As economic conditions change, retail brands’ reliance on ever-growing customer demand puts these companies at financial and even existential risk. Top-line revenue and active customer growth do not equal profitable growth.
Retail is a challenging industry. It is constantly evolving to reflect consumer preferences in product selection – but that is only part of it. As more people turn to online shopping, many retailers are using application programming interfaces (APIs) to remain competitive. Consumers have certain expectations of technology, so implementing digital transformation and APIs in retail has become less of an option and more of a requirement to attract and retain the modern customer.
Retail analytics is transforming the bricks and mortar and e-commerce landscapes. From Amazon drones delivering your favorite cupcake the moment your sweet tooth starts to tingle to your local shop stocking the new GoPro just before you set up on a new adventure. In this article, we will explore the guiding principles of how data can be used to improve your retail business. But we will also make it actionable.
The retail industry is being reshaped by big data analytics. From supply chain management optimization so your favorite product is always in stock to deliveries that happen in under 1h that fulfill the immediate customer needs, retail businesses are using predictive analytics to drive growth. In this article, we will look at what big data analytics is and what are the three main drivers it uses to reshape the retail sector. Let us start with some clarity surrounding the terms.
A modern data stack, built on Fivetran and Google BigQuery, is fundamental to gaining the data visibility retailers need to deliver seamless personalized omnichannel experiences.
If you own an online store, you may be wondering: Why is ecommerce integration important? The term "integration" is likely something you've heard tossed around quite a lot. However, if you have yet to pursue it, you may be stuck trying to figure out how integration can help your business grow. Or, you may be struggling with the next best step to help you realize its benefits.
Once upon a time, the retail calendar centered itself on the Christmas season. Now, the retail surge is year-round. Not just the wave of traditional seasonal holidays from Valentine’s Day to the 4th of July, but also newer sales holidays, such as Cyber Monday, or even holidays created by some gigantic companies themselves, like Amazon’s Prime Day. Now, instead of a steady pace leading up to a frenzied December, retailers are in sprint mode all the time.
Our five key points: Value shoppers are the savvy buyers, the ones always on the lookout for the best deals and who knows where to find every discount and coupon. If you're an e-commerce retailer, the importance of understanding your value shoppers can’t be overstated. Consumers searching for a great deal will absolutely look elsewhere if they’re not impressed by your online offerings.
