How To Turn Data Into Dynamic Retailing
Technologies that can handle big data in real time and allow for a granular view of the customer will take center stage in 2015. Operators need a more comprehensive, current and actionable view of the customer, and it’s these next-generation technologies that will enable the shift from point-in-time analytics and reporting to real-time decisions and actions – in a sophisticated manner and at scale. — Derek Edwards, CEO of Globys
Which Data Is Best For Retail Analytics?
In the interview, Derek Edwards points out that data analysis has a direct impact on business key performance indicators. Revenue, retention, satisfaction, and marketing all benefit from appropriate data use because it drives more personalized real-time customer engagement.
His recommendation is that data be analyzed as close to the actual source as possible, and stored in an unfiltered state so that the rich detail is available rather than an average or summary.
How Does Real Time Data Turn Into Dynamic Action?
Data that has been collected in real time at the business analyzing it has the potential to be analyzed instantly with the right software. It can be compared to historic data if there is a centralized database and potentially an immediate response can be triggered if appropriate. For example, a targeted promotion can be sent to a customer’s phone for accessories to a purchased item. That promotion can be limited to a certain time period, encouraging a repeat visit in the near future.
In addition to targeted promotions, data analysis can become effective planning that has the ability to be flexible and responsive to changing consumer habits.
Why Is ChainDrive The Effective Solution?
Because ChainDrive is an Integrated Retail Management Solution with a centralized database, all the information across all the channels of your business can be collected and stored, ready to be accessed. The Retail Analytics component has built-in business intelligence offering countless ways to track critical performance measures in each area of your business and transforms your data into dynamic decision-making tools.