Importance of Analytics in Retail

What every retail business wants is to have more customers, keep them loyal, and most of all selling more products to those customers. To do this they need to ensure they have the right products at the right prices, but above all that, offer a great customer experience. How do businesses make sure they are achieving these goals? The answer is analytics. No business can improve without the hard data that shows them what their customers want and feel.

“50% of companies who master the art of customer analytics are likely to have sales significantly above their competitors.” – McKinsey

Let's get it straight. Brick and Mortar retail business need to do everything in their power to keep ahead of their competitors. So why are they shying away from the most powerful solutions to do just that? eCommerce have tools like Google Analytics, Surveys and so much more. Utilizing every tool to make sure you are getting conversions on your website. So how do we do this in Brick and Mortar?

The most common retail analytics are:

• Customer Feedback - Compare and identify areas of your business that need special customer service focus.
• People Counting & Dwell Time - Knowing how customers move through your store offers valuable insight into store layouts, product placement, and customer response to your marketing efforts.
• Queue Measurement - Monitor trends as they develop over time and use this info to streamline your customer service delivery. Real-time queue statistics give staff the power to intervene on the fly.
• Service Call Analytics Output - With KPI's like service call speed (>30sec, >60sec and <60sec), amount of calls, average call waiting time, and busiest hour, management can reassign staff to areas that need it.

“54% of consumers would consider ending their relationship with a retailer if they are not given tailor-made, relevant content and offers" – CMO Council

Neglecting to put these measures in place could cause your business to lose valuable customers. Monitoring all types of data can help retailers to improve basket spend and the overall customer experience.

Businesses get all sorts of feedback from social media in form of complaints. Wouldn't it be better giving your customer the platform to give you the feedback in real time in store? Keeping all the bad press offline. Service recovery before it hits the web and stays there forever.

“49% of high-performance companies have CEOs who rate the benefits of having strategic, actionable insight based on customer analytics as very to extremely important.” – McKinsey

Service Systems partners with the brick-and-mortar retail industry. With a broad understanding of retailers pain points, we aim to complement and improve the retail experience by introducing various technology solutions that elevate a data-driven approach to retail business management and consumer engagement, ultimately forging the desired roadmap to success.

If you are keen to learn how we can help you succeed, mail us ninja@servicesystems.co.za or call us +27872374783