Analytics
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Retailing has changed. Not only is the customer more powerful and has more choices, but the speed of retail has also changed. Decisions are more complex, need to be taken faster, and must incorporate not only internal organizational data about customer behavior, purchase history and supply constraints; but also external data about competition, population movements, geo-spatial trends and more.
Retailers, especially the larger ones, have handled the change by becoming more data and analytics savvy. They employ all kinds of sophisticated analytics to better understand their customers, operations and competition, becoming more sophisticated in the way they market and merchandise; reaching customers with precise, targeted communications and optimal merchandise mix. The result: they have increasingly become the de-facto shopping destinations for most consumers.
Some of this growth is coming at the expense of the smaller and midsize retailers, who though understand the importance of data analytics, lag in the usage of it due to limited availability of analytical skills and budget constraints. Doing nothing or making decisions based on past experience and historical view of data is not the answer to combat this.
To compete, you need the type of insights larger counterparts have access to – but without the bank-breaking, multi-tool architecture recommended by legacy analytic provider, or armies of specialized programmers and statistical experts.
To learn how smaller or midsize retailers can effectively compete with the huge budgets and analytics teams of the large retailers, download our new paper The Definitive Guide to Analytics for Midsize Retailers.
The paper gives step-by-step practical guidance on:
- How to evaluate analytic readiness against larger companies
- The 5 key capabilities that can help smaller retailers overcome resource constraints
- The most important attributes to look for in an analytical solution to level the playing field
Moving from intuition or gut-feel based decision-making to an analytics-driven approach isn’t easy – but investing time and energy into finding the right analytical solution that promotes evidence-based decision-making pays-off.
Still not convinced - hear how Room & Board, a midsized modern furniture retailer is using analytics to compete against larger, more established furniture and home goods retailers!
