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After reading the title non-tech readers would be having these following questions
How can I use this in my retail business when I don’t know anything about analytics?What type of analytics is useful for me?How can analytics drive my business?Do I have the right size of business to use analytics?Do I need to hire a tech expert to get insights from that data lake?
So if you have these following questions popping in your mind when thinking of analytics, then you have stumbled upon the right article. At the end of this article, you would be having all the required answers of the above questions.
Most of the offline retailer nowadays are using various point of sale systems, however, the data collected on the soils of POS system is not used properly though it contains information worth thousands of dollars. Now one can use analytics while reducing and making the data in-order however that’s tedious and time taking job for a retailer the best approach is to get an analytical suite or Business intelligence software integrated with your current point of sale system. This would help you to understand the present scenario of the business but will help you to take actionable decisions for the future.
So there are different stages or the level of analytics one should proceed with you need to understand basic analytics including average sales, increase or decrease in weekly sales, linear models of forecasting, top most category/product and so on. These little insights will help you to reduce the risk of planning fallacy done with random intuitive decisions.
Once done with basics you can get into analytics with “BIG DATA” which will unlock the disguised patterns of your business or retail chain, unlocking these answers through big data analytics you would be able to predict the trending products in near future, would able to forecast where would be the demand for that product through your customer’s demographics and optimize the pricing accordingly. You can also figure out where to open your next retail outlet.
Thus the type of analytics depend on the size of the data you’re dealing with and thus the smart tools intenerated with your ERP/POS system will do it right.
When in dilemma to use analytics or not in the business I would go like this that if you are open to buying the new mobile phone without checking the statistics online then you don’t need analytics at all, however if you do check only a single parameter of battery backup so why not just use simple analytics in your business with help of new technology.
So now I’ve come, to tell the truth, you would like to hear is that you don’t need any tech background to use and deploy the analytics tools available in the market. The new age cloud technology & artificial intelligence try to automate the maximum process involved in data analytics. These software solutions function according to your business and make the task a cakewalk for you. You just need to have a laptop, iPad or a smartphone to unleash the power of analytics in your business or retail store.
For further reference please do read how the Target is able to predict the customer’s pregnancy with data analytics.
You can reach us anytime to know more about analytics with MUORO – Your analytical genius