Analytics in the Retail Tech World?

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Analytics in the Retail Tech World?

10 Aug 2021
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As the world is moving towards digitalization, the retail industry is also moving ahead to match the pace of the digital world and bring about a transformation in understanding customer behavior. It is of utmost importance that we cater to the needs, wants, demands and desires of end users by creating dynamic and interactive platforms for the customers. Retailers without technology would be left out behind.

Smart customers expect their preferred retailers to be aware of their choices and predict their next move before they themselves make up their mind. A platform integrated with Analytics and its predictive tools can help retailers know what is required by which customer at what time. Retailers must align their business operations and automate their customer-facing challenges, using optimization techniques in their mobile platforms. So, this indicates that Analytics is becoming a critical part of our business world.

A platform integrated with analytics can help businesses and individuals understand their customers, not by filling those traditional feedback forms, but by their time-to-time actions where one can track each and every customer and their pain point, without even asking.

Amazon, the e-commerce giant, is one of the key organizations that has adopted a data-driven culture. On each order, the firm collects over 2,000 historical and real-time data points. Amazon uses data to optimize sales by automatically personalizing the browsing experience for its customers based on their previous purchases.

Shell, an oil-based company, used an analytics platform to run predictive models to anticipate when its various oil drilling machine parts will fail. Data was utilized to determine when to buy machine parts, how long to store them, and where to store inventory goods. Thus, analytics helped Shell save millions of dollars, which reduced inventory analysis.

Automobile giant, Nissan uses Google analytics to track and gather detailed information about the product preferences of its customers. By accessing this information, the company understands which vehicles are in demand and makes strategic decisions towards reaching their target audience.

Analytics helps internal and external stakeholders make appropriate and informed decisions, not on the basis of assumption but purely on the basis of data. So, isn’t it the right time that retailers look for integrating Analytics on their platform? Isn’t it the right time that we invest on leveraging our Analytical knowledge?

By Sahana M
PGPM – Business Leadership, Class of 2022

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