To drown in the flood of data or to use it for good? The option #2 seems much more favorable! Today there is plenty of data available to business owners, which helps them to make successful strategic decisions: from web-analytics and customer details to different sales information.
However, there is a huge gap between having this data and implementing it in practice to develop your business. If you want to manage your small retail business, or an online-store, properly and wisely distribute your time, efforts and money, you should definitely get a permanent access towards the reliable statistics. The faster the better.
How to catch the right moment to expand or change your business? “In god we trust” can’t be called a reliable method. So maybe the data can help?
Nicely configured statistics reports will improve your retail analytics and allow you to:
- get a clear vision of what type of visitors come to your site;
- carefully estimate popularity of your products among the customers;
- make thoughtful and accurate sales predictions.
You efforts, put into the development of analytical reporting, definitely won’t be in vain. Adjusting your store development strategy according to the customers’ demands will significantly increase customer loyalty and grow sales.
In-store analytics can be simply described as a combination of various systems working closely to bring together, analyze, and clearly visualize huge massive of diverse data in a proper format.
- Data Gathering:
Reporting tool works simultaneously with a large number of sources inside and outside your store, allowing you to estimate your business performance from different perspectives.
- Data Analysis:
The scalable and easily configurable analytics engine enables you to process and organize huge volume of various data in real time mode.
- Data Visualization:
Powerful reporting system offers many different ways to outline your store data in a quick and easy manner. You get comprehensive sales reports and real time statistics data, easily comparing different periods, and build future strategy according to your specific needs.
- Data Prediction:
With the right technology, you get a clear view and deep understanding of customer shopping behavior that allows you to find out new opportunities to improve your business strategies and increase store performance and profitability.
Equipping your store with a powerful analytics provides you with an ultimate possibility to get maximum value from a huge pile of available information. Properly customized sales reports will help to see and forecast your operating costs, as well as to estimate key options to cut them down.
Today you do not need the Big Data to improve your performance. You own simple and “small” data will be enough, if to use it wisely. So don’t forget about the following:
- In-store data:
Everything from foot traffic to the most popular sections and areas.
Comparing your inventory with the customers’ shopping lists will help you to determine when to launch a new advertising campaign.
Evaluate your cash flow and profits to run analytical reports that let you forecast the future growth.
- Customers data:
Listen to your customers and you will make them repeat their purchases over and over again.
The data you have is the most simple and, at the same time, the most valuable asset you have. Properly applied, it will provide you with the full picture of your current business performance and future prospects. Make sure that you are headed in the right direction.
Alexandra is a marketing specialist and a professional translator. For the last five years she’s been writing corporate blogs, website content and analytical articles on e-Commerce, technology solutions, etc. for different companies, including Amasty.