23rd Jan, 2020
, , Designation
By extracting meaningful insights and enabling everyone, from supply chain partners to frontline salespeople, advanced analytics is becoming a key investment focus for retailers across the globe.
5 Key data analytics trends which would be impacting the retail realm in 2020:
1. Data-driven marketing
By analysing rapid real-time flows of mostly unstructured data, brands would leverage the insights for hyper-personalised and smartly-timed marketing.
2. Holistic digital strategies
Combined with data from on-ground stores, customer behaviour patterns accrued through social media channels will help in intelligent integrated ad campaigns for both outlets.
3. New product development
Going beyond the personalised communication, brands would be utilising customer data for actively anticipating & responding to their needs by creating hyper-relevant products.
4. Smarter supply chains
More and more brands would be leveraging analytics for retail predicting demand spikes, identifying bottlenecks and minimising supply shortages.
5. Better customer experience
By analysing employees’ performances, staff would be provided with internal movements to match their skill sets and aid better customer experience.