In the past, businesses have relied on manual processes for collecting and analysing data. This may be done through conducting surveys in order to gain insights into your target audience. However, this is no longer feasible in today's fast-paced and competitive environment.
For companies that need access to accurate and timely data quickly, retail analytics software provides a digital solution that saves both time and resources. Smart retail solutions by Anewtech Systems, for example, can be used to keep track of the latest trends and understand what factors are influencing customer behaviour.
Automating Data Collection and Analysis
M1 partners reputable solution providers like Anewtech Systems to provide the best possible tools for companies in retail and more sectors. If you are interested in making the most out of retail analytics, be sure to check out Anewtech Systems’ Intelli-Signage that enables quick drag-and drop content design to remote management of content for signages.
Via its interactive digital signage solution, customers can be more enticed to learn more about your products or services. In the process, the Intelli-Signage monitors offline store performance at any location. By tracking customer behaviour, such as where they go and how long they spend in each section, you can identify areas of the store that may need improvement. This central content management platform is also highly advanced such that it has age & gender recognition capabilities so you can understand your customer base better. You can then log in to your account online to gain access to key analytics data that can determine the next course of action for your business.
When it comes to understanding customer behaviour and providing a more personalised customer experience, the importance of retail analytics cannot be understated in the retail sector.
Unlock Key Business Insights with M1
Ultimately, retail analytics software provides businesses with the ability to make better decisions, faster. With the advanced capabilities of M1’s Digital Transformation Alliance (DTA) solutions, any company can maximise their efficiency and profitability while improving the overall customer experience.
For more information, don’t hesitate to get in touch with us.
Frequently Asked Questions About Retail Analytics Software
Why is retail analytics important?
As any business owner knows, understanding your customer base is essential to success. After all, if you are not familiar with your target customer behaviour, it's impossible to cater to their needs. This is why retail analytics is so important in this industry. Anewtech Systems’ Intelli-Signage provides features such as drag-and-drop content design, digital signage solutions, age & gender recognition and remote management of content for signages.
This central content management platform can be a valuable tool for businesses to develop targeted sales marketing campaigns and create a personalised shopping experience for each and every customer. In today's competitive marketplace, companies can't afford to neglect this important step. By leveraging a retail analytics platform, you can take your business to the next level. Moreover, you can also further boost your operations with the use of retail store management system, employee scheduling software and online store solutions with M1.
How do you do a retail analysis?
Predictive and prescriptive analytics are two tools that retail analysts use to make decisions about price, promotions, product assortments, and other retailer strategies. In the retail industry, predictive analytics can be used to identify trends, forecast customer demand, and predict potential stock-outs. Prescriptive analytics takes predictive analytics one step further by recommending specific actions that should be taken to achieve desired results. In the retail context, prescriptive analytics might be used to suggest marketing strategies for maximising sales during peak periods or reducing inventory levels to save money.
What makes a good retail analyst?
The role of retail analyst is critical in interpreting big data and garnering insights that can help improve sales, marketing, and operations strategies. There are many different skills that can make a retail analyst worth consulting, some of which includes analytical thinking, critical thinking, and adaptability. For example, they must be proactive and be able to rapidly respond to trends in the industry as well as the needs of the business. By possessing these qualities, a retail analyst can be an invaluable asset to any company in the retail sector.
If your company is looking for ways to improve its operations, retail analytics software can also be a good investment. Designed to provide accurate results, retail analytics software is more advanced such that it is constantly collecting intelligence data. This means that, in addition to the reports produced by your retail analyst, you can also get real-time insights into your business via these platforms. Retail analytics software by Anewtech Systems, for instance, will be an effective tool to support the growth of your business.