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Understanding your business’s performance is essential to success in the retail industry. You need to know how your assortments perform, which promotions work, and what price points resonate with your customers. However, if you are looking at your business in a silo, without taking market context into account, then you won’t see the full picture.
Using a retail analytics solution, you can quickly see your business’s performance in the context of the market through comprehensive, data-driven metrics that take into account internal and market data.
Gathering and analyzing all of your business and market data manually would be impossible for any person to do. Luckily, AI does this work in seconds and provides you and your team with insightful metrics that bring all of this data together in one place. Retail analytics software helps you:
Stay competitive: To stay ahead of the competition, it’s essential to understand who your competitors are, what they offer, and how you can differentiate your products or services. A retail analytics platform collects data and analyzes key trends and products entering the market, as well as how competitors are pricing, discounting, promoting, and marketing them. This information, displayed alongside your own performance, enables you to make better decisions and identify whitespace opportunities.
Understand your customers: Customer preferences are continuously changing, especially in the age of increased digitalization and personalization. By only looking at how customers react to your business, you miss key insights regarding how your shared customer base interacts with other brands. Using retail intelligence to understand customer purchase behavior allows you to create more personalized strategies and ultimately increase consumer satisfaction and loyalty.
Optimize pricing strategies: Effective pricing is critical for profitability and attracting customers. Understanding market pricing trends helps in setting competitive and profitable prices. Retail intelligence collects and analyzes pricing data from competitors, helping you optimize your pricing strategy based on market dynamics. With this information, you can ensure you aren’t over or underpriced, and that your discounting activity is in line with the market.
Manage your inventory: Knowing what products are in demand and managing inventory accordingly reduces excess stock or stockouts, improving overall efficiency. Also, having this data ensures you are stocking the products your customers want, when they want them. By utilizing retail technology, you get insights into inventory levels, demand forecasting, and SKU performance, enabling you to optimize stock levels and prevent overstock or understock situations.
Enhance promotional activity: Tailoring marketing strategies to match market trends and consumer behavior increases the effectiveness of promotional efforts. A retail analytics solution provides insights to refine your marketing strategies for better ROI by analyzing marketing campaigns and tracking competitors’ promotions. This solution also gives you the ability to view real time and historical promotional activity, marketing messaging, product adjacency, and campaigns featured across competitor email communication and messaging on retailers’ direct sites.
A retail intelligence platform empowers businesses to adapt to market dynamics, respond to customer needs, and outperform competitors by bringing together internal business and market data. This platform enhances strategic decision-making with timely and actionable insights, ultimately leading to improved profitability and sustained success in the retail industry.
At EDITED, we understand how crucial it is to understand your business within the market context. We enable customer-centric merchandising by collecting data on competitors/the market and combining that with retailers’ own internal data.
Discover how EDITED can drive growth for your retail business by providing data-driven insights here.
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