Retail today is more competitive than ever before. Online and mobile channels have created additional competitive pressures on retailers and have forced them to work within the constraints of ever thinning margins. Staying competitive and relevant in this environment is the single biggest challenge facing retailers today.
Data is often thrown around as the solution to this problem—but what does that really mean, how can data help retailers? Retail organizations that are willing to embrace their data and analytics are able to transform the way that they do business and seriously differentiate themselves from their retail rivals.
But how do they do it? We recently canvassed our customers in an effort to see how they use the transformative power of analytics within their organization. This effort resulted in a shortlist of the Top 5 analytics applications within the retail industry:
- Store operations: dramatically improve customer engagement, sales, and efficiency by putting analytics directly into the hands of store managers
- Supply chain management: make real-time decisions impacting your supply chain to cut transportation costs and streamline processes
- Loss prevention: cut down on the financial costs associated with shrinkage, theft, and fraud by identifying and acting on problems before they occur
- Merchandising: make faster, more informed merchandising decisions
- Customer insight analysis: maximize profits and improve customer loyalty by leveraging analytics to deliver a truly world class customer experience
Each of these applications has the potential to drastically change the way that a retail business operates—using analytics to become more nimble, more efficient, and more customer focused has a positive impact on the entire organization.
Read our Top 5 Transformative Analytics Applications in Retail eBook to learn more about how MicroStrategy retail customers use analytics to positively transform their organizations.