Over the past few years, the retail industry has been witnessing a standard shift. Most retailers today are investing in various analytics platforms that utilize beacons, video cameras, thermal imaging, and 3D sensors because they understand the need to track in-store analytics. But, the data that is taken using these platforms is an accumulated data that might not essentially prove to be actionable, and this is where suitable in-store analytics come into the picture. The adoption of retail analytics solutions is proliferating as more retailers worldwide are realizing significant returns from using BI and analytics platforms and services. In this blog, Quantzig has listed the top analytics trends in the retail industry.
According to the retail analytics experts at Quantzig, “By understanding customer behavior using data insights from different channels, retailers can better implement marketing campaigns and personalize the shopping experience for their customers.”
View Quantzig’s comprehensive list of the top analytics trends in the retail industry
Quantzig is a global analytics advisory firm concentrated on leveraging analytics for prudent decision making and offering solutions to clients across several industrial sectors. Listed below are the top analytics trends in the retail industry.
Top analytics trends in the retail industry
- Rise of wi-fi analytics platforms: Just by looking at the visitor, the retailers will not be able to differentiate a first-time visitor, repeat visitor, or a loyalty member. A suitable in-store wi-fi analytics platform can deliver such accuracy. Using such a platform, retailers can find each customer by asking them to opt-in via a captive portal using their name, email, phone, or loyalty number. This will offer organizations in the retail industry with more precise and reliable details of their customers. The analytics trends such as wi-fi analytics are expected to rise from USD 2.94 Billion in 2017 to USD 10.72 Billion by 2022, according to research experts.
- Predictive to prescriptive analytics: Predictive analytics is extensively used in the retail industry for everything starting from predicting demand and footfalls to personalizing the customer experience. But with the growing pressure competitors in the market, pricing remains one of the most important challenges for retailers. Companies can overcome this challenge with the help of analytics trends like predictive analytics. Prescriptive analytics provides the best course of action for any given situation. Studying different types of data such as customer trends, product availability, resources, time, and geolocation, can help retailers to improve profit margins and capitalize available opportunities.
- Product assortment analytics: One of the key analytics trends that will influence in-store conversions and sales is product assortment. Product assortment can be used to increase sales by learning shopping patterns to appreciate correlated products that are brought together. In the retail industry, in-store analytics will help players to mix in-store customer behavioral data with the purchase history from POS to determine shopping patterns.
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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 15 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 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.