• Retail Analytics


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Retail Analytics

Retail analytics is the process of providing analytical data on inventory levels, supply chain movement, consumer demand, sales, etc. that are crucial for making marketing, and procurement decisions.

With the retail market getting more and more competitive by the day, there has never been anything more important than the ability for optimizing service business processes when trying to satisfy the expectations of customers. Channelizing and managing data with the aim of working in favour of the customer as well as generating profits is very significant for survival.


Data Analytics in Retail Industry

For big retail players all over the world, data analytics is applied more these days at all stages of the retail process – taking track of popular products that are emerging, doing forecasts of sales and future demand via predictive simulation, optimizing placements of products and offers through heat-mapping of customers and many others. With this, identifying customers who would likely be interested in certain products depending on their past purchases, finding the most suitable way to handle them via targeted marketing strategies and then coming up with what to sell next is what data analytics deals with.

Strategic Areas in Data Analytics for Retailers

There are some strategic areas where retail players identify a ready use as far as it is data analytics.


Here are a few of those areas:


Demand prediction

Forecasting trends

Future performance prediction

Identifying customers

Pick out the highest Return on Investment (ROI) Opportunities

Price Optimization

To accommodate small-scale retailers


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