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How to take advantage of data to improve decisions in Retail

Toma Decisiones Datos Retail

In recent years, Big Data and Machine Learning have become fundamental tools in every aspect for the Retail world.

On average, companies manage 10 times more data than they did five years ago, so the way we analyze and manage that data becomes more important.

Technological innovation has changed the rules of the game when it comes to data analysis and business decision making.

Advanced software systems greatly reduce analysis time, giving companies the ability to make much faster decisions that help increase revenue, reduce costs, and stimulate growth.

Not surprisingly, this offers a competitive advantage to brands that can work faster and target their consumers more effectively.

But what is the main problem? Discover and take advantage of the most relevant information from the large amount of data available in physical stores.

 

How to take advantage from data to make effective business decisions?

Today, without a doubt, one of the great challenges we have as entrepreneurs is how we can be competitive in an era in which it is increasingly important to better understand users to: offer the right product; the right customer; in the right moment.

In other words, improve the shopping experience at the point of sale through personalized communication.

 

How can we get it? Supporting decision-making in the data.

Through the data we can know what our client demands, which is why we must improve our policy for capturing and analyzing information in retail.

Companies have long accumulated huge amounts of data, both from their customers or suppliers as well as from the competition or from their own processes.

Now, how should companies treat information to improve decision-making?

Steps to take better business based on the data:

  1. Contextualize the data to answer the main business questions.
  2. Extract and clean the data
  3. Analyze the data: Exploration, manipulation and modeling
  4. Visualize data to simplify insight
  5. Communicate the conclusions and business proposals

Once we know how to work on data to improve decision-making, how can good management and use of data help improve my business?

 

Five benefits we obtain from the use and analysis of data in offline businesses

  1. Product and category trend discovery.
  2. Patterns of customer behavior in the physical store.
  3. Real-time personalized impact and customer retention.
  4. Acquisition of new clients.
  5. Better shopping experience and increased sales.

«Physical spaces offer high levels of conversion. Expanding and optimizing the shopping experience of our customers in physical spaces increases the effectiveness of strategies in the offline world.»

 

Promociones Personalizadas Retail

 

In conclusion: Ladorian as a technology partner in retail

In short, through the use and analysis of data we improve the customer’s shopping experience through personalized messages, adapted to the profile of each customer in real time.

A business capable of contextualizing the data and profiling its in-store customers instantly can impact its target audience in a much more relevant way, obtaining improvements of up to 30% in promotional sales based on the activation of personalized messages.

At Ladorian we are prepared to take your business to another level by leading the digital conversion project. Contact our commercial team and request commercial advice completely free of charge.

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