Retail Analytics
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Solution
Retail analytics collects data and analyses consumer behavior, demand for the product, market trends and provides intelligent suggestions to improve customer experience, sales, inventory management and profitability.
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Places
In order for any business to sustain. it needs to keep an eye on market trends, target consumer behavior and consumer demand. Retail analytics predicts the trends, provides sales forecasting, and helps make critical decisions in marketing.
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Need
To name a few advantages of using analytical tools in the business- price optimization as per consumer trends, data driven decisions making based on trends, increase ROI, enhance consumer experience, thereby increasing customer loyalty.
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Impact
This tool helps business expansion by determining optimal locations to open new points of sale, aid in making strategic decisions and find innovative ways to engage with customers by analysing current trends.