Data Analytics in Retail: Enhance Your Store Operations

We’re here to talk data analytics in retail. By this, we mean the technology that brands can adopt to enhance their in-store presence.

By utilising retail data and technology in your business model, you can create an effective strategy that is better positioned to boost overall sales and the customer experience.

At Tactical Solutions, we’re experts within the field marketing world. We use our innovative analytics tools to provide valuable insights to our clients. A blend of advanced analytics technology and data-led solutions, we represent your brand as if it was our own.

If you’d like to find out more about how our retail analytics tools can be used within your business operations, get in touch with a member of our dedicated team here.

 

So, how can data analytics transform your in-store operations?

Before you start integrating data analytics into your business, you’ll likely want to find out how exactly this software can transform your retail operations. In the present day, the benefits of retailer analysis make it a must-have for any brand wanting to compete in the retail arena.

Here, we’ll go through some of the key ones. If you find you still have further questions, let’s chat.

 

Enhance the customer experience

As any good brand knows, your customers are the backbone of your business. Therefore, it’s important that you prioritise their experience if you want your brand identity to remain positive. Using data analytics in the retail environment can do a large share of the heavy lifting here.

Let’s take a look…

 

How data analytics improves the customer experience

Data analytics creates opportunities for you to increase overall customer satisfaction, helping you retain customers and better secure their loyalty to your brand. 

 

For example, if you find that you need to urgently recall a product, you can use the transaction data gained through your analytics tech to target specific customers that might be affected (instead of just sending out a blanket email to everyone on your mailing list). Not only will this make your customers feel that you care about their wellbeing, but it means you can also avoid raising unnecessary concerns with customers not affected by the recall.

 

With retailer analytic tools, you can also analyse the customer journey, as well as finding more effective ways to reach your customer base. For example, brands can use data analytics tools to work out and understand the differences in demand for certain products across various geographic and regional markets. 

 

Stock levels can also be examined, giving you insight into which products are hot. On the flip side, any products that are failing to get traction can be alerted to you. This data can then be used to better service customers in particular areas, increasing stock levels where they’re most needed. 

 

Forecast demand with predictive analytics

Predicting demand is another aspect that brands need to consider in the retail world. Predictive analytics can be used to work out which areas have greater demand, right down to the individual product. You can then increase stock levels in these areas whilst also increasing promotions and in-store marketing in regions where your items are less popular.

 

Predictive analytics in action

Many sales opportunities are lost due to empty store shelves, which may lead to fewer sales. People are more likely to migrate elsewhere if you’re unable to keep desired items in stock, which may result in you losing customers to your competitors. 

 

So, how do you prevent this from happening?

 

Here, you can use predictive analytics to create algorithms that analyse social media and the internet. This will help you to discover future trends in the retail industry. Retail forecasting can then provide you with accurate predictions and projections so that you can adequately allocate your resources in the areas they’re most likely to be effective. 

 

Stock and past purchasing data can also be analysed, as well as information from third-party sources, enabling you to accurately predict demand for particular products. Examples of this are weather forecasting and POS (point of sale) data.

 

Improve your marketing campaigns

A good marketing campaign is the bread and butter of any successful retail business. Without one, you’ll struggle to raise awareness of your brand or your products, which is key to increasing sales across the board.

 

However, to create a successful field marketing campaign, you first need to work out who your target audience and key demographics are – that way, you can focus on aligning your strategy with them. 

 

How you can use data analytics in marketing

With data analytics, you can find out exactly who your customers are. Once you’ve worked this out, you’ll be better positioned to create campaigns that speak directly to the heart of your target audience.

 

Retail analytics allows brands to develop and integrate impactful marketing campaigns, increase ROI, and your customer base. For example, if you discover that your target audience prefers to purchase sustainably sourced products, you can integrate environmentally friendly items into your brand to make it more appealing to your customer base.

 

Using data analytics to research your target audience can also enable you to work out the right way to reach them. For example, if your key demographic is young people under the age of 25, you may want to consider using social media as a marketing channel. If your campaign uses the wrong channel, it may be unsuccessful, even if the strategy itself is perfect. 

 

Gain the competitive edge with Reapp 

The jewel in our crown of retail data analytics technology: meet our Reapp software. Reapp provides razor-sharp actionable insights at the touch of a button. More than just a basic tool, Reapp is a revelation, set to enhance both the customer experience and your retail operations. 

Let’s take a look at how…

Reapp contains a wide range of advanced data analytics functions that are suitable for transforming your retail operations. Reapp has many features and can be used in a variety of different ways, bringing you a host of metrics to improve your brand’s performance. 

Once Reapp has finished crunching the numbers, key insights are deciphered, which can then be delivered in the form of a data-packed report. 

Relevant data sources can be analysed using Reapp’s data analytics functions, delivering predictive analytics insights that you can use to improve your retail operations. Automated reports will be provided as soon as they’re available, which won’t take long due to the fast capabilities of the system. 

• Reapp is used with the majority of our data and tech-based solutions, making it the perfect device for transforming your retail operations. However, a core application of it is our data-led calls.

If you’d like to learn how you can implement our AI-powered data analytics software in your business, get in touch and a member of our dedicated team will help you through the process. 

 

Data led calls 

If you’re considering implementing data analytics into your retail operations, our data led calls could be the ideal solution. Data led calls are one of our main services, using Reapp to provide instant insights when on site.

Retaining promotional compliance is incredibly important to any brand working within the retail market, which is where our field marketing team comes in.

Our experts visit retail businesses in person, using Reapp to ensure compliance is being met for every aspect of your brand. This tech is able to identify under-performing stores and items, using the valuable insights gained to make improvements across the board.

Our data analytics tech is used to erase the margin of error during our in-store visits. This ensures that all the data accrued is correct, including accurate demand forecasts, as well as other insights about how your products are performing within the retail industry.

By using the latest T5 EPOS data, convenience distribution, and metadata sources, we can monitor key performance indicators across several different areas, identifying areas of underperformance. Our prescriptive analytics tech can also be used to predict future sales trends, comparing them against historical sales to utilise your products in-store as well as possible.

This data can be used to improve your brand’s reach in-store, as well as increasing future sales and boosting the customer experience. We use our business intelligence to create high-quality interventions, gaining the competitive advantage for your brand.

 

Unleash the power of analytics with Tactical Solutions

Data analytics can be incredibly useful for any brand working within the retail sphere – not only can retailer analysis help you to increase your sales, but it can also improve customer satisfaction.

 

It’s crucial that any modern brand integrates data analytics tech into their retail strategy, and Tactical Solutions is here to show you how it’s done. With our innovative Reapp technology, we can help you change the way your brand works in-store, transforming your retail operations every step of the way.

 

To find out more, please get in touch with our Brand Champions and we’ll get you started.