One size fits all? Think again.
With the evolution of retail industry, the number and complexity of factors affecting a Retailer / CPGer have grown exponentially. As retailers grapple with ever-shrinking product lifecycles, changing customer behaviour and pressure on margins, analytics driven business intelligence is playing a pivotal role in shaping their decision-making. Retail Analytics has at its core the process of taking data from multiple sources of the retailer’s business cosmos and churning business intelligence that enable performance improvement. The key result areas of a retailer evolve with the maturity of the retailer as well as the industry. Consequently, the focus areas where retail analytics can make a tangible impact also evolve during the lifecycle of the retailer. Retail analytics cannot be viewed as a black box that should be taken or left alone. The retailer should identify its analytical requirements to ensure fast, efficient and cost-effective decision-making, based on the stage of evolution that the retailer is at.