By Paula Da Silva, Senior VP of Sales, CitiXsys
In today’s competitive retail environment, customers expect more from retailers than ever before — product information, relevant promotions, visibility into inventory — and online channels have created additional pressures to offer low prices and unparalleled customer experiences. Staying relevant depends upon optimizing operations, maximizing margins, and better understanding your customers. Retail analytics can help by giving you the data you need to drive operational efficiencies and to personalize customer experiences. Following are three steps you must take to truly benefit from the insights data can provide.
1. Define KPIs
The conclusions you draw from data can only be as good as the data you use. Make sure you are evaluating the key performance indicators (KPIs) that truly measure real business results. In addition, make sure your team understands the importance of accuracy when maintaining, for example, inventory records and customer data. Inaccurate data can lead to costly errors.
Analyzing massive amounts of data is an overwhelming task. That’s where visual retail analytics solutions come in. They enable you to manage your data and to produce actionable reports in formats that are easy for you and your staff to understand. Reports can be generated for your sales team, marketers, store managers, and sales associates that track performance and bottom-line impact.