How Retail Intelligence Works

Retail analytics refers to the process of turning business data into valuable insights. These insights in turn influence retail merchants’ strategic decisions in areas like sales, logistics and marketing.

Retail intelligence can help retailers optimize in-store operations, increase ROI and improve customer retention. This gives retailers an edge over their competitors, especially if they are unfamiliar with the advantages of analytics in retail.

In-store shopper data, inventory data, customer feedback and conversion rate of marketing campaigns are all examples of data used in retail intelligence. These data are usually compiled from retail systems such as point-of-sale (POS) systems and digital marketing platforms.

Retail intelligence softwares like ComeBy can give retailers real-time insights that allow them to enhance their customers’ experiences. For instance, ComeBy may alert you to a shopper that needs help in a specific section of the store. Knowing what products they viewed and the information they’re seeking, retailers can instantly assist the shopper.

Depending on the store, using retail intelligence tools and technologies can mean anything from motion sensors to foot traffic counters. ComeBy in particular uses WiFi detection to pick up customers’ phone signals, QR Codes and link to the POS system. This gives retail assistants real-time info on customer needs.

With retail intelligence services, your business can cut down on unnecessary costs while also increasing revenue by fine-tuning your operations based on the software’s insights. Furthermore, it allows your staff to automate tasks such as data collection, and use them to improve their Marketing Campaigns and Promotions.. This makes them more productive and allows them to focus on turning a profit for your business.

Using retail intelligence A.I., retailers can understand customers’ behavior and use data visualization to forecast demand and trends. Having data at their fingertips enables retailers to determine their products’ optimal pricing and placement, or tailor promotions to their customers’ preferences. This will enhance customer experience and drive up sales, which in turn will improve store performance.