LONDON--(BUSINESS WIRE)--Retail is a highly competitive industry, and businesses face challenges such as the need to manage limited human resources in the most productive and cost-effective manner possible. Technology and analytics can boost the profits of those in the retail industry, providing insights and predictions that allow firms to maximize efficiency and improve sales.
By effectively collecting and analyzing data on a real-time basis, retail analytics better connects retailers to their customers and enables them to anticipate demand for their products and services. Global analytics and advisory firm Quantzig recently completed three retail analytics studies and using their findings from these projects, has announced their top 5 trends that will change the face of the retail industry.
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Top Retail Analytics Trends to Watch For
Analytics for assortment planning: Predictive analytics can be used to identify the demand pattern of products in a particular region, or what combination or placement of products is most successful. By using analytics to gain a better understanding of customer demand, retailers can improve their inventory management and lower costs.
IoT adoption: The retail sector uses technology such as beacons, Wi-Fi, and RFID tags to track products and gather data on customer activity. IoT integration facilitates the collection of a variety of data that companies can analyze to provide greater insight into many facets of their business, such as the popularity of different products.
Dynamic pricing: Prices don’t always have to stay the same, and sometimes shouldn’t. Retail analytics can help determine the optimal price for a particular product given factors such as current demand, availability, and competitor pricing.
View the whole list of top trends from Quantzig.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of about 120+ clients, including 45 Fortune 500 companies.