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Optimise your retail strategy with retail analytics

The retail industry is becoming more complicated by the day; due to dynamic consumer demands and unstable and ever-changing markets. Nevertheless, by examining large-scale patterns and making use of the opportunities offered by retail analytics data, the patterns can be recognised and utilised through a comprehensible retail dashboard to grow your business and guarantee steady profits.

The impact of retail analytics

Retail Analytics has great benefits on the customer side. You will learn who your best customers are, and thus the customers that are most loyal to your brand. It is more effective to retain customers than to acquire new ones. Loyal and happy customers will also spread the word and bring more new clients. You will be able to customise your proposition, pricing and marketing campaigns to their specific wants and needs. This will in turn maximise profits.  

On the other hand, retail analytics also has great benefits on the infrastructure and logistics side. Examining consumer trends causes a more accurate demand and supply system and thus a balanced inventory in turn leads to a better ROI.

All these insights give you the opportunity to concentrate on delivering exactly what your customers expect from you and on top of this, it also gives you a lot more agility. By using collected and trustworthy footfall data to anticipate on demand and future behaviour you are able to raise or lower prices of certain products accordingly.

Effectively using retail data

  • Personalise your customers experience You have to get to know your customers. It is as simple as that. Retailers should start with knowing who their current customers are, then learn about potential new customers, and finally learning what it takes to make them all happy.  
  • Merchandising and marketing efforts Transforming point-of-sale, social media, marketing, loyalty and web-data into smart decisions concerning assortment, promotions and pricing management is vital. Retail Analytic data allows to make great purchasing trend forecasts. Being knowledgeable of this kind of information can cause significant positive results.
  • Prediction of future behaviour Predictive analyticsis changing the industry. It is so valuable for retailers to identify customers that are likely to purchase again in a short amount of time. Predicting the future behaviour of customers is crucial in understanding how to interact with them in the best way possible.  

At PFM Footfall Intelligence we believe that retail analytics is key to grasp a better understanding and manage your retail space more effectively. You will be able to boost your employees’ output and well-being due to optimised staff and resource allocation. Your customers will be happier and more engaged. On top of that, operational efficiency of your supply chain and product innovation will improve. Put another way, retailers cannot afford not to invest in retail analytics.  

https://www.pfm-footfall.com/

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