4 Reasons of Predictive Customer Analytics into your Retail Business
4 Reasons to Build Predictive Customer Analytics into Your Retail Business
Combining strategy and technology has never been easier since the explosion of data science and analytics. Everyone is after data even if they don’t always know what to do with it or how to do with it. In this exodus of data, the knowledge is not enough but the ways to process knowledge is even more important since data, as it has always been the case, is random and always there. However, important players are emerging who are quick to identify data as the new gold and doing wonderful things with it.
Retail breaks through
Retail, as the world entails, suggest everything and anything. From bricks to e-commerce- anything can fall under retail and almost every person in the huge network of globalization is using retail one way or the other every day. The digital platforms allow you to place your order from the comfort of your home and this is surely a lucrative opportunity for shopping. These platforms are slowly getting an upper hand over normal sellers no matter how big they are because everyone is on the internet. However going digital has many challenges.
Better supply and stock management
Since various companies involve physical transference of products, using digital means keeping a record of things coming and going. Often, stock clearance becomes a major issue for all retailers. If predictive analytics comes through, retails can easily understand the demand rate and then historically situate a moment in this context to know what product must be stored and the necessary amount. Such analytics allows you to integrate various portions of retail into a singular workflow such that a step taken will affect all other steps connected with. If inventory is running low, stocks will be updated automatically or ordered then and there.
Efficient handling of workforce and work
Workers are often overworked or under-worked in retail businesses. Some days, there is a mad rush and everyone runs around the store while on other days, people doze off to sleep without work. So, predictive analytics can posit you in a place where you get a clearer idea of what kind of rush each day shall bring and you can assign employees accordingly. This will also help you in distributing the workload across the retail space. In fact, you may not need all employees at all points of time which can be further understood from predictive analytics.
Happy customers await
Of course, in a world of consumers, the end of the node must be served well for a business to run perfectly. For that, IoT can provide a nice entry point where you constantly track the kind of response that customers give to the shopping experience. Further analysis of shopping habits, choice of products and many more variables can truly personalize the kind of shopping that a customer does. While there is an issue of privacy, as long as you are not intruding into private habits or liking, you can easily put a smile on your customer’s face by providing little surprises on special days.
About the Author
DataFactZ is a professional services company that provides consulting and implementation expertise to solve the complex data issues facing many organizations in the modern business environment. As a highly specialized system and data integration company, we are uniquely focused on solving complex data issues in the data warehousing and business intelligence markets.