We have seen that the retail industry has become competitive due to the constant changes and challenges that come with varying political, economic, and environmental.
Therefore, the reaction capacity of the business of the industry largely depends on the processes of immediate analysis of face to the dynamics of the consumer.
The ability to manage data and make decisions preventive face it, he is a differential today for retailers. This process of “Retail Analytics” consists precisely in use microdata and apply them in all stages of the purchase process; from the profiling and segmentation of types of customers, the product forecast, business strategy and marketing at the point of sale, among many other aspects.
Below, we'll show you the benefits of applying the Retail Analytics in your business:
1. Identifies and creates customer profiles: it segments your customers based on the history of your transactions to provide the product according to your taste and interest.
2. Optimizes your price: play with dynamic pricing by taking into account the demand, inventory levels and the activity of the competition. Optimize your sales in real time and not only in seasons predefined.
3. Predicts your demand: knows the trends of the industry and the changing preferences of your customers in order to adjust your product portfolio.
4. Inventory management: plan your inventory, know the products of major and minor rotation to be prepared for the demand.
5. A fraud is detected: know what's happening in your establishment by analyzing the daily activity at the time of purchase.
6. Identifies the sales opportunity lost: you know when desaprovechaste any opportunity and how much it meant that. Prepare better to your resources and knowing the trends of flow of your business.
7. Monetize business and save: you know what day and at what time are your customers willing to buy and organize your mesh of vendors with this information. Optimizes your resources.
8. Sell more: manages commercial variables by changing the operational processes of cleaning, organization, distribution, or change of layout business processes of customer care.
9. Fidelize quickly to your clients: understands the needs of you customer, adapts the buying cycle and provides a memorable experience. Sure the customer will return.
10. Get evangelizers: your shopping experience will speak for itself. Your customers will be the best voice-to-voice, and will recommend your business.
Therefore, it is important to find out through the information meaningful patterns that will help you improve the performance of the business making decisions based on facts as the data allow you to create capabilities to compete in the market being effective.
Sure you measure your business, but how do you do this in an automated fashion?
FollowUP't help you, you know here the benefits of real time measurement of your variables of business using technology and call us to do it for you!