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CEO Magazine – Forever Innovating With CEO, Vic Bageria

Forever Innovating Through Analytics

Taking the steps to forever innovating through analytics can be time consuming, but rewarding at the same time. Thanks to data analytics, businesses can maximize profits and gain customer loyalty.

Using data analytics enables businesses to forecast future demand & sales. Also, track emerging popular products and optimize product placement. By enabling them to monitor demand in real time, retail data analytics helps retail businesses to ensure that their bestselling products do not go out of stock. Customer shopping trends are the key to survival for any business. It is imperative that retailers adapt & implement a proven analytics platform to work with market trends.

Analytics have become one of the most powerful tools available to retailers. They are being used for a broad variety of purposes. One major issue regarding analytics is that retailers may feel as if there are too many analytical options to explore. In a difficult economy, retailers may also need to adopt first those analytical applications that have saved money for other adopters. The opportunity to achieve competitive advantage from analytical retail is enormous. Heightened customer expectations, massive advancements in technology, and the rise of omnichannel commerce are just a few of the trends reshaping the world of retail.

In an industry already known for thin margins, these changes can increase cost pressures and uncertainty for retailers. Retailers are drowning in data from POS systems, websites, and internal transaction processes. Today, traditional approaches will no longer work in the face of change; now is the time to clearly define new aspirations. With an entrenched divide between the IT department and the rest of the company, many brick-and-mortar retailers struggle to get value out of their IT investments.

In the end, Brick-and-mortar retail stores need to up their game. Technology could give them a significant boost.

2020-07-02T09:41:42+00:00

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