Let’s face it, you can’t make those big business decisions without valuable retail operations insights.
Nowadays, the retail industry is moving at a faster pace than ever before and, to stay ahead of the game, you need to keep up with demand. But how can you better the in-store experience without first understanding the ins and outs of your operations?
That’s why retail businesses come to Tactical Solutions.
With our award-winning field sales technology and innovative data analysis, you can now capture critical insights in real time. From identifying your bestsellers to understanding key customer trends, we provide the tools and expertise needed to stay competitive in an ever-evolving retail landscape.
Power up your in-store performance with Tactical Solutions – get in touch today.
What are retail insights?
Say goodbye to manual inventory management and excessive reporting – it’s time to digitise your data.
With changing consumer behaviours, fierce competition from online stores, and the oh-so-costly issue of overstocking, your in-store execution can be challenging (to say the least).
You need detailed and easily accessible information. And fast.
Not to sound too nerdy, but here at Tactical Solutions, we live and breathe digital retail insights. In a nutshell, this refers to key information and knowledge gained through the analysis of data. These insights can cover a wide range of areas, including sales performance, market trends, customer profiles, stock levels, and much much more.
Let’s say you have a new product display in retail stores. You’re on the edge of your seat (or, indeed, shelf) to find out how successful it’s been. Luckily, with the support of our analytics strategies, you are now able to collect and action various data-driven performance insights.
How many customers have interacted with your product? Are you using the shelf space effectively? These are all questions that can be answered in a matter of seconds.
Top retail insights gleaned from data analysis:
Where to begin?! Providing you with a treasure trove of insights that can be used to improve efficiencies and overcome pain points, retail data is a must for the modern-day retailer. From stock to sales and, of course, customers, you’ll have everything you need, right at your fingertips.
Get to know your customers better:
By analysing this data, you will have a greater understanding of who your audience is and what they want from your business. Namely, their preferences and buying patterns. Keep your shelves stocked and your customers smiling.
Double your profits:
Accurately tracking and analysing sales performance will give you a greater understanding of which products are performing and which are gathering dust. Push your top sellers, optimise your pricing strategies, and boost business growth.
Keep a close eye on your inventory:
For a customer, there’s nothing worse than that red ‘out-of-stock’ sign. For a business, you may as well say goodbye to a sale. Our data analysis solutions allow you to monitor product demand, identify slow-moving inventory, and prevent stockouts.
Where do you get retail data from?
Us, of course! With our bespoke field sales software solutions, you can get your hands on the freshest data directly from the field (or more specifically, the shop floor).
Using all the latest and greatest in EPOS technology, your retail data will be automatically collected at the point of sale. This means that, every time one of your products is purchased, our software will be working hard in the background to store and interpret the data. From there, you will receive granular reports on current performance.
But it’s not all about the numbers…
Say ‘cheese’! Visual data plays an equally important role in your field marketing strategy, giving you a clear understanding of how well you are utilising the store space. Our AI-powered image recognition software gives you a snapshot of current product availability and optimum positioning, so you can truly stand out from the crowd.
How do you successfully analyse data for retail?
A common issue facing retail businesses is not a lack of data, but rather too much data. With an endless selection of tools and technologies emerging within the industry, retailers’ ability to collect and store information is becoming much easier. And with additional pressure coming from competitors, the race is on to introduce digital data to your day-to-day operations.
Yes, numbers are important. But it’s understanding how to glean valuable insight that truly makes a difference. So, how do you successfully analyse data?
An excellent question and one we are well-versed in answering.
Every business is unique and effective analysis will all depend on your wider objectives, helping you to remain focused on the most relevant data. We will work in partnership with you to deliver a tailored field marketing solution that promotes strategic growth.
Another thing to consider is the type of retail analytics you are utilising. There’s a big big difference between a colour-coded pie chart and a purpose-built system that draws on machine learning. From a diagnostic approach to sales forecasting, our solution draws on each form of analysis. This ensures that every aspect of the customer journey is covered, providing a multi-faceted view of your business.
Tactical Solutions: Driving the future of retail.
So, how can your retail operations be improved?
It’s all down to the data. Whether you’re a food or fashion retailer, you can only improve your retail operations if you have a comprehensive understanding of what’s happening in your business.
You only have one pair of eyes, after all!
Running any retail business can feel a bit like spinning plates. With ongoing promotional activities, warehouse management, and new product releases to think about, it can be easy to let some things slip. Oh, and you need to keep those shelves fully stocked…
That’s where our seamless analytics software comes in. By leveraging powerful insights with the click of a button, you are able to pinpoint optimisation opportunities and streamline processes for maximum profitability.
What are the 5 S’s of retail operations?
Sort
What: In any retail space, staying organised is key. This involves categorising inventory items and getting rid of any obsolete stock.
How can analytics help: By reviewing real-time performance and forecasting future demand, you can avoid the issue of overstocking by eliminating underperforming items.
Set in Order
What: To the untrained eye, products are placed randomly on the shelf and left for customers to pick up (hopefully). However, there’s a lot more to it! Setting items in order, with clear labels and creative displays, will drastically improve sales.
How can analytics help: When it comes to the in-store customer experience, you can create data-driven categorisation strategies for effective product arrangement, up-selling opportunities, and other field marketing techniques.
Shine
What: To truly make your products shine, the space around them needs to be just as appealing. It almost goes without saying, but maintaining high cleanliness standards is crucial for promoting a positive brand image.
How can analytics help: By monitoring footfall throughout the day, especially focusing on peak periods, you can facilitate better resource allocation.
Standardise
What: Building a loyal customer base relies on a consistent in-store experience. In other words, you need to always be meeting demand. By outlining standardised procedures and implementing best practices, your operations should run without a hitch.
How can analytics help: By capturing real data across various operational processes, as well as comparing metrics from several stores, you are able to identify variations in performance and set benchmarks.
Sustain
What: Of course, the trick to long-term success is to maintain these improvements. The retail industry is an unstoppable machine and, by adopting a solution-focused mindset, you are able to continually evolve and optimise your offering.
How can analytics help: In its essence, retail data analysis creates a culture of continuous improvement. It helps you to measure the impact of various initiatives, monitor any upcoming market trends, and refine your in-store strategies. Impressive, right?
Ready to streamline your retail operations with real-time data? It’s time to get tactical…
For any retail business, introducing a new way of working can be overwhelming. And that’s without the added complication of learning how to use innovative technologies.
Worry not! We’ve got you covered.
At Tactical Solutions, we will be by your side every step of the way. Our team of tech wizards are experts in all things retail, meaning we can provide both the raw data and the game-changing solutions. Plus, our field sales software is designed to integrate seamlessly into your day-to-day operations, offering relevant insights for maximum success.
We take the pain out of pain point so you can focus on the bigger picture: driving business growth.
What are you waiting for? Contact us to discover how we can transform your retail operations today!
