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Own The Holidays: Prepare Your Retail Business With Predictive Analytics

Own The Holidays: Prepare Your Retail Business with Predictive Analytics

Last holiday season, a mass of retailers collected a large volume of data from their customers. It is fairly typical to delay using this data during the holidays itself, but once the hectic days pass, preparations for the next year need to begin. You can gain a tremendous advantage over your competition by taking the lessons observed from analyzing past data collected.

When you combine and analyze different types of data, you can then realize actionable insights on how your business can provide an outstanding shopping experience that will delight existing customers and gain new loyal ones.

Take a look at some ways retail companies can make use of past holiday data to prepare for the upcoming season:

  1. Understand Past Trends And Adjust Operations Accordingly

Data collected from previous holiday seasons can significantly help retailers understand shopping trends and make the best adjustments for the coming season. One example is to analyze the flow of customers and how they move about the shop. With this, retailers are able to adjust displays and endcaps to boost sales. With the additional help of video and point-of-sale analytics, retailers are then able to understand which products sold best, which ones didn’t, and most importantly, how customers reacted to various sale offers.

  1. Optimize The Shopping Experience

With analytics, retailers aare able to compare the size of groups of people moving through a shop  to the amount of products sold. Using the insight gained from this analysis, companies can strategize on how to improve the destination experience for customers, leading to longer times spent inside the store and interacting with the items, and finally, boosting sales.

  1. Improve Employee Training Programs

The use of video analytics provides great insights into the interactions between customers and store employees. Human behavioral models work hand in hand with analytics in measuring satisfaction, motivation and sentiment for both associates and customers – all done in real-time. Aside from assisting management to helping in improving sales, the results of analysis can be used to improve training programs all around.

With the data collected during the holiday seasons, businesses can significantly boost sales and operations in leaps and bounds, greatly improving the retail shopping experience every day of the year.

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