Retail analytics is the process of collecting and analyzing data on customer behavior, sales, inventory, supply chain, and other retail processes. Retail analytics help retailers know how each process is performing and what are the parts they need to work on. Also, retail analytics can help show more about customers which will impact in-store promotions and overall in-store marketing strategy.
When we think about retail analytics our mind goes directly to an eCommerce business. Yes, it is easier for online businesses to collect, monitor, and analyze data. However, it’s not impossible for brick-and-mortar retailers to do the same.
There are different tools retailers can use. If they want to collect data only for in-store promotions, they can receive real-time data directly from in-store marketing robots like Tokinomo. However, if they want to benefit from retail analytics for multiple operations, they will need to find a complete analytics solution.
Retail analytics collect a great amount of data and process them to show a report that it’s both easy to read and simple to draw conclusions from it. It would be impossible for a person to analyze this big amount of data and that’s why businesses rely on various tools and apps.