Quantzig, a global data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of its latest article- ‘Why Canadian Retailers Can’t Afford to Ignore Retail Analytics.’
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191025005192/en/
This article offers in-depth insights into retail analytics and its impact on improving key business processes in the retail sector. It also provides answers to two frequently asked questions-
1. Can beacons bring new opportunities with big data for brick-and-mortar retailers in Canada?
2. What prevents retailers from leveraging retail analytics to improve business operations?
To maximize the benefits of retail analytics, businesses need to build functional capabilities that will allow them to function as an insight-driven organization. Request a FREE proposal to gain comprehensive insights into the benefits of analytics in retail.
Today advanced technologies such as AI, big data, and machine learning have moved from the peripheries to the center, fundamentally remodeling the retail landscape in Canada. This has not only expanded the toolset available for retailers to respond to drastic changes in the business environment but has given rise to a new category of analysis in the form of ‘retail analytics’. Quantzig’s retail analytics solutions employ sophisticated techniques and tools to gather, prepare, and analyze data to help retailers uncover deeper insights, craft predictions, and generate personalized recommendations.
Being the most powerful tool available to retailers today ‘analytics’ enables businesses to use data-driven insights to make crucial business decisions. Talk to our analytics experts to learn more.
What is Retail Analytics?
Retail analytics is the process of gathering and analyzing analytical data on inventory levels, supply chain, consumer demand, and sales that are crucial for making marketing, and procurement decisions. The insights obtained from these datasets can be used for maintaining procurement levels and also for taking crucial marketing decisions.
Key Areas Where Retail Analytics Can be Applied
Retail analytics can help businesses optimize the storefront assortments by using heat maps to gauge the impact of their store layout on ROI.
Advanced retail analytics solutions can not only help retailers tackle the data deluge but can help analyze the data to offer category-specific insights.
Retail analytics solutions can help retailers justify their marketing investments by analyzing the ROI generated from campaigns.
According to Quantzig’s advanced analytics experts, “Retail analytics has become one of the most powerful tools available to retailers and is being used to enable fact-based decision making and to manage their strategic, operational and financial performance, and enhance shareholder value.”
The scope of retail analytics goes beyond superficial data analysis and leverages techniques like data mining and data discovery to sanitize datasets to produce actionable BI insights that drive innovation. Book a FREE solution demo to learn how you can drive sales and optimize every aspect that impacts sales.
Business Benefits of Retail Analytics:
- Analyzes customer trends and changing preferences by combining data from different areas
- Reduces wasted space and associated overhead costs
- Request more information to gain experts insights on the retail landscape in Canada.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal