The retail buyer’s experience doesn’t look like it did ten years ago. In fact, it hardly looks the same from the year before. This is partly due to constant buyer demand and ever-changing buying trends.
Retailers realized they could no longer use their intuition to predict sales outcomes. They needed to use tools that gathered analytics efficiently to remove the risk of human miscalculations.
The right analytical tools for retail can be a game changer. Anticipating and predicting outcomes becomes easier to maintain, and you’ll be able to take action by executing a detailed action plan.
Business Analytics: How Will They Help My Business Grow?
Let’s say you attempted a recent campaign that delivered moderate results. Response from customers wasn’t quite what you were hoping for and you’re unsure why. Your data is too messy for you to go through in your head, and your visibility on patterns is next to none.
How can you manage your next campaign to avoid this same outcome? With a good analytics tool for retail, you can quickly look at your historical data and gain a better understanding of what your customers are really after. You can make better fact-based decisions using analytics and retailers can improve important business ventures.
Your services, advertising and customer value can be maximized which means you can spend more time focusing on your growth.
Ok, But How Will I Know Which Tool is Right For Me?
First, identify how big your company currently is. What current programs does this new software need to integrate with? What are the customizations like? Will a certain tool provide scalability?
Once you’ve answered these questions, you can make a decision about which tool you’ll need. There are countless vendors providing services to organize your data and trend awareness. However, these tools will prove why they should be your top choice for your retail business:
Though BOARD’s humble beginnings stem from Switzerland, their company has been making waves on the global market.
Its platform offers the whole package, allowing retailers to combine metrics to view their customers, products and market trends. BOARD is user-friendly and with an intuitive design, interactions with the software will prove hassle-free.
The program also includes HBMP in-memory technology which ensures maximum development speed. The system won’t slow down from collecting big data every day so you can work more efficiently.
Dundas BI’s dashboards offer full control to users. This data analytics software offers customizable visualizations including interactive charts, gauges, maps and scorecards.
You have complete control over almost all visual design elements, making it simple to view your data in one place. Its flexible platform also means you’ll need minimal assistance from IT.
Deeper insights from historical and current data opens a window into your customers’ behaviors and patterns. The system provides users with a stronger sense of where missed revenue opportunities currently are. Retailers are enabled to better predict outcomes and offer stronger customer service to your buyers.
Designed for users of all tech-savvy levels, Sisense navigates you through transparent dashboards to view crucial raw data results. One of the most innovative features of the software is the Single-Stack solution. This option lets you gather data without maintaining several modules or tools at once. You’re able to monitor your reports with a simpler deployment and focus on one thing at a time.
Retailers of any size can also view smart charting and graphing tools in a compelling way. Identifying customer trends like which products and categories are resonating with buyers helps you easily adjust your target marketing if needed.
Retail markets are chaotic and customer demands are ever-growing. Guesswork isn’t going to cut it regarding data collection, but Tableau is more than capable of producing advanced analytics for you to sort through. It’s one of the easiest systems to install and doesn’t require programming to get it up and running.
Natural language generation, a system that translates data into our language (think Siri, Alexa, etc.), is no match for the software either. It’s capable of augmenting visual retail analytics. Through this functionality, you can better understand how your customers are buying your products (and what channel they’re ordering product from.)
TIBCO has quite a few functionalities to offer you. For example, Category Performance and Forecasting prompts users to quickly find missed patterns in market data. You can conduct test-marketing programs without intensive IT prepping for new reports and data.
Through these tests, you can gather insights to boost your company’s awareness of what the top brands in specific markets are. Harnessing the power to maximize performance and revenue across products helps foster faster decision making. You’ll stay ahead of the competition every step of the way.
This analytical tool offers real-time telemetry, enterprise reporting and data discovery. You’ll discover its versatile dashboards, graphs and visualizations are simple to navigate through so you can share progress with your team.
Recently, MicroStrategy made changes to be more globally conscious. Its Geospatial Services lets you dive into vector maps to specifically target certain markets, no matter how many countries you operate in. This feature opens the door to reduce exposure to competitive risk by keeping a close eye on trends.
This data mining software will manage your information with ease. The interface has sophisticated tools which work to eliminate the impact of repetitive information from being recorded. They evaluate the expandability of your data and how you can use it to explore new sales strategies.
SAS is intuitive and carefully builds customized experiences for not only the user, but also your customers. By evaluating things like customer purchases and patron page views of your website, SAS can add advertisements that are related to the specific interest of a single customer.
Wow, That Was a Lot of Information. Now What?
The decision-making process can be challenging when it comes to picking a data analytics tool. Remember to think of what your business needs. Some BA tools may not offer enough flexibility or versatility for what you’re looking for. While there are countless programs out there for retailers, these top tools are capable of pushing your company from ordinary growth to extraordinary.