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Driving growth in retail with analytics

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Retailers can benefit immensely form a structured analytics-driven approach that will help them understand how their customers are using their products and services

Mumbai: Retailers can benefit immensely form a structured analytics-driven approach that will help them understand how their customers are using their products and services, how their operations and supply chain are performing, how to manage their workforce and how to identify key risks—insights that they then can then act upon, according to a new report titled Driving retail growth by leveraging analytics by consulting firm PricewaterhouseCoopers (PwC) and the Retailers Association of India (RAI).

A successful retail analytics strategy, the report suggests, will cover these six areas:

Predictive modelling: Developing an analytical model to predict future outcomes and empower business users to take decisions quickly.

Big data and hybrid architectures: Convergence of structured and unstructured data through data integration across apps, sensors, social media and other channels.

Cloud analytics: Highly scalable and easy way to store and access relevant information, which allows users to access more data faster.

Advanced visualizations: Present data in visually compelling ways, enabling companies to expand business intelligence capabilities extended to their executives and other employees.

Self-service analytics: Making analytics a more democratic process by allowing users to make decisions based on their own queries without requiring any sophistication.

Real-time in-memory: A move ahead of the traditional relational database that can help retail analysts to generate deeper insights across the entire value chain of retail operations, including procurement, supply chain, sales and marketing, store operations, and customer management.

The report also recommends an analytics framework that retailers can use to structure their programmes in four areas—merchandising, marketing, supply chain and store operations.

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