Earlier the Retailers tend to increase their Business by building new store. However, the scenario has changed a lot. Knowing about the customer’s base or knowing the customer database is the new trend among the Retailers. A question that arises in everyone’s mind is; what is the role of brick-and-mortar store in today’s world. In-store purchasing among the customers is decreasing day by day. Now most of the customers depend upon the internet for taking their purchasing decision. The retail analytics companies or the Brands need to be a Digital winner to win over the Retail world of today.
Steps to win over today’s challenges:
The traditional stores are the most affected by these changes. Thus the retailers have to follow some steps to protect themselves from extinction. This includes:
- Taking decision that will not help the retailers to sustain their position today but also to protect themselves tomorrow.
- Making the in-store shopping experience of the customers much more exciting.
- Updating the customers time to time with latest offers, discounts, etc.
- Paying attention to the proper decoration inside the shop. This involves placing the right product at the right place, putting the advertisement at a place so that if can attract more customers etc.
- Checking now and again the contents of the Advertising messages that are an important tool for the Promotion of Products or Brands.
- Paying extra heed for Personalization of the advertising messages.
- If we look in to the U.S. based Retail firms we will find that more than 250 apparel Retail Stores have closed by 2013.
- The size of the new stores of Walmart is about one-third time smaller than before.
- The number of vacant retail store in U.K have risen 355 percent between 2008 and 2013.
- A recent article on Retail Analytics by Tickto have pointed out a very important fact that, although in this generation of technology the process of data collection has much widened up but the major challenge for the Retailers is how potentially they are using these collected data for increasing their business. This led to the growth of Business Intelligence (BI) system.
The Retail Analytics Companies need to follow certain steps to make the Retail Analytics a Fruitful one:
- First the Retailers need to choose which approach of Retail Analytics suits them the most.
- The second step is to find that the retail analytics approach chosen is quick or not to bring a positive result.
The retail analytical project or the approaches to be chosen also varies from one firm to another. Like the online retailers depends mainly on extensive or vast customers data and information. While on the other hand the Retailers of the Brick-and-Mortar stores mainly depend on various channels to collect the Customer’s information.