Investing: How Investment in Analytics Will Allow the Retail Sector to Grow
Analysing the behaviour related to purchases helps to understand the data and could be essential to guarantee the existence of certain retail companies in the market in the coming years.
It is advisable to show transparency to customers when collecting data and to point out to employees the importance of producing such data.
Analytical intelligence in retail businesses
According to technology experts, and retail investment experts Maritime Capital, the collection of data along with the analysis of the behaviour of customers throughout the purchase chain will be essential for the survival of the retail sector in the next decade, so the analytics technology is seen as a form of innovation, with challenges and with great business opportunities.
For decades, the management of the retail sector was done manually. And it remained so until the data emerged; CRM and other technologies developed with the promise of being more assertive and knowledgeable about the client.
The analytics appear today as a tool much more prepared to completely replace the intuition of entrepreneurs and help in the decision-making of companies, it is vital for the market to talk about data analysis in relation to the retail sector.
Despite signs of economic recovery, resources for internal improvements have not yet gained the strength they had in the years prior to the crisis, however in terms of priority investments, innovation should not remain in the background.
The suggestion of how you can evaluate and predict the market is: innovate, the retail sector is changing globally and will change even more. High consumption markets, like the United States and Europe are closing their traditional shopping centres, and this should be a sign of alert for anyone working in this sector.
But how is innovation possible with the behaviours and desires of clients changing so quickly? The first step is to understand that the data of the past does not correspond anymore to the thinking of the current client and the future client. The second step is to invest in technologies that help companies survive in the coming decades.
Many companies claim that they have an analytics system, but they really have Business Intelligence technology, which is important and indispensable, but it looks only to the past. It is necessary to invest in technologies that show trends so that retailers are able to prepare and respond to these new demands, quickly.
Reasons to invest in analytical intelligence
Use of such technology in strategies allows retailers to use collected data to offer the best product options to their customers. Thus, it improves exponentially the satisfaction of consumers, the assertiveness of the sales and the productivity of its processes.
The technology can be a way to expand sales. Although the first steps may not be easy, but once value is identified in the data, technologies can be used to collect data at the point of sale, which can be as important as the data collected online currently. The flow within physical stores can also be easily seen. The collection, analysis, and provision of daily data to store managers in real time, is invaluable.
Finally, applying such data gathering technology in customer service is one of the challenges facing many companies. Therefore, those who want to start collecting data to improve analytics are recommended to be transparent in showing customers why the data is being collected, as well as showing employees the importance of collecting such data.