5 Ways Retailers Can Best Leverage Data Analytics

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Optimize Profit Margins

Optimize profit margins by forecasting demand and inventory needs.

Forecasting demand and inventory is essential to produce a profit. This begins with the marrying of sales data, promotional data, as well as results from digital ad words. Being able to quickly and efficiently link these components can provide insights in less time than ever before. Insights into this type of data, at this quick pace, could mean the difference between an inventory shortage or overage, and direct sales for your company.

In today’s competitive landscape, it’s no surprise that retailers are struggling to attract consumers – both online and in-store. In fact, BDO analysis found that 92 percent of companies noted risks related to U.S. growth and expansion, up from 56 percent in 2013. The brands that are attracting and retaining customers successfully are leveraging data to better target consumers.

However, data can be a very complex issue for retailers, as they’re not just pulling from large datasets, they’re also pulling from multiple sources. Consider all of the channels that go into a retail campaign: marketing funnel, social channels, customer data, lead generation data and so on. To manage campaigns effectively, retailers need to see the whole picture and know what data from which channels is most impacting their campaigns.

In this slideshow, Sisense VP of Product, Jeremy Sokolic, highlights how retailers can drive the most valuable insight and propel their business forward.

 

Related Topics : Vulnerabilities and Patches, Resellers, Broadcom, Broadband Services, Supercomputing

 
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