Data Analytics in Retail Industry
With the increasing competitiveness within the retail sector, it is extremely important that service processes are optimized in order to satisfy the customer expectations. Analysing data and making changes adaptable to earn customer favourability is very important to generate profits.
Retail data analytics deal with identifying potential customers based on their past purchases, finding the most appropriate way to handle them via targeted marketing strategies and then deciding what the next offering should be.
The main functions of Data Analytics are:
- Price Optimization
- Less Expensive Business Development
- Future Performance Prediction
- Demand Prediction
- Select Better ROI Opportunities
- Trend Forecast
- Customer Identification
Retail data analytics enable retailers to gather information about customers and support them with increasing customer outreach as well as sales. The above functions help in utilizing the insights gained from data analytics for better risk management and improved performance.
But there are other factors also that can pose challenges in Retail Data Analytics, they are:
- Liability Policies
- Intellectual Property
Centareum proposes to overcome these challenges and bring a disruptive innovation in the world of Retail Data Analytics.
Centareum platform is a “one of a kind” platform, providing real-time conversion report and customer analytics to the brick & mortar stores. Centareum’s capabilities to leverage machine learning technology help in reaching out to the customers at the right time, at the right place with the right promotion given at the right price. Retailers will be able to place ads for free on the Centareum platform and get the true analytics of ads based on the impression and conversion, effectively removing privacy concerns as well as data manipulation which may be present in Ecommerce and social media channels where bots are used to inflate the fake impressions. Moreover, the businesses hold the key to their data thus making them the owner of their reviews, ratings, sales data, images, text, products and any other critical data which rightfully belongs to the people.