Data analytics have dramatically changed retail businesses around the world. You have likely witnesses this first-hand. Where your focus was once on bringing customers to your store, your challenge now is to bring your store to your customers. Wherever they are, whenever they want, your retail business must be available. Your ability to do this relies on having plenty of information about these customers. You need to find ways to put your data to good use.
Understanding your customers is at the heart of your retail operation’s success. Data analytics provide the opportunity to dig deeper. They allow you to understand customer behavior and cross-channel purchase decisions. You are now also able to evaluate non-transactional data, including data security, promotional effectiveness, and price elasticity. By looking at all of these factors separately and collectively, you can incite real change and realize improved profitability.
Winning Strategies for Improved Sales
Understanding what drives a customer to make a purchase is the top challenge facing retail businesses like yours today. Part of the difficulty lies in the fact that data is a constantly moving target. Today’s customers are demanding on-the-spot information about your products. In order to win their business, you need to react quickly – both on trends and demands.
Exhibiting focus and agility relative to your data is critical. Your retail business must be able to quickly gather and analyze information about the consumers’ path-to-purchase. You may then use this data to make real-time decisions about merchandising, marketing, and inventory.
One of your most effective tools is an operational system that provides comprehensive reporting functions and built-in analytics. This improved functionality provides you with the ability to extract data early and fast.
The Technology Challenge
As a retailer, you understand the importance of data analytics. It’s very likely that your primary obstacle is feeling constrained by their existing technology. That is completely understandable. Legacy systems often lack the ability to pull data that they need from their system in a comprehensive way.
Your answer lies in incorporating a data management system that integrates seamlessly with your existing operational system. One which provides you with the tools that you lack.
What should you be looking for?
Here are some benefits of a data management system that can dramatically improve your retail business’ data analytics:
- Timely access to data
- The ability to collate unstructured data
- Built-in analytical engine/tools
- Efficient data processing
- Mobile data analytics access
The Future of Retail Success
When your retail business effectively uses data to understand customer behavior, you’re able to transform your operations to meet the challenges of today’s digital environment. Only then may you combine your understanding of purchasing decisions with information about pricing effectiveness and cross-channel promotion to increase your profitability.
Using technology that provides the business insights you need is an essential component of this strategy. ShareArchiver is one of the only companies to provide retail businesses with mobile and web browser access, efficient data warehousing, and built-in reporting and data analytics tools. Our goal is to help you make the best use of your data and drive your business to greater success.
Get a free trial today and see for yourself.