In the field of retail, the standards of decision support are changing, which encourages the main players to turn to analysis.
Retail and consumer brands are more likely to share their data with executives and front-line employees. While tools that are both easier and faster - and compatible with mobile devices - are gaining ground, here are 5 major trends in the retail analysis.
Complex analyzes are no longer in the domain of specialists
With the rise of self-service, all employees of retail chains are increasingly using their data, even those without particular knowledge in analysis. Store managers, like accountants, take their research further with interactive visualizations that allow them to instantly find answers to their questions.
Most superstores also take advantage of complex predictive analytics to distribute tasks during peak activity and to improve the quality of customer service.
The appearance of mobile analyzes
For retailers, the search for exploitable information on the ground via a mobile terminal is no longer an illusory dream. Instead of going through the old decision support systems, modern mobile analytics play a central role in the decision-making process of physical stores and their distribution centers.
More than ever, retailers are taking advantage of the Wi-Fi facilities available in their businesses to enable cashiers and storekeepers to instantly benefit from the analysis. For example, when a customer searches for a product that is not in stock, an employee has much more actionable information when accessing a mobile analytics application. This information allows it to respond much more quickly to the customer's request.
Omnichannel data integration is now very attractive
The flexibility of the analyzes is not only useful but also necessary for retail businesses. The time factor is crucial. This is why it is essential to provide users with the relevant data at the very moment they need it. This is a daunting challenge, as data is now stored in different locations, whether in legacy systems or on separate database platforms hosted on-premise and in the cloud.
To thrive, retailers need to be able to see and understand, in a holistic manner, data about distribution channels, supply chain, and customers. This is the promise of the omnichannel.
Trend analysis based on data from a variety of sources allows the team to define operational and promotional strategies while continuing to improve efficiency and performance.
Robots: new opportunities for retail and its data
Retailers will continue their efforts to encourage customer loyalty beyond purchase. The customer service data collected by the robots will play a vital role in their success.
Social robots provide real added value to retailers looking for a more authentic customer relationship, by interacting with customers, providing real-time advice, recommendations, assessments, and information.
Virtual reality and augmented reality generate more actionable information for retailers' analysis
Have you ever wondered if this sofa model would fit with your living room? In 2017, Augmented Reality (AR) and Virtual Reality (VR) will offer consumers the opportunity to experience an item before buying it. The less unknown the purchase cycle is, the more sales and customer satisfaction rates are likely to increase, and the costly returns to become scarce.
Merchandising professionals will also benefit from AR and VR to visualize in-store scenarios. For example, instead of wasting time and money developing physical product plans for store shelves and layout, retailers will be able to visualize different layouts through virtual reality.
The company will be able to combine results with integrated data analytics to increase revenue and profitability. Retailers will try to place virtual items on shelves and use their data to predict the outcome of each scenario.