5 Ways Retailers Can Best Leverage Data Analytics

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Capture Consumer Interest

Retailers must be nimble in their approach to understanding the needs and wants of the consumer and more specifically, their buying patterns. Buying patterns are continually shifting, particularly with the increase of mobile search capabilities and new technologies that allow the consumer to research products prior to buying. For example, a big-box electronics retailer may use business intelligence software to analyze a shift in consumer buying behavior toward wearable fitness technology. Armed with this insight, in-store promotions and inventory orders can be re-adjusted to stock up on the product category. Agile technology is critical here to analyze patterns in real time, allowing the retailer to adjust purchase orders within hours or days of any noticeable shift in consumer demand, rather than months. 

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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