Realizing the Potential of Retail Analytics [Research Report]
Analytics has become one of the most powerful tools available to retailers and is being used for a broad variety of purposes. This report summarizes trends in the use of analytics in retail across eighteen different categories, as well as several more emerging analytical activities. It is based on interviews with 33 retailers, more than 25 retail analytics experts, and the published literature. For each analytical trend, the description, state of maturity, underlying rationale, and several exemplars in using the trend are presented.
One major issue regarding analytics is that retailers may feel as if there are too many analytical options to explore. The breadth of analytical processes and applications suggests that retailers need to selectively target investments in analytics based on their strategies and industry positions. In a difficult economy, retailers may also need to adopt first those analytical applications that have saved money for other adopters, including pricing and assortment optimization. There is little doubt, however, that the aggressive adoption and exploitation of analytics has led to a competitive advantage among some of the world’s most successful retailers.
Topics:
- Widely-Adopted Analytical Trends in Retail
- Analytical Processes
- Organizational trends
- Strategic Initiatives
- Emerging Analytical Trends in Retail
- Potential of Retail Analytics
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