Retail analytics is the process of measuring critical analytical data on inventory levels, movement of the supply chain, consumer demand, sales, etc. to make marketing and procurement decisions. Demand and supply data analytics can be used to most effectively carry out the process of retail management as well as to make marketing decisions. Retail analytics gives you detailed customer insights with scope and need for improvement as well as insights into the organization's business and processes. The retail industry also uses analytics to produce better snapshots of their target demographics. By using analytics, the retail industry can recognize their ideal clients according to various categories such as age, behavior, purchasing habits, place, and more.
George Institute of Data Science offers the best retail analytics course in Kolkata. This course is specially designed for candidates with an MBA degree or specialized degree in retail management. The curriculum includes multiple granular fields to generate a detailed insight into retail business and sales alongside general areas for enhancement and strengthening. In addition, retail analytics is used to help make smarter decisions, operate companies more effectively and offer enhanced customer service analytics.
Retail Analytics has developed a detailed series of advanced modeling and analysis tools to provide analytical assistance for important business tasks. Analytics enables retailers to make the most of their current management information systems and data materials without the trouble for making significant profits; help retailers to concentrate on marketing features that improve the likelihood of better results, making more efficient choices contributing to:
Switching of brand
Increase in volume
Why take this course?
Effective marketing is when you use the right channels to reach the right destination. Retail analytics enables marketers to effectively strategize their operations depending on patterns of consumer behavior and operate profitable initiatives. About 13 percent of retailers have already implemented “digital first” as their chosen marketing strategy.
Analytics enables retailers to analyze consumer behavior and comprehend their spending patterns. This is perhaps the major reason why retailers are looking to invest in big data analytics. A research done in the U.S. shows that while online products are searched by 96 percent of individuals, 65 percent of transactions are actually made offline.
Consumer behavior insights allow retailers to comprehend the pattern or the trend and offer a solution to increase sales. Especially for e-commerce companies, it is a blessing where heaps of customer information such as most searched products, items added to the cart, abandoned cart products, etc. are easily available.
One of the greatest benefits of implementing retail analytics is that it not only helps simplify online retail activities but also helps boost store performance. It enables retailers to analyze minute data such as how often a client enters the shops and how long they stay in which section and make further sales easy. It is also possible to store adequate inventories depending on customer demands and market trends with the help of analytics.
In retail sectors, by using analytics, retailers can give the client exactly what he likes and engage him most efficiently. This, in addition, helps to build a positive brand image, gain confidence and build long-lasting retail connections.
What will you get?
Application Oriented modules
Latest Technology and Tools