Platform
Marketing and retail analytics is the process of collecting, analyzing and reporting on data to help understand and improve marketing and retail operations. Retail analytics can provide insights on customer behavior, product demand, inventory levels, pricing and marketing campaign performance.
Retail analytics is used to improve the effectiveness of marketing and retail operations. It can help identify opportunities and problems, and help make better decisions. Retail analytics uses data from a variety of sources, including point-of-sale data, customer surveys, social media, website data and loyalty card data.
Retail analytics can help answer questions such as:
What are the most popular items in my store?
What are the most profitable items in my store?
What are the items that are most likely to be returned?
What are the items that are most likely to be stolen?
What are the items that are most likely to be discounted?
What are the items that are most likely to be bought together?
What are the most popular colors and styles?
What are the most popular brands?
What are the most popular prices?
What are the most popular promotions?
What is the impact of social media on my business?
There are a number of different software programs that can be used for retail analytics. The most popular programs are:
Microsoft Excel
Microsoft Access
SAS
IBM SPSS
Oracle Business Intelligence
Most of these programs are expensive and require training to use them effectively. However, there are a number of free and low-cost programs that can be used for retail analytics. These programs include:
Google Analytics
Facebook Insights
Twitter Analytics
There are also a number of online tutorials that can be used to learn about retail analytics. These tutorials include:
Google Analytics Academy
Facebook Analytics for Developers
Twitter Analytics
