytics, location analytics, and real-time streaming analytics.

Key Features

  • Customizable dashboards (276)
    83%
    8.3
  • Pre-built visualization formats (heatmaps, scatter plots etc.) (289)
    82%
    8.2
  • Formatting capabilities (284)
    71%
    7.1
Tableau Desktop

Tableau Desktop is a data visualization product from Tableau. It connects to a variety of data sources for combining disparate data sources without coding. It provides tools for discovering patterns and insights, data calculations, forecasts, and statistical summaries and visual…

Key Features

  • Customizable dashboards (161)
    88%
    8.8
  • Drill-down analysis (156)
    83%
    8.3
  • Formatting capabilities (158)
    83%
    8.3
Board

Board

Customer Verified
Top Rated
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BOARD is a business decision-making platform for organizations of any size. BOARD hosts several business modeling, planning, and analysis all in one cloud-based platform.

Key Features

  • Customizable dashboards (61)
    89%
    8.9
  • Drill-down analysis (64)
    87%
    8.7
  • Formatting capabilities (63)
    81%
    8.1
Looker

Looker

Customer Verified
Top Rated

Looker is a BI application with an analytics-oriented application server that sits on top of relational data stores. It includes an end-user interface for exploring data, a reusable development paradigm for data discovery, and an API for supporting data in other systems.

Key Features

  • Customizable dashboards (64)
    80%
    8.0
  • Report sharing and collaboration (66)
    79%
    7.9
  • Drill-down analysis (65)
    77%
    7.7
ThoughtSpot

ThoughtSpot

Customer Verified
Top Rated
TRUE

ThoughtSpot is an analytics platform that enables users to leverage natural language search and AI to find data insights and tap into the most cutting edge innovations the cloud data ecosystem has to offer. The vendor states companies can put the power of their modern data stack…

Key Features

  • Drill-down analysis (62)
    84%
    8.4
  • Customizable dashboards (62)
    77%
    7.7
  • Formatting capabilities (61)
    73%
    7.3
Sisense

Sisense is a BI software and analytics platform. With what the vendor calls their In-Chip™ and Single Stack™ technologies, users have access to a comprehensive tool to analyze and visualize large, disparate data sets without IT resources.

Key Features

  • Customizable dashboards (46)
    91%
    9.1
  • Formatting capabilities (46)
    82%
    8.2
  • Drill-down analysis (46)
    80%
    8.0
MicroStrategy Analytics

MicroStrategy Analytics is an enterprise business analytics and mobility platform. Key features include automatic big data analysis and reporting, data discovery and visualization, digital security credentials, and support for mobile devices.

Key Features

  • Formatting capabilities (25)
    74%
    7.4
  • Pixel Perfect reports (24)
    65%
    6.5
  • Report Formatting Templates (25)
    65%
    6.5
Lightspeed Retail

Lightspeed Retail is a retail PoS system from Lightspeed headquartered in Quebec. Core retail POS features are expanded on higher service tiers with ecommerce option and payments gateway, an accounting system, and a customer loyalty program.

HCL Retail Services

HCL offers a a suite of retail solutions that include various tools supporting collaboration, traceability, business process improvement, retail planning, and vendor management.

SupplyPike

SupplyPike headquartered in Fayetteville offers cloud-based retail data tools to help suppliers get actionable insights from data, manage Walmart deductions, and get visibility into the supply chain, to 3rd parties accountable.

SPS Commerce Analytics

SPS Commerce Analytics is designed to help the user uncover actionable insights. The solution collects, cleans and uses sales and inventory data across multiple retail customers. SPS boasts a proven process, team of experts, retailer partnerships and technology designed to make analyzing…

NTS Retail

Austrian software company NTS Retail offers their retail management solution to telecoms, with multi-channel order and fulfillment management, customer engagement, and other business support functions.

Algonomy Merchandising and Supplier Collaboration

Algonomy offers Algorithmic Merchandising and Supplier Collaboration Management to connect the dots between customers, suppliers, and products for increased profitability and control.

Omnilytics

Omnilytics is a market intelligence platform from the company of the same name in Singapore, that provides real-time data and competitor analysis for fashion retailers. These insights help brands make buying and stocking decisions, to increase their sales margins and optimise assortments…

Epos Now

Epos Now, headquartered in Norwich, offers their cloud-based point-of-sale software and integrated hardware systems, configurable to meet the needs of retail and hospitality and available for a single up front payment or at a monthly cost.

HungerRush Restaurant Management System

HungerRush in Austin presents their integrated HungerRush Restaurant Management System (RMS) as a paradigm shift designed to simplify day-to-day management, create better customer experiences, and enable new levels of data-driven decision making. It also includes the HungerRush online…

Numerator TruView (formerly InfoScout Insights)

Numerator TruView (formerly InfoScout Insights) is a business and marketing analytics and intelligence platform providing shopper profiles and customer segmentation, omnichannel (e.g. physical store and ecommerce store) sales and receipt analysis, promotion and sale success analysis,…

Frequently Asked Questions

What does retail analytics software do?

Retail analytics software analyzes all parts of a retail business from sales and inventory to customer behavior. It tracks customer purchases, foot traffic, and best-selling items. It identifies trends and helps predict future demand. The information it provides enables businesses to optimize procurement, inventory management, and supply chain operations.

What are the benefits of using retail analytics software?

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.


How much does retail analytics software cost?

Entry-level pricing begins at around $99 a month. But most products require a vendor quote, especially enterprise-level products.