How to Lead your retail business to success with data analytics

Prepare Your Retail Business to Stay Ahead of eCommerce Competition

The advent of eCommerce has changed the way business is conducted, but that does not mean that retail business is gone for good. Retail is still big, and the popularity of retail shopping has jumped in the past 2 years as the pandemic and the lockdowns have motivated people to get out of their homes and become involved in the community. Still, the retail stores need to be adapted to the post-digital business environment and leverage the advantages of Data Analytics Solutions to make it as gratifying and advantageous as online shopping.

Predict Customer Behavior
Historic data can be used to predict customers who are likely to buy a product, when they will make the purchase and the method they are expected to choose. Data Analytics Solutions can help you analyze the trends, purchase history, past behavior, and similar data points to proffer a clearer picture of how your sales are going to be and how you can increase it. Businesses can create viable product policies, improve customer satisfaction, take advantage of market policies, and alter their marketing efforts according to insights uncovered from customer data. Pretend your business is a beauty store and when you probe into your customer data, you unearth a compelling correlation. The customers that buy a particular face serum often return to the shop to buy a moisturizer. You can use this information to send limited promotional offers to the customers who buy the face serum.

Strategic Pricing
The internet and eCommerce have made the activity of comparing prices an effortless process for the customers. The customers can weigh up your prices with your competitors and if better prices are available in the market, they can easily walk out of your stores. Setting your prices according to the production cost, standards of quality and revenue goals is not enough to attract customers. By applying Data Analytic Solutions on competitive intelligence, market trends and customer feedback businesses can strategically set the optimum prices for products. The same strategy can improve the way you provide discounts, promotions, sales, etc.

Tactical Product Display
The way products are displayed in a retail store influences the way a customer makes the purchase. Customers encounter rows and aisles when they enter a retail store and with intelligent product displays their engagement can be improved and sales can be increased. You must have noticed that products such as candies, gum and magazines are placed near the register. This is because customers usually will not search for these products, but they tend to grab a gum or magazine as they stand in line. Data Analytics Solutions can help test out product display patterns and find the optimum in-store product display.

Personalized Experiences
Modern customers are not just looking for products or services, they seek rewarding experiences with brands. Customers reserve their loyalty for brands that cater to their unique requirements and personal tastes. But with a growing customer base, how can a retail business provide a personalized experience for every customer? That is where the power of Data Analytics Solutions comes to your aid. For instance, you can analyze a customer’s order history and send them personalized recommendations of your products and services. Follow this link to read more about the process of personalizing customer experiences.

Do you own a retail business that needs a ticket to the arena of Data Analytics? Get in touch with the experts at Site Lantern and find the right way to engage your customers and win that competitive edge over eCommerce giants.

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