Retail Analytics: The Perfect Business EnhancementSource: CitiXsys Technologies Ltd.
Retailers and wholesalers are serving customers with disjointed and diverse spending habits. Expectations on shopping floor are soaring requiring transparency across product and relationship value chains. Each process and function inspires a decision that can create an impact on the company's ability to appeal, offer and retain its precious customer base. But it is common for routine decisions not to be supported with the same priority as corporate initiatives. Strategies on whether to consolidate channels or move to emerging markets can consume analytical resources leaving associates to make decisions based on "gut feeling." However, questions like are equally important in running a business. Experts & associates have made serious attempts to answering these frequently asked questions Associates with the answers having a huge impact on the bottom line.
Retail Analytics are needed to provide the data in the hands of your line managers who purchase the products, negotiate the margins, determine time for product launches, manage inventory, create offers and allocate labor. The system is the key to enforcing a culture of fact based decision making among modern day retailers.
The main driver behind retailer's focus on intelligent analytics is the ability to quickly react to changes in customer demand. Following the available trends & demands, retailers can use their business intelligence tools to make more accurate business decisions and improve customer retention and loyalty.