Retailers face more challenges today than at any other time in their history, with increased competition from online retailers and more choice for consumers than ever before, the traditional ways of doing business are delivering less and less. Thankfully, technology has an answer to help retailers to improve their business practices – retail analytics.
Simply put, retail analytics is a study of customer behaviours within a retail setting. By using sensors positioned in retail stores, companies can get a better understanding of what their customers want, and understand how to achieve this.
Through the automated gathering of customer behaviours in-store, you can generate the same kind of data that is already easily available to online stores. This data helps to level the playing field and make the most of every sales opportunity that walks in to your store. According to Irisys research, around half of retailers are already using some kind of analytics system, a proportion which is growing quickly.
This guide is intended as a helpful resource for retailers new to the field of retail analytics to learn about the benefits that it can bring and the transformative effect it can have on working practices.