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Ariadne Blog
May 18, 2022

Retail Data Analytics

We can all agree that we are living in the digital decade: retailers face fierce competition from internet stores, and the covid pandemic has accelerated digital innovation. 90% of the world's data has been collected in the last two years, and businesses spend more than $190 billion on analytics each year.

Successful merchants, according to McKinsey, use advanced data to their advantage. An unexpected revelation was discovered in a survey of faithful Online-Shoppers. They felt as though the Online store was tailored to their specific interests, and that they were strolling through a store that was uniquely built for them. While it's nearly impossible to design a physical store for every customer who goes through the door, we can use analytics to give them a seamless experience.

So now to the big question, what is a retail data analytics?

Retail data analytics is the act of collecting and analysing retail data in order to make effective business decisions. Big data refers to shopping patterns, shopping behaviours, peak times of the day, and much more for retailers. Data can be obtained in a variety of methods, and raw data is unhelpful on its own. The challenge is in how you package the data and analyse it to come up with mind-blowing insights.

Why should a retailer invest in Retail data analytics amid intense competition and declining profits?

  • Customer Behaviour 

Nothing is more vital than getting to know your customers, and we don't mean their personal information. It is due entirely to their shopping habits. When is the best time for your customers to shop? Which section of your store excites your customers the most? Which areas of your store are the least frequented by customers, and much more. You can conduct experiments in your stores and calculate the return on each step to make an informed decision.

  • Map your Customer´s Journey

How do customers navigate throughout your store and where do they spend the significant amount of time? In your store, which path do people choose to take? There are now heat maps for the entire store, allowing you to analyse your customer flow in a matter of seconds and arrange your product offerings to attract customers.

  • Provide Seamless Customer Experience

One of the most important qualities a retailer should have is a positive customer experience. With retail data analytics, you can determine out when your store's busiest times are and open more counters to cut customer waiting times. Knowing which sections your customers prefer to visit and putting additional employees there helps boost employee productivity and customer satisfaction.

  • Targeted Marketing Campaigns

Personalised marketing is used to generate 20% more revenue than generic marketing. We know the consumers' buying tendencies and make a personalized offer to delight them using retail data analytics. However, personalized marketing is now progressing to a new dimension. With Ariadne Maps, you can deliver personalized offers to your customers in real time,at the right spot and moment, while they are in your store.

There are many retailers who have already migrated towards the data analytics such as IKEA, Nordstorm, Warby Parker,Walgreens, Target and much more.

To learn more about how we can help you revolutionize your business, book a 30 min live demo in the navigation menu above.

Marketing Team

Marketing Team

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