Retail Analytics Software

Do You Really Know Your Customers?

As a retail organization, why do you need retail analytics software? After all, you know your business, you know your suppliers and you know your customers. But how well do you really know your customers? And are you able to use that knowledge to make better decisions?

The ever-evolving landscape of omni-channel retailing has made it more challenging for retailers to keep up with and really understand their customers. Before the advent of omni-channel retail, it was easier for retailers to know their customers as they came into stores or tended to stay in one channel throughout their shopping journey. Since the economic downturn of the early 2000’s, consumers are more price and promotion driven and less brand loyal. Consumers are also armed with technology and more information than ever before. They can find the best deals on their mobile devices and can surf the web through their buying journey. All of these factors have made it more difficult for retailers to know who their customers are, what they are purchasing – where, and what exactly influences them to buy. Overcoming these challenges is crucial for retailers to win in this competitive landscape.

As the number of omni-channel customer touchpoints has grown so has the amount of customer information available to retailers. Retailers now have mountains of customer shopping and buying behavior data. Many retailers have been able to analyze this data to improve customer marketing. But do your current systems allow you to use this vast amount of data to predict your customers’ future needs and put the right offers in front of them at the right time in order to drive sales, increase margins and most importantly develop customer loyalty? Retail analytics software enables your business to manage and analyze customer information and provide key insights from all of today’s digital sources. If you have the right retail planning systems in place, you can then quickly apply these insights to improve merchandising, assortment, price and promotion planning decisions to gain the efficiency, relevancy and agility needed to prosper in today’s omni-channel retail environment.

The Daunting Data Dilemma

As the capability to gather information becomes easier, it’s no doubt that many retail organizations struggle with how to handle the amount of data they are acquiring and, more importantly, what to do with it. From loyalty program data to POS data to social media data and more, the mountain of information retailers are gathering makes it challenging for them to figure out what to do with it all. Those that can manage, understand and act upon their data will be poised to better understand their customers and ‘get it right’.

Customer segmentation through analytics was pioneered by marketing organizations – but marketing segmentations focus on communications, not the other critical processes in an organization. The Pricing organization needs to understand which customers are most likely to respond to a price change. Merchandising needs to understand if there are holes in their assortments. Every function needs its own segmentation and one platform to bridge all the moving parts of the organization. By using industry leading retail analytic software, obtaining meaningful and actionable customer insights is possible and profitable.

How Customer Insights Helps Improve Retail Planning

Having clearer insight into your customers’ shopping behavior is great, but if you can take action on those insights you can truly improve your retail planning. Building this insight enables retailers to gain an understanding about their customers including:

  • Which customers to offer personalized promotions to in order to develop loyalty with you most valuable customers
  • Which types of customers might be more important to specific areas of the business
  • How to best to use price to influence customers to purchase
  • How best to cluster and segment customers to personalize and localize assortments

With this deep level of customer insights, retailers can better plan their merchandise, assortment, price and promotional activities to avoid overstocks, understocks and excessive markdowns, all of which will help improve the bottom line. They can also use this information to target customers with marketing campaigns that are more personal and relevant.

Retail analytics software can also conduct impact assessments so that a business can gain insight into how its actions in one specific area affects its customers´ behavior allowing retailers to simplify decision making about future actions. It can also identify opportunities to cross-sell and up-sell that may not have been previously considered.

Speak with JustEnough about Retail Analytics Software for Actionable Customer Insights

According to EKN’s 3rd Annual Merchandising in Retail Benchmark Report, customer analysis and insights is the number one investment focus area for retailers this year. This reinforces the fact that retailers need to better understand their customers in order to win, serve and retain customers in this competitive space. With JustEnough´s retail analytics software, your business can overcome this challenge.

JustEnough is a leading provider of retail analytics software and serves the planning needs of many of the world´s leading brands. JustEnough´s innovative solutions include a Customer Insights module that helps retailers quickly identify trends, casual relationships and opportunities inside large volumes of data and enables them to act quickly on those insights to improve planning.

With intuitive, rich data visualization, you’ll have the right level of information needed to make decisions fast – all without having to hire your own data scientists. The simplicity and power of JustEnough’s retail analytics software does all the math so you can focus on your business. Developed by industry experts, our analytics software allows retailers to optimize their planning today to get an edge in tomorrow´s marketplace.

To find out more about how to harness your customer data and gain actionable insights, please contact us to speak with our team. We’re happy to answer any questions you may have about how retail analytics software enables the integration of customer insights into merchandise, assortment, price and promotion planning and how it can benefit your business.

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