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Only 16% of retailers are using data in their decision making process and 24% are just exploring. The key to achieve success in the retail industry is by being data-driven. Analytics and solid data gathered from IoT and sensors enable you to make smarter decisions resulting in higher profit, increase customer satisfaction, and maintaining an awesome retail as a whole.
At this time, well known retailers have already recognized the importance of gathering accurate data instead of guesswork and the successful impact of it. Altreyx and RetailWire has run a survey over nearly 350 retailers and brand manufacturers and came back with shocking insights.
Altreyx and RetailWire survey results
Many merchants are collecting useful data, but are not using it effectively! As you can see in the survey results graph above, only 16% of retailers have considered themselves as experts, while 24% of retailers are newbies in putting the data to a proper use, leaving 60% of retailers yet to absorb the impactful changes that data is creating to the retail industry.
Here are some useful tips to implement to your operations
Just by looking at your point of sale data, you can learn a lot about your customers. The modern POS solutions these days comes with a reporting feature that sheds a light of many important metrics, such as profit margins, basket sizes, customer counts, sales trends, and more. Your POS solution system also keeps a record of your staffing and operation, Useful right? Having the right data will help you serve your customer even better.
Email marketing will also add valuable insight to your data when it comes to email open rates, call to action clicks, and times of engagement. If this data was utilized effectively, you can increase sales even through a successful email campaign.
Traffic analytics are provided through tools such as people counter, sensors, or beacons to provide accurate data of customer count rate, dwell times, rush hours, and the traffic you are getting.
Timing and predicting what a customer will buy next can be done by analyzing the timing data, knowing when your customer bought something can give your important insights into their next time visit and what they are likely to buy.
Even with the advancing technology and valuable analytical insights given, the value of human insights can’t be overemphasized. The feedback and experience of team members is helpful when making operational decisions.
In order to survive and thrive in the retail industry, one must incorporate their data into smart decisions. It may take some work and getting used to, but in the end, it will return positively to you. Make sure that knowledge and insights are all worthwhile.