Analytics in Retail
Going to market with a smarter approach
The retail sector has seen considerable change in this uncertain economy. Highly informed and more demanding customers are challenging retailers to consider new ways of tapping into their data to answer the “crunchy questions” that can hold the key to improving performance. As the questions become more complicated to answer, retailers require in-depth insights to effectively manage and forecast future performance.
Oftentimes, the questions are enterprise-wide in nature; traditional siloed analysis is simply not enough:
- Who are the next 1,000 customers we will lose — and why?
- Which suppliers are most at risk of going out of business?
- Which customers are our biggest influencers?
- Will our workforce profile match our needs in two years?
- How will demographic shifts affect our market share?
- Which high-performing associates are we at risk of losing?
Advanced analytics represent a portfolio of tools, techniques, and organizational capabilities that can be applied to specific decisions across a wide range of business concerns. This article highlights six key areas where retailers can apply analytics to drive value for their stakeholders.