How Analytics Can Help You Increase Sales For Your Retail Business?

It’s been years now, that many retail owners are still following the old pattern of guesswork to attract sales opportunities and growth. Instead, having an ability to secure and track business data, will help you make informed decisions and reliably enlarge your customer base and sales, both.

With increased mobility and cloud-based solutions, today, few retailers have already adopted advanced analytic tool for making informed predictions to delight customers and increase sales for their business. There are many areas you can predict analytic for better growth opportunities, however, if you cannot focus on all, at least adopt the ones that are needed.

Key analytics you need to measure for your retail store

1- Customer analytics

If you are in the selling business, I’m sure you understand the importance of customer retention. Customer analytics will allow proper insights of all your customer’s data making it easy to perform techniques like customer segmentation, and forecasting. Measuring such analytics will help you understand the entire customer’s transaction pattern, which in turn, helps you in your promotional strategies.

Example

Maintaining customer analytic, you get know you customer’s purchase details and pattern that will allow you cross-sell and upsell products, offer discounts on special occasions and much more; all in an effort to boost service and sales, both.

With these insights, you can make powerful decisions and encourage your existing customers to make repeat purchases, as well as, attract new customer base.

2- Store performance analytics

Selling across multiple channels is an ideal options for many start-ups, as it opens doors for a large customer base. But, not all channels will perform the same. Measuring your store performance analytics, you can identify performance for each, allowing you to make the most of each channels you sell on.

Example

Apart from selling in your store, you also have your products listed on Amazon.com, eBay. You do it to get greater visibility and sales for your business. But, later you realize one of your channels is bringing you irregular sales. This is when analytics comes into picture, which makes to identify the reason and take appropriate measures.

Store analytics will help you determine, each channel you invest in, is worth the time, effort and cost you spend.

3- Resources usage analytics

Increasing the numbers of sales order is good for any business. However, if you are not getting expected returns from investments, that means there is something wrong. Inappropriate use of resources has always been the major concern in such cases. Resource usage analytics will help you cut down process inefficiencies and costs.

Example

For instance, you sell on multiple channels and later get to know that sales pattern for each channel is not the same, always. This is when resource analytics comes into picture, you can take instant actions by replacing product with the ones that can help you make the most out of each channel you sell on.

Adopting resource analytic, you maintain a good inventory management flow which is the key for any retail business success.

4- Marketing campaign analytics

You run multiple promotional activities in order to increase visibility and sales for your business. But, does all your marketing campaign churn the same results over time? Analyzing each of your campaign’s performance will justify the cost you spend behind each of those campaigns, helping you make more from less.

Example

You run a promotional campaign over multiple social networking sites for increased visibility. However, you understand your Facebook business page is earning you more click-through-rates than LinkedIn or Twitter. To understand the reason, analytics will allow you to identify your campaign’s performance on each channel that you promote, making it easy to take accurate winning decisions for now and your future marketing campaigns.

Marketing campaign analytics will not only help you increase sales opportunities, but also, ensure you spend wisely behind each of those promotional activities you perform.

To sum up

Performing analytics is a fruitful investment towards greater insights. Adopting transparent data-driven culture will bring your better and better results, as and when your business grows.