- Predictive analytics is vital in the retail industry, using historical and current data and automation for improved decision-making.
- The evolving retail landscape, including omnichannel, digitalization, and hyper-personalization adds complexity to an already challenging role.
- AI-driven merchandising experience platforms simplify data analysis, offering insights without requiring data expertise.
- Platforms like EDITED streamline decision-making for retailers by providing access to comprehensive data insights quickly, thus simplifying processes so retailers can focus on merchandising.
When the check engine light comes on in your car, you know it's time to go to the shop for an inspection. You don’t need to understand how the engine or the intricacies of a car actually work to understand the signals it gives you.
You don’t need to be a mechanic or an engineer to drive, so why should you have to be a data analyst to merchandise?
The Importance of Predictive Analytics in Retail
The primary goal of predictive retail analytics is to leverage historical and current data to make informed decisions about various aspects of retail operations, such as inventory management, pricing strategies, customer behavior, and sales forecasting. By partnering with an AI-driven merchandising experience platform, retailers see improved operational efficiency, increased revenue, and better customer experiences by having access to the insights they need quickly and easily.
In The Changing World of Retail, Simplify Merchandising With Predictive Analytics
As a retailer, there is so much to think about. Your world is constantly changing.
For a time, a retailer’s job was all about connecting products to the right customers. Then came omnichannel, a pandemic, digitalization, a move to hyper-personalization, etc., making everything more complicated.
With all of this change comes an exorbitant amount of data. There is so much more to think about, to analyze, and to incorporate into your job.
The retail world is more complex than ever. And, while you can't undo the complexity, you can use AI technology to simplify everyday processes. Alongside all the changes in retail, there have also been tremendous advancements in technology and digital platforms that help you draw insights and automate previously manual tasks.
Simplifying the Noise
An AI-driven merchandising experience platform is a powerful tool that can be used to simplify your job by acting as the signal through all of the noise. With this technology, you can easily get answers to questions you would have previously spent hours digging through data to find.
You don’t need to be a data scientist to reap the benefits of AI retail intelligence. This technology communicates signals to you with insights ranging from the most specific answer to the most in-depth analysis, depending on the level of detail you need.
Benefits of Predictive Retail Analytics
The labor-intensive process of bringing data together from siloed areas, analyzing, and drawing insights from the data can be a huge headache and distraction for your team. Luckily, a retail technology platform does the dirty work of data collection, data transformation, data modeling, and data prep so you can quickly find the signal through the noise.
AI-driven merchandising experience platforms bring together internal and external market data, allowing you to analyze your strategy and positioning in a contextualized way. Instead of only looking at what is happening in silos, with connected data, you can see why it is happening and make data-driven retail decisions about where to take action. No need to spend hours hunting for and connecting data yourself, as a merchandising experience platform collects this data for you and presents the insights in a comprehensive and unified view.
Because data is pre-prepared and insights are automatically authored, you not only save valuable time, but are able to make data-driven decisions that propel your business toward increased growth and success.
Just as you don't need to be an automotive engineer to drive your car, you shouldn't have to be a data scientist to navigate the intricate world of retail. EDITED’s AI merchandising experience platform simplifies this process, connecting the dots between your data points and providing actionable insights. By simplifying and automating these processes, EDITED enables you to focus on what truly matters: making informed decisions and enhancing the shopping experience for your customers.
Let us handle the mess so you can get back to merchandising without getting lost in the data. Discover how EDITED can elevate your retail strategy with predictive analytics. Request a demo today and embark on a journey towards data-driven merchandising success.